The bank is offering a ‘3-in-1’ account for stock brokers, digital account opening for PMS clients, digital onboarding and pre-verification, a self-service portal, value-added services, digital collection and payment solutions
ICICI headquarters in Bandra Kurla Complex, Mumbai. (Credit: Sumedh/commonswiki)
Indian financial services company ICICI Bank has rolled out new digital solutions to help its capital market and custody services clients meet all their banking requirements.
The new solutions include a ‘3-in-1’ account for stock brokers, a digital account opening for PMS clients, digital onboarding and pre-verification, a self-service portal, value-added services for AIFs, digital collection solutions, and digital payment solutions.
They will benefit various participants in the market, including stock brokers, portfolio management service (PMS) providers, foreign portfolio investors (FPIs), foreign direct investors (FDIs), and alternative investment funds (AIFs).
According to the lender, its new digital solutions will provide onboarding and convenience to participants in the Indian market, which has seen significant growth in the last few years.
ICICI Bank large clients group head Sumit Sanghai said: “Indian capital market has witnessed significant growth over the last few years which can be gauged from the increase in the number of DEMAT accounts, rise in AUM of the mutual fund industry and surge in capital flows into the country.
“We believe that the market will continue to experience robust growth and provide impetus to India’s journey towards becoming a $5tr economy by 2025.
“The digital set of solutions launched by the Bank will help the participants of the capital market and custody services meet regulatory requirements, significantly decongest manual processes, thereby improving their operational efficiency and scalability in business.”
ICICI Bank said that its new ‘3-in-1’ account will help the stock brokers and their clients to digitally open online trading, DEMAT and savings accounts, within a few hours.
The bank offers a new digital account opening solution for PMS clients, which helps open an account within a single day, unlike the physical account opening process that takes a week.
It is also offering a digital platform for onboarding of FPIs/FDIs, which is said to reduce the longer turn-around time required for dealing with multiple time zones.
The bank’s self-service portal enables its clients, including PMS, AIF and Foreign Institutional Investors (FIIs), to access custody holdings, transactions and various reports.
ICICI is also providing value-added services to AIFs, including services such as fund accounting, forex, escrow arrangement, digital collection and payment solutions.
Furthermore, the Indian bank is offering customised solutions to collect funds and margin money, and payment solutions to capital market and custody services participants.