ICICI Bank presents digital ecosystem for MSME

Anyone can take advantage of the bank’s digital solutions by downloading the new version of the InstaBIZ app

Anyone can take advantage of the bank’s digital solutions by downloading the new version of the InstaBIZ app

ICICI Bank said it has rolled out a comprehensive digital ecosystem for all micro, small and medium-sized enterprises (MSMEs) in the country, including customers of other banks, to offer enhanced banking services to existing customers, a bundle of banking services for MSMEs that are customers other banks and a range of value-added services for everyone.

“The ecosystem, which offers a range of best-in-class solutions, represents a significant departure from existing industry practice where banks offer services only to their customers,” said ICICI Bank.

Anyone can take advantage of the bank’s digital solutions by downloading the new version of the InstaBIZ app, a super app for businesses.

Anup Bagchi, Executive Director of ICICI Bank, said: “We found from our research that MSMEs understand the benefits that technology brings. They are striving to adopt digital solutions to simplify their business operations so they can focus more on growth. MSMEs also need a holistic platform that meets all their requirements.”

“Based on these insights, we have launched a comprehensive, open-architecture digital ecosystem by bundling banking services with value-added offerings to empower MSMEs, estimated at around six million. We believe these solutions for MSMEs will improve efficiency and boost their business,” he said.

MSMEs that are customers of other banks can use a variety of services from the bank’s digital ecosystem by registering as a “guest” in the new version of InstaBIZ.

Under this service, an instant and paperless overdraft opportunity can be sanctioned up to ₹25 lakh.

ICICI Bank customers can activate OD instantly in their checking account, while customers of other banks can do so digitally via Video KYC after opening a current account with the bank, the bank said.

Another option offered is the digital immediate opening of a current account.

Leave a Reply

Your email address will not be published. Required fields are marked *