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Tuesday, May 17, 2022

ICICI Bank launches digital ecosystem for MSMEs

ICICI Bank said that anyone can avail of the benefits of its digital solutions by simply downloading the new version of the InstaBIZ app, or at the lender’s corporate internet banking platform.

By: Express Web Desk | New Delhi |
Updated: April 28, 2022 7:14:47 pm
lockdown, indiaA security guard wearing a protective mask stands at the entrance to an ICICI Bank Ltd. branch in a near-empty Connaught Place during a partial lockdown imposed due to the coronavirus in New Delhi, India, on Thursday, May 14, 2020. (Bloomberg/File photo)

Private sector lender ICICI Bank on Thursday launched a comprehensive digital ecosystem for micro, small and medium enterprises (MSMEs), including customers of other banks.

The bank informed the ecosystem offers an array of industry-first solutions, bringing forth a significant shift from the existing industry practice where banks offer services only to their customers. It stated that the new ecosystem comprises three pillars: enhanced banking services for existing customers, a bouquet of banking services to MSMEs who are customers of other banks and a whole range of value-added services for all.

ICICI Bank said that anyone can avail of the benefits of its digital solutions by simply downloading the new version of the InstaBIZ app, or at the lender’s corporate internet banking platform.

Anup Bagchi, Executive Director at ICICI Bank said, “We have found out from our research that MSMEs understand the benefits that technology brings in. They are keen to adopt digital solutions to simplify their way of doing business, so that they can focus more on growth.” He added that MSMEs need a holistic platform which meets all their requirements. “Further, we believe that the benefits of our products and services should not be restricted only to our customers; those who bank with others should also have the choice to experience them.”

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Based on these insights, he said that the bank has launched a comprehensive digital ecosystem with open architecture by bundling banking services with value-added offerings to empower MSMEs.

The private sector lender said that MSMEs, who are customers of other banks, can avail of a host of services from the its digital ecosystem by logging in as a ‘Guest’ in the new version of InstaBIZ.

icici bank, icici bank msme ecosystem, icici bank instabiz Anup Bagchi, Executive Director at ICICI Bank unveiling India’s first open-for-all digital ecosystem for MSMEs at a media conference in Mumbai. (Image: ICICI Bank)

“The most important in the list of these services is sanction of instant and paperless overdraft facility up to Rs 25 lakh. Named ‘InstaOD Plus’, the industry-first proposition enables customers of any bank to avail of an overdraft instantly through a few clicks either on the new version of InstaBIZ or CIB (Corporate Internet Banking),” the bank statement said.

Existing customers of ICICI Bank can activate the overdraft into their current account instantly while customers of other banks can do so after the opening of a current account with the bank digitally through Video KYC. Apart from this, the bank is also offering instant opening of a current account digitally. The end-to-end paperless process uses the private lender’s APIs that auto-fill the account opening form and validate PAN/Aadhaar number instantly and allows the opening of account through Video KYC.

Additionally, the InstaBIZ app now offers a range of value-added services to MSMEs, both customers and non-customers of ICICI Bank. The private sector lender said that it has tied up with various partners to eliminate the need of MSMEs to coordinate with multiple experts to fulfill their varied requirement.

“These partners include India Filings (for business compliances and registrations), IndiaMART (listing of business), Airtel (connectivity and business communications), ClearTax (tax filing and advisory), Zoho Books (accounting solutions), Global Linker (business networking and digital store management), Sherlock.ai (digital marketing and data analytics),” it said. MSMEs can get exclusive services of these experts with instant onboarding on their platforms.

This apart, MSMEs, both customers and non-customers of the bank, can also access its digital platform, Trade Emerge, for comprehensive trade services like letter of credit, bank guarantee, trade credit, trade transactions and many others.

Additionally through InstaBIZ app, merchants, retailers and professionals such as doctors and lawyers can instantly accept payments through UPI and cards. They can generate QR code and even digitally apply for Point of Sale (POS) device. They can avail value added services like instant settlement of payments, transform their shops into an online store in just 30 minutes, and apply for a voice-messaging device that confirms the receipt of the payments.

For existing customers, the digital ecosystem offers enhanced services. They can experience seamless onboarding on the bank’s Trade Online platform for their requirement related to trade and foreign exchange transactions. They can also pay GST easily and digitally, apply for POS device, among others.

“Armed with robust technology and embedded analytics, the new version of InstaBIZ app gives a variety of reminders based on the customer’s profile,” the bank said, explaining that a customer with propensity to pay GST will get intuitive nudges for GST payments before the last date of payment; an exporter/importer will get a nudge requesting activation of Trade Online; and a merchant will get a pop-up for applying POS device digitally.

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