ICICI Bank launches ‘Mine’, a banking stack for millennials

By Edil Corneille

ICICI Bank today announced the launch of a comprehensive banking programme for Indian millennial customers, in the age bracket of 18 years to 35 years. Inspired by ‘Millennial Network’, the proposition is called ‘ICICI Bank Mine’ and offers an instant savings account, a feature-driven iMobile application that offers investment guidance, curated credit and debit cards, instant personal loans & overdrafts, and also an experiential branch with a social engagement space.

The ICICI Bank branch with experiential engagement area will at times will serve as the venue for ‘Mine Live’, a platform that hosts specially curated virtual events in the form of workshops, panel discussions, talent shows on travel, food, health and entertainment. The first experiential branch for millennials has been opened at the Manyata Tech Park in Bengaluru.

The bank offers its investment option service in association with Sqrrl, a mutual fund investment FinTech.

Anup Bagchi, Executive Director, ICICI Bank said, “Our country is uniquely poised for a demographic dividend in the coming years with millions of youth expected to join the workforce. We estimate that the country has around 40 million progressive young millennials, who would contribute significantly to the economy and banking in the years to come. Our extensive research shows that millennial customers want banking to be simple, digitally enabled and customised. Based on these insights, we have created ‘ICICI Bank Mine’, the country’s first full banking stack for millennials. It offers a mobile first, highly personalised and experiential led banking experience to them. We have noticed that, while the millennial customers want ‘digital first’, they don’t want a ‘digital only’ bank. This has led us to introduce a new format experiential branch suited to the lifestyle of millennials.

‘ICICI Bank Mine’ also offers investment guidance to customers through a completely user experience focused iMobile application. For this, we have integrated the investment platform of Sqrrl, a leading fintech in the investment space, with our mobile application iMobile, to guide customers to invest easily and in a tech-savvy way. We intend to continue to integrate relevant fintech offerings in the iMobile app for our millennial customers. We believe that ‘ICICI Bank Mine’ offers millennial customers a 360-degree holistic and most comprehensive proposition in a single place across their life stages.”

Any millennial who is aged up to 35 years can apply digitally for an ‘ICICI Bank Mine’ account from November 6, 2020.