ICICI Bank this week announced the launch of an instant digital credit facility to enable customers to buy small-ticket items immediately in a completely digital and paperless manner. Named PayLater by ICICI Bank, the facility has been designed on a selective basis method using self-developed algorithms with the help of data analytics.
ICICI PayLater uses the bank’s Big Data based algorithm for undertaking credit assessment of customers. To this end, the algorithm uses an intelligent combination of parameters including a Credit Bureau check and transaction history.
Once the credit limit is set up for a customer, a consolidated bill is generated on the first day of the subsequent month, which has to be paid by the 15th day of the same month.
Meantime, ICICI is rolling out a multimedia campaign addressing security concerns of customers who use credit cards. The campaign launches ICICI’s ‘Manage Cards’ feature which has been introduced to the Bank’s mobile banking platform iMobile. Notably, the feature is a local first-in-the-industry for credit cards. As a result, customers can control the security of their cards from their own phones.