FINANCIAL TECHNOLOGY | Staff Reporter, India

ICICI develops FB app for cash transfers

App targeted at young, net-savvy customers.

The Facebook app is called “Pockets by ICICI Bank.” It allows customers to carry out financial and non-financial transactions and offers a range of facilities, including booking movie tickets or recharging mobile phones. CEO Chanda Kochhar said the creation of Pockets supports the bank's philosophy of providing convenience and choice to customers who interact with the bank in whatever form, time or place they want.

Considering half of ICICI's retail banking customers transact online, ICICI felt it could enhance the convenience of customers without their having to leave their social media platforms.

ICICI said a third of its customer base is below 30 years old. The app’s features include “Pay a friend,” where a customer can transfer money to their Facebook friends even if they don't know their account number, bank branch or branch IFSC code.

The “Recharge prepaid mobile” feature helps customers recharge their prepaid mobiles. The app also enables customers to book movie tickets with their Facebook friends. "We believe it is a first-of-its-kind of service in the world. It enables customers to not only view their account and other banking details but also do transactions," Kochhar said.

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