ICICI Bank opens digital banking services to SMEs

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ICICI Bank will roll out India’s first comprehensive “Digital Ecosystem” for all Micro, Small and Medium Enterprises (MSMEs) in the country.

This will include customers of other banks, according to a press release Thursday, April 28.

The ecosystem will be based on three pillars, “i) improved banking services for existing customers, ii) a bouquet of banking services for MSMEs, customers of other banks, iii) a whole range of value-added services for all “, according to the report.

This is a change from the current practice of banks only offering services to their customers.

The report notes that users can get these benefits by downloading the new version of InstaBIZ app, which is a great app for business.

Speaking at the launch, Anup Bagchi, Executive Director of ICICI Bank, said, “At ICICI Bank, we still believe that the MSME segment forms the backbone of the Indian economy. Our philosophy has been to improve the “ease of doing business” for MSMEs and become partners in their growth. »

He said the bank has found from research that small businesses understand how beneficial these things are and are “eager” to adopt them.

“MSMEs also need a holistic platform that meets all their requirements. Additionally, we believe that the benefits of our products and services should not be limited to our customers alone; those who do business with others should also have the choice to experience it.

See also: KredX and ICICI Bank in India to launch commercial cashback card for B2B payments

PYMNTS wrote that KredX, the supply chain finance company, has been working with ICICI Bank on a new commercial card for business-to-business (B2B) payments since the beginning of the month.

Called the ICICI Bank-KredX business card, it will be a cashback card, allowing businesses to collect instant financial rewards for B2B payments, free of charge.

The partnership will attempt to strengthen B2B payments by streamlining some of its payment systems.

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.

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