ICICI Bank’s InstaBIZ App is a Mini Bank Branch at Your Fingertips

Mobile applications are constantly being innovated to make your everyday life simpler. A wide variety of retail goods and services are offered on these apps — from groceries to banking services — all at the drop of a hat. But what about apps for businesses?

An entrepreneur spends invaluable time waiting for the completion of transactions and the approval of loans. Even if he manages to carry out his banking activities in time, several other obstacles await him.

Getting work done at a bank branch can be cumbersome for a businessman with limited time on his hands, thanks to the call of managerial duty. Often, the operating timings of the bank and the business hours of a customer may not align. Or, as was evidenced due to the curbs necessitated by the coronavirus pandemic, physically visiting the bank branch can be a challenging task.

A business could lose out on opportunities that require funds or pertinent documents, should they arise outside of the bank's working hours. The excessive documentation that usually accompanies fresh opportunities can also be difficult to put together, especially for time-sensitive operations.

The general perception is that a business has a dedicated accounting and financial services team taking care of its banking needs. However, small enterprises may not be able to afford such manpower. Or, a big business may wish to expand to digital solutions, thus helping streamline complex banking tasks for employees.

The sure cure

A number of banking operations are migrating to the digital space, and ICICI Bank is leading the charge to extend the benefits of digital banking to its business customers with its InstaBIZ app.

InstaBIZ allows businesses to use more than 200 banking services — from opening a current account to availing an overdraft facility — on a single mobile application. The app allows you to not only open a current account from the comfort of your home or office, but lets you choose a number for the current account. It consolidates all your accounts and allied information such as account balance, statements, and monthly average balance and more in one place to ensure ease in navigating your business transactions.

Payments go digitally native

At a time when "user experience" and "interoperability" have become buzzwords in a revolutionised digital payments space, InstaBIZ has kept in step with these innovations. It allows you to collect money by creating a single invoice through a link or a QR code. It also enables you to raise multiple invoices within the app itself through just a single file upload. Moreover, merchants can order and service Eazypay POS (Point of Sale) terminals on InstaBIZ to collect payments digitally.

Just like collections, InstaBIZ allows you to make bulk payments as well. You can pay employee salaries and make payments to suppliers and vendors with a single file upload, and via multiple modes — NEFT, RTGS, IMPS and more. Merchants can also generate a QR code on the InstaBIZ app and collect payments from customers.

Building bridges

Imagine if your company’s bank accounts are updated immediately after every transaction! InstaBIZ's connected banking feature reconciles your current account transactions with entries in your accounting software, so that all inflow and outflow of cash is conveniently logged in your accounting books.

You can raise invoices for your customers and pay your vendors from a single dashboard with InstaBIZ’s Connected Banking feature, while also transporting all these to the GST filing platform.

Loans at the push of a button

Instead of physically doing the rounds of a bank branch to avail loans, you can now explore a range of pre-approved loans through the InstaBIZ app. You may also apply for home loans, auto loans and other products by simply filling out basic details on the app.

The app allows you to get an overdraft of up to Rs 15 lakh without pledging collateral, for all your instant cash needs. Alternatively, holders of fixed deposits with ICICI Bank can get an instant overdraft of as much as Rs 10 crore without the hassle of physical documentation.

Manage foreign trade online

The daunting world of foreign trade is made accessible to you round-the-clock through InstaBIZ with the ICICI Bank Trade Online platform — a digital banking portal for your foreign trade transactions. Trade Online lets you initiate your trade transactions 24x7.

You can submit trade finance requests online, apply for bank guarantees and manage your inward remittances conveniently. Moreover, you can also carry out your EEFC conversion online and credit 100 percent of your earnings to the account so that you can save up on transaction costs.

Tax payments simplified

InstaBIZ also allows you to make GST payments with just a single click. Direct tax, advance tax and TDS payments are simplified online, and can be made on InstaBIZ itself. Additionally, you can download all challans for tax payments initiated from any ICICI Bank digital platforms.

With the understanding that a one-size-fits-all approach is obsolete in the banking space of today, ICICI Bank has pioneered in offering sophisticated and elegant technological solutions to make it simple. InstaBIZ is among a range of thoughtful products and services that facilitate convenience through instant online banking.

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