ICICI Bank launches digital banking services for SMBs. | Techno Glob

ICICI Bank is the country’s small, India’s first comprehensive “Digital Ecosystem” for all Small and Medium Enterprises (MSMEs) is about to be implemented.

It will include customers of other banks, it said in a press release on Thursday (April 28).

The ecosystem has three pillars: “i) enhancing banking services for existing customers; ii) a suite of banking services for MSMEs who are customers of other banks; iii) Full range of value-added services for all,” he said. to the report

This is a change from the current practice where banks only provide services to their customers.

The report states that users can get these benefits by downloading the new version of the InstaBIZ app, a super app for businesses.

Speaking at the launch, Anup Bagchi, Executive Director, ICICI Bank said, “We at ICICI Bank have always believed that the MSME segment has become the backbone of the Indian economy. It is our philosophy to promote ‘ease of doing business’ for MSMEs and become partners in their growth.

He added that the bank has found that small businesses understand how beneficial these are and are “keen” to adopt them.

“MSMEs also need a multi-purpose platform that can cater to all their needs. In addition, We believe that the benefits of our products and services should be limited to our customers. People who bank with others should have the option to experience them as well.”

See also: India’s KredX; ICICI Bank launches Cash Back Commercial Card for B2B payments.

Supply chain finance company KredX earlier this month is working with ICICI Bank on a new commercial card for business-to-business (B2B) payments, PYMNTS writes.

called ICICI Bank-KredX Commercial Card; It’s a no-fee cash-back card that offers instant financial rewards for businesses on B2B payments.

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

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