MUMBAI:
ICICI Bank announces the launch of a new digital platform curated specially for MSMEs and self-employed customers to enable them to undertake their business banking transactions digitally and instantly.
Called, ‘InstaBIZ’, it allows users customers to avail as many as over 115 products and services in a digital and secure manner on their mobile phone or internet banking platform. Many of the services are first-in-the-industry and are available instantly. With this, MSMEs can now enjoy enhanced convenience and productivity, as they can complete their banking transactions ‘on-the-go’, without visiting a bank branch.
This first-of-its-kind comprehensive digital platform for businesses enables them to experience the convenience of a range of services completely digitally—instant overdraft facility & business loans, swift and easy bulk collection & payments of funds through multiple digital modes, specialised solutions for initiating largely all of the export-import transactions like remittances, letters of credit among others. Further, it is the first digital banking platform to enable instant payment of GST from the mobile app using the e-challan number of the tax payment.
Additionally, they can get instant marine insurance policy–an industry first service—, raise service requests, enjoy the convenience of automatic bank reconciliation and set up promotional campaigns to relevant ICICI Bank customers to expand their business, all from within the digital platform itself. MSMEs, who are not customers of the Bank, can also download ‘InstaBIZ’ and enjoy the un- paralleled convenience of industry-first solutions. Prominent among them, they can get instant sanction of an overdraft facility upto Rs 10 lakh simply by uploading their bank statements and KYC details. They can also apply for a current account and customise its account number, which is displayed instantly.
With the above array of digitisation, ‘InstaBIZ’ is the most comprehensive and only digital banking platform in the country and among few globally for self-employed segment and MSMEs, that provides a bouquet of comprehensive solutions in ‘one single place’.
Speaking about the initiative, Pankaj Gadgil, Head – Self Employed Segment, ICICI Bank, said, “The MSME and self-employed segment in India employs the largest workforce and is the backbone of our economy. We believe that ‘ease of doing business’ and ‘digitisation’ are key parameters for the growth of the MSME businesses. To this endeavour, we have launched ‘InstaBIZ’, the country’s first digital platform for MSMEs available as a mobile app and web portal. A result of long and extensive research into the digitisation requirements of business transactions, we believe that ‘InstaBIZ’ is the most comprehensive digital platform available among banks in the country today. With 115 services on ‘one single digital' platform, it allows MSMEs and entrepreneurs to undertake almost all business-banking transactions digitally and on-the-go. It brings in unprecedented convenience for them by eliminating branch visits for transactions; providing access to instant ODs to pre-qualified customers; instant tax-payments, inward remittances, initiating cross border bills, LCs & bank guarantee among many others. We believe that this ‘all-in-one’ digital platform service will provide easy banking services to MSMEs, free up their bandwidth from paper-intensive procedures and thus boost business growth by improving overall productivity and efficiency.”
Key features of the ‘InstaBIZ’ digital platform:
* Convenient solutions for non-current account holders : Any MSME, can download the ‘InstaBIZ’ app and avail an array of services. For the first-time-in-industry, they can get sanction for an overdraft facility upto Rs 10 lakh instantly, in contrast to a few days taken traditionally.` They simply need to upload their 12 month bank statement provide KYC details. An algorithm checks the credit –worthiness of the applicant in real-time along-with checks with the bureau for instant sanction. Further, they can instantly apply for a current account and customise an account number of their choice, which is displayed instantly. The account is activated within a day post the verification of documents by a bank official at the premises. They can also use the app to raise invoice on a customer and collect funds using UPI.
* Easy and swift collection of funds using multiple digital modes: For the first time, MSMEs are enabled to collect funds from their customers both business to business and business to customers(B2C) in a digital manner in one place. In case of B2C, they can collect funds from their customers either using a single invoice or multiple invoices through multiple modes like, UPI, cards, internet banking, RTGS/NEFT. Additionally, merchants can also order a Point-of Sale (PoS) terminal for their retail outlet, from within the app itself, yet another industry-first
feature. They can also manage all service requests of the PoS from within the app. They can also instantly sign up for cash pick-up through ‘Doorstep Banking’ at office premises.
* Convenient multiple digital payment modes: Businesses can instantly activate the service of ‘bulk payment’ for making quick multiple vendor payments / salaries from ‘InstaBIZ’. They can then transfer the funds using the Corporate Internet Banking platform via a single file upload. They can also transfer funds, pay utility bills via multiple modes like NEFT, RTGS, UPI, cards as well as recharge prepaid mobile and data card.
* Instant Overdraft facilities and business loans: MSMEs, who are ICICI Bank current account holders can get an overdraft upto Rs 15 lakh instantly on the platform in just few simple clicks. This is in contrast with the few working days it typically takes in the industry.
* Instant GST payment and file preparation: An industry-first facility, MSMEs can pay their GST instantly using ‘InstaBIZ’ app by using the ‘challan number’ in a single click payment. Further, by using the ‘auto-reconciliation’ function of accounts on ‘Corporate Internet Banking’ platform, they can conveniently generate the information required to be submitted for GST payments at the click of a button.
* One view dashboard and automatic reconciliation of bank account : The app provides MSMEs with a complete overview of sales, cash available, bills paid, invoices collected thus enabling convenient and timely business decisions 24×7. They can also use the ‘auto reconciliation’ feature, powered by Zoho. It enables MSMEs to raise invoices, make payments and collections from the platform itself and enjoy the efficiency of instant reconciliation.
* Digital management of export-import transactions: Users can initiate and execute digitally a large array of export-import transactions like issuance of letters of credit(LC) and bank guarantee, export/import collection bills, disbursement of export credit, payments against imports among others. Additionally, it is the first digital banking platform to offer quick and convenient credit of inward remittance within minutes to the ICICI Bank current account of the recipient.
* Role based access to multiple employees: ‘InstaBIZ’ allows MSMEs to provide role-based user access to multiple employees alongwith financial transaction limits, depending on the work requirements. This enables an entire team of the business to conveniently and safely benefit from the digital platform to carry out specific transactions.
* Invest & Insure on : On the web portal of ‘InstaBIZ’, MSMEs, as an entity, can swiftly invest in mutual funds, avail robo-advisory based portfolio recommendation as well as instantly apply for Marine insurance policy (an industry-first offering).
* Networking and business campaigns: Businesses can spur their growth by using the in-built networking platform. The online business networking platform, specially curated for small and medium scale enterprises aims to connect entrepreneurs with relevant business opportunities and is powered by GlobalLinker. They can also set up promotions through ‘InstaBIZ’ platform and send notifications to relevant ICICI Bank customers for their promotions. Any MSME can download ‘InstaBIZ’ application from Google Play Store. It will be shortly be available on Apple App Store also. They can also access ‘InstaBIZ’ on internet banking by logging into ICICI Bank’s ‘Corporate Internet Banking’ platform.
