ICICI Bank has launched India’s 1st automated and robotics based investment advisory application on mobile for customers – ‘Money Coach.’ The software robotics is based on automated personal finance and investment advisory platform, it will help customers plan their future investments in a seamless manner and manage the entire investment journey of a customer from building an investible corpus to investing in recommended portfolios, and tracking it 24×7. The service is offered free of cost and enables goal based investment advisory.
‘Money Coach’ has the country’s first and only software robotics algorithm led investment advisory application on mobile. In addition to analysing a customer’s financial transactions, it shares a financial health report, measures the readiness in case of emergencies, monitors income and expenses, keeps an eye on the credit card usage and evaluates the customer’s capability to repay loans. It also brings in a paperless KYC and online registration process for mutual funds in a single click, which is a first among banks. This facility brings in a new level of convenience and experience to customers, as it replaces a lengthy and paper-intensive process of registering their KYC for mutual funds.
‘Money Coach’ is ideal for new mutual fund investors, as the mobile app will help an individual track one’s investment and strategize systematic investment plans. The mobile app will aid an individual plan investment into equity and debt through mutual funds.
Madhivanan, Group Executive and Chief Technology & Digital Officer, ICICI Bank said “I believe that the future of internet banking lies in digital loans and quick investments. For mobile banking, I foresee that in the near future, growth will be led by voice-based services & technology, artificial intelligence-led personalised suggestions and services for every customer and ‘satchet’ like financial products with small ticket digital loans and insurance.”
ICICI Bank has also revamped its mobile app ‘iMobile’ to include ‘Money Coach and ‘Discover’ that displays transactions across all savings accounts, credit cards, and pockets wallet held with the bank in one place. The new mobile app leverages upon voice assistant service that allows customers to transfer funds to their registered payees through voice-based commands.
iMobile will also provide host of services such as a consolidated statement of transactions done through the year, a graphical representation of spending patterns, suggestions for future transactions based on past transaction records, as well as an option to track deliverables and service requests.