Icici Bank Launches Massive Digital Lending Platform for MSMEs; Customers of other banks can also access it

The country’s leading private lender, ICICI Bank, today launched a comprehensive digital lending platform for all micro, small and medium-sized enterprises (MSMEs) in the country, including customers of other banks.

The digital platform open to everyone under the bank’s “InstaBIZ” app already has more than 10,000 customers, said Anup Bagchi, executive director of ICICI Bank, adding that the bank expects an addition of customers. at a rate of more than 50% per year.

The digital ecosystem is based on three pillars: 1) Enriched banking services for existing customers, 2) A bouquet of banking services for MSMEs, customers of other banks, 3) A whole range of value-added services for everyone.

Anyone can enjoy the benefits of ICICI Bank’s digital solutions by simply downloading the new version of the InstaBIZ app, a super app for business, from Google Play Store or Apple App Store, or on the Corporate Internet platform Banking (CIB) Bank, the bank said in a statement.

The bank’s SME portfolio stood at Rs 404.50 billion in the March quarter, growing 33.6% year-on-year and 11.3% sequentially. Bagchi said the overall portfolio of MSMEs is over Rs 52,000 crore and is also growing by 35-45% annually. “I don’t see why growth should slow from these levels,” he added.

“Our research has shown us that MSMEs understand the benefits of technology. They want to embrace digital solutions to simplify the way they do business, so they can focus more on growth. 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,” said Anup Bagchi.

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MSMEs can take advantage of a multitude of services from the Bank’s digital ecosystem by logging in as a “guest” in the new version of InstaBIZ. Chief among the list of such services is the sanction of an instant and paperless overdraft facility of up to Rs 25 lakh – called ‘InstaOD Plus’, ICICI Bank said in a statement.

“ICICI Bank customers can enable OD in their checking account instantly while other banks’ customers can do so after opening a checking account with the Bank digitally through Video KYC,” ICICI said. Bank.

ICICI Bank has partnered with various partners for this offering, including India Filings (for compliance and business registration), IndiaMART (business listing), Airtel (corporate connectivity and communications), ClearTax (filing and consulting tax), Zoho Books (accounting solutions), Global Linker (business network and digital store management), Sherlock.ai (digital marketing and data analysis).

MSMEs, clients and non-clients of the Bank, can also access the Bank’s digital platform, Trade Emerge, for trade services such as letter of credit, bank guarantee, trade credit, trade transactions and more. ‘others.

Moreover, thanks to InstaBIZ, merchants, retailers and professionals like doctors and lawyers etc. can instantly accept payments via UPI and cards. They can generate QR codes and even digitally apply for point-of-sale (POS) devices. They can also benefit from value-added services such as instant payment settlement, transforming their store into an online store in just 30 minutes and requesting a voicemail device that confirms receipt of payments.

In December 2020, ICICI Bank had also opened its mobile application for retail customers for use by customers of other banks using the UPI platform, in the hope of benefiting from new leads and ultimately deposits at long term. The bank said it has since seen more than 6.3 million non-ICICI Bank customer activations on its mobile app, iMobile Pay. Of these, about 2 lakh non-ICICI Bank customers have become ICICI Bank customers.

First post: STI

Rosalie M. Dehner