All you need to know about ICICI Bank Money Coach

Features and Benefits of ICICI Bank Money Coach

1. The automated financial and investment management platform provides individuals a comprehensive view of their finances ranging from expenses, income, financial goals, EMI payments related to credit cards, emergency funds, etc., making it a truly trustworthy guide.
2. Money Coach helps in making strategic investments in mutual funds by offering automated suggestions and monitoring your portfolio on a 24x7 basis.
3. Money Coach prepares you for emergencies. Regardless of the surprises life throws at you, you can have adequate savings to ensure that your expenses are covered for a minimum of six months, even if your main source of income is lost.
4. Money Coach helps you in achieving your financial targets by defining your objectives and suggesting investments. The fact that it can rebalance your investments in case they are off-track helps in ensuring that your goals are achieved conveniently.
5. The guide helps you make the most of your existing investments. Once your investments across fixed deposits and mutual funds are tagged with ICICI Bank Money Coach, your goals can be achieved at a much quicker pace.
6. Money Coach enables you to monitor your expenses and income. You have a better chance of making well-informed decisions regarding your finances as the guide tracks your spending behaviour. It also draws comparisons in spending behaviours between you and other people like you, thereby finding where you have scope to improve.
7. Money Coach helps in ensuring that you are wise when it comes to using your credit card. It essentially analyses your repayment behaviour and card spends to ensure you don’t go off-track.
8. In case you have availed a loan, the guide will analyse your capability to repay the loan through EMIs. It monitors your EMI spends before analysing your ability to make repayments.

Getting Started with ICICI Bank Money Coach

ICICI Bank Money Coach can be accessed on iOS and Android devices. Here is the step-by-step process to get started with Money Coach on Android:

• Download the application on your phone and use your four-digit PIN to login.
• Click on Investments, Insurance & Tax Payment.
• Click on Investments – Money Coach.
• Click on ‘Let’s get you started’ to commence with investments in mutual funds.
• Swipe right and go to ‘My Goals’ and create your goal.
• Swipe right and go to ‘My Financial Health’ to check your financial health report.

Money Coach on iOS:

• Download the mobile application and use your four-digit PIN to login.
• Click on Invest and Insure.
• Click on Money Coach, Insurance & Tax.
• Click on ‘Let’s get you started’ to commence with investments in mutual funds.
• Swipe right and go to ‘My Goals’ and create your goal.
• Swipe right and go to ‘My Financial Health’ to check your financial health report.

How are suggestions made by Money Coach in My Goals?

Here are the steps involved with the creation of a portfolio:

1. Risk profiling: It is based on five questions that you will have to answer, after which your risk profile will be assigned.
2. Goal creation: You will have to choose the goal tenure and the goal amount to create a goal.
3. Asset allocation: It will be based on your risk profile, goal tenure, and goal amount.
4. Suggested portfolio: After the completion of asset allocation, the computation of category-wise allocation will be done and one or two schemes will be suggested for each category.

What kind of transactions can I carry out through Money Coach?

The following are the different kind of transactions that can be carried out through ICICI Bank Money Coach:

• Purchase
• Sell
• Systematic Investment Plans
• Flexible Investment Plans
• Switch
• Systematic Transfer Plan
• Systematic Withdrawal Plan
• Stop Systematic Withdrawal Plan
• Stop Systematic Investment Plan
• Stop Systematic Transfer Plan
• Stop Flexible Investment Plan