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If you have accounts in different banks then checking the balances in each online can be quite a chore, requiring separate log-ins into many websites.
But banks are now making life a tad easier for such customers.
Banks, such as ICICI Bank and HDFC Bank, are offering customers the facility to view their balances across accounts with different banks on a single page so that they can choose which one to make payments and investments from.
This facility, however, cannot be used to make transactions in other bank accounts.
For that, the customer will still be required to log into that bank’s website.
ICICI Bank’s online personal finance management tool “My Money” allows customers to add over 200 non-ICICI Bank institutions and get an overall picture of their financial status, according to the website of India’s largest private sector bank.
Similarly, HDFC Bank offers “OneView” for customers who also have accounts with Citibank, ICICI Bank, HSBC India, and Standard Chartered Bank.
According to Abhaya Prasad Hota, Managing Director & CEO of National Payments Corporation of India (NPCI), managing three-four bank accounts can be a problem as remembering that many internet banking passwords is difficult.
NPCI is the umbrella institution for all the retail payment systems in the country.
To make use of the facility, Hota said customers will have to share details of other accounts with the bank where they wish to see the snapshot of their financial status.
But banks will not be able to see each other’s data.
Hota said banks have to either collaborate to offer the single view or there has to be a trusted third party service provider offering this facility.
Aggregator services The NPCI chief said there is need for an aggregator in the financial services space in India.
“Like you go to Google or Facebook, similarly a financial packaging application would have to really emerge. Different kinds of solutions will be available,” said Hota.
“You can download the solution and integrate different bank accounts. So, once you log into that (one account), you are logged into your chosen banks accounts and you can operate them,” he added.
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