Axis Banks: Since most depositors have several bank accounts, it has never been easy for them to keep track of their balances and expenses by going to various bank branches or using various banking apps. Axis Bank and ICICI Bank have introduced single-view dashboards on their mobile apps and online banking platforms, which show account information across bank accounts, to make managing finances easier for consumers. The single-view dashboard of ICICI Bank is known as iFinance, whereas the one of Axis Bank is called one-view.
How do banks access data from other bank accounts?
Thus, how does one bank obtain data about other bank accounts that the account holder maintains? The ecosystem of account aggregators makes this possible. By doing this, all of their bank transactions will be easily and quickly snapshotted at the touch of a button.
How to Access iFinance through ICICI Bank?
Through ICICI Bank’s mobile applications and online banking portal, current clients can access iFinance. Go into your ICICI Bank mobile app or net banking account to start the process. Select iFinance, then complete the mobile OTP verification. Setu is an account aggregator governed by the Reserve Bank of India that sends the OTP. Next, decide which bank accounts to connect. Track your bank accounts with the iFinance feature and validate the accounts with an OTP.
How to Link Accounts Using the One-View Feature in Axis Bank App?
The procedure stays the same to link your accounts with the one-view feature on the Axis Bank mobile application. Here, Finvu—an additional account aggregator governed by the RBI—sends the OTP required for mobile verification. The features made possible by the account aggregator are free to use for the bank’s clients.
What Does the One-View Feature Provide to Customers?
Customers receive a single, comprehensive view of all transactions made across all bank accounts, including current and savings. Customers can email and download transaction details from the accounts they have linked to it. The accuracy of the information provided by other banks influences the accuracy of the data that is shown. The financial information providers (FIPs) supply the data, which the banks rely on without making any changes to it.
What is the Primary Objective of this Bank Feature?
No. The goal of this bank feature is to give you a unified view of all of your bank accounts. On the basis of the information, the banks will not offer financial or investment advice. By using the information, you can reduce your spending and improve the way you invest your savings. You should conduct analysis and confer with financial experts before making any financial decisions.
Is it Possible to Disconnect Bank Accounts at Any Time?
Indeed, you are free to cut off your accounts from other banks whenever it suits you. To do this, just use the provided link to go to iFinance on the ICICI Bank mobile app or net banking and revoke the consent. This will delete from iFinance the information related to that bank account. You will need to follow the same steps as when you first linked the accounts if you ever want to re-link the delinked accounts.
What Design Principles Govern Account Aggregators?
Account aggregators offer a safe means of information sharing with fundamental design principles of data privacy and consent from customers. It is unable to see the real data since it is data-blind. The user can only access data by logging into Axis Bank’s and ICICI Bank’s secure channels.
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