ICICI Bank launches open-for-all digital ecosystem for Indian MSMEs
With an aim to accelerate the digitisation of micro, small, and medium enterprises (MSMEs) across India, ICICI Bank has launched a comprehensive digital ecosystem for small businesses. The digital ecosystem will have three aspects — a bouquet of banking services for MSMEs, a whole range of value-added services, and enhanced banking services for existing customers.
Speaking on this development, Anup Bagchi, Executive Director, ICICI Bank said, “We, at ICICI Bankm always believe that the MSME segment forms the backbone of the Indian economy. It has been our philosophy to enhance the ease of doing business for MSMEs and become partners in their growth."
The bank says that it has simplified the process of availing the benefits. The user can download the InstaBIZ app from Google Play Store, Apple App Store or the bank’s Corporate Internet Banking (CIB) platform.
Bagchi further added that according to their research, MSMEs are keen to adopt digital tools and solutions because they understand the benefits that come with technology adoption. Moreover, streamlining processes using digital means also helps them in focusing on growing and scaling up the company.
"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 crores. We believe that these solutions for MSMEs will improve efficiency and boost their business,” he said.
MSME owners who are customers of other banks can log in as a guest on the InstaBIZ app. Another notable feature of the app is the 'InstaOD Plus’ option which enables the business to avail of an instant and paperless overdraft facility up to Rs 25 lakh.
The bank has partnered with some of the prominent names in the ecosystem to roll out the facilities including India Filings (for business compliances and registrations), IndiaMART (listing of business), Airtel (connectivity and business communications), Clear (tax filing and advisory), Zoho Books (accounting solutions), Global Linker (business networking and digital store management), Sherlock.ai (digital marketing and data analytics).