ICICI Bank launches India’s first comprehensive, open-for-all digital ecosystem for MSMEs
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* MSMEs, including customers of other banks, can access a host of services
* Any MSME can get instant sanction of OD
* The ecosystem offers fully digital and instant current account opening through video KYC
* It offers complete range of banking and value-added services at one place
: ICICI Bank today announced that it has launched India’s first comprehensive digital ecosystem for all Micro, Small and Medium Enterprises (MSMEs) in the country, including customers of other banks. The ecosystem has three pillars: i) enhanced banking services for existing customers, ii) a bouquet of banking services to MSMEs, who are customers of other banks, iii) a whole range of value-added services for all. The ecosystem, which offers an array of industry-first solutions, brings forth a significant shift from the existing industry practice where banks offer services only to their customers.
Anyone can avail of the benefits of ICICI Bank’s digital solutions by simply downloading the new version of the InstaBIZ app, a super app for businesses, from Google Play Store or Apple App Store, or at the Bank’s Corporate Internet Banking (CIB) platform.
Speaking on the launch, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “We at ICICI Bank always believe that the MSME segment forms the backbone of the Indian economy. It has been our philosophy to enhance ‘ease of doing business’ for MSMEs and become partners in their growth
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. MSMEs also 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.
Based on these insights, we have launched a comprehensive digital ecosystem with open architecture by bundling banking services with value-added offerings to empower MSMEs, estimated to be around six crore. We believe that these solutions for MSMEs will improve efficiency and boost their business.”
MSMEs, who are customers of other banks, can avail of a host of services from the Bank’s digital ecosystem by logging in as a ‘Guest’ in the new version of InstaBIZ. 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
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