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ICICI Bank launches Voice-based International Remittance Service
First bank in the country to leverage on Apple’s virtual voice assistant to enable cross-border remittances
ICICI Bank, India’s largest private sector bank by consolidated assets, announced the launch of India’s first voice-based international remittance service to enable non-resident Indians (NRIs) to send money to any bank in India.
With this new feature in the ICICI Bank’s Money2India app, an NRI customer can instantly initiate a remittance to his/her existing payees in India with just a simple voice command to Apple’s virtual voice assistant, Siri, on his/her Apple iPhone / iPad.
A first-of-its kind cross-border remittance service by a bank in the country, it improves customer’s convenience significantly as it replaces a five-step process, which was required to initiate a remittance to India earlier.
To get the benefit of this unique offering, the customer needs to simply speak out the ‘nickname’ of the registered payee in the Money2India (M2I) app to whom he/she wants to send the money to and the amount to be sent. For example, the customer can initiate the process by simply saying “Send $100 to Mom with Money2India”.
Based on this voice instruction, Siri converts the voice command to text using Natural Language Processing (NLP) and populates an interface for confirmation with the details. The customer is no longer required to enter the payee name or amount to be transferred, since he/she would be using a voice command to provide instructions to Siri.
Upon confirmation of the details by the customer, Siri passes the request to the M2I app through the Siri payment API and opens the app on the device. The customer now only needs to login into the M2I app and confirm the auto-populated details of the transaction for the money to be sent. The entire process is secured by the two factor authentication parameter of device authentication and secure login by the customer. All transactions take place on the secure servers of ICICI Bank within the M2I app itself and no confidential or financial information is shared.
