ICICI Bank, a private sector lender, introduced a comprehensive digital ecosystem for micro, small and medium companies (MSMEs) on Thursday, which includes customers of other banks.
The ecosystem, according to the bank, offers a variety of industry-first solutions, signaling a substantial shift from the current industry practice of banks providing services primarily to their clients. The new ecosystem, according to the company, is built around three pillars: better banking services for existing customers, a suite of banking services for MSMEs who are customers of other banks, and a wide range of value-added services for everyone.
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Anyone can make use of ICICI Bank’s digital solutions by simply downloading the updated edition of the InstaBIZ app or visiting the lender’s corporate online banking portal, according to the bank.
“We found out from our research that MSMEs realize the benefits that technology brings in,” stated Anup Bagchi, Executive Director at ICICI Bank. They want to use digital technologies to simplify their company processes so they can focus more on growth.” MSMEs, he continued, require a comprehensive platform that suits all of their needs. “We also believe that the advantages of our products and services should not be limited to our clients; they should be available to individuals who bank with other institutions as well.”
“He said the bank has built a comprehensive digital ecosystem with open architecture based on these insights, integrating banking services with value-added offers to benefit MSMEs.
By logging in as a ‘Guest’ in the new edition of InstaBIZ, MSMEs who are customers of other banks can access a variety of services from the private sector lender’s digital ecosystem.
“The approval of a fast and paperless overdraft facility up to Rs 25 lakh is the most important of these services.” Customers can utilize the ‘InstaOD Plus’ service, which is a first for any bank in the business, to get an overdraft instantly with just a few clicks on the latest edition of InstaBIZ or CIB (Corporate Internet Banking),” according to the bank statement.
Customers of ICICI Bank can activate their overdraft into their current account immediately, whereas customers of other banks can do so after completing Video KYC and opening a current account with the bank. Aside from that, the bank also offers digitally quick current account opening. The end-to-end paperless procedure relies on APIs provided by the private lender, which auto-fill the account opening form and instantaneously validates PAN/Aadhaar numbers, as well as allows account opening via Video KYC.
In addition, the InstaBIZ app now provides a variety of value-added services to MSMEs, both ICICI Bank customers and non-customers. The private sector lender said it has partnered with a number of organizations to minimize the need for MSMEs to collaborate with several experts to meet their unique needs.
Besides India Filings (for business compliance and registrations), IndiaMART (for business listings), Airtel (for communications and connectivity), ClearTax (tax filing and advisory services), Zoho Books (for accounting), Global Linker (for business networking and e-commerce management), and Sherlock.ai (digital marketing and data analytics) are among these partners,” says the company according to the announcement. MSMEs can benefit from these specialists’ exclusive services as well as immediate onboarding on their platforms.
Apart from that, MSMEs, both customers, and non-customers of the bank can use Trade Emerge, the bank’s digital platform, to access a variety of trade services such as letters of The term credit is used to describe many things including bank guarantees, trade credit, and trade transactions.
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Additionally, merchants, retailers, and professionals such as doctors and lawyers can receive payments via UPI and cards instantaneously through the InstaBIZ app. They may create QR codes and even apply for Point of Sale (POS) devices digitally. They can take advantage of value-added services such as rapid payment settlement, converting their stores into online stores in 30 minutes, and applying for a voice-messaging device that confirms payment receipt.
Existing clients will benefit from the digital ecosystem’s expanded services. They can get a smooth onboarding experience on the bank’s Trade Online platform for their trade and foreign exchange activities. They can also pay GST online and apply for a POS device, among other things.
