ICICI Bank will be rolling out India’s first comprehensive “digital ecosystem” for all micro, small and medium enterprises (MSMEs) in the country.
That will include customers of other banks, according to a press release Thursday (April 28).
The ecosystem will come with three pillars, “i) enhanced banking services for existing customers, ii) a bouquet of banking services to MSMEs, who are customers of other banks, iii) a whole range of value-added services for all,” according to the report.
This is a change from the current practice in which the banks only offer services for their customers.
The report noted that users can get these benefits by downloading the new version of the InstaBIZ app, which is a super app for businesses.
Speaking on the launch, Anup Bagchi, executive director of ICICI Bank said, “We at ICICI Bank always believe that the MSME segment forms the backbone of the Indian economy. It has been our philosophy to enhance ‘ease of doing business’ for MSMEs and become partners in their growth.”
He added that the bank has found from research that small businesses understand how beneficial these things are and are “keen” to adopt them.
“MSMEs also need a holistic platform which meets all their requirements. Further, we believe that the benefits of our products and services should not be restricted only to our customers; those who bank with others should also have the choice to experience them.”
PYMNTS wrote that KredX, the supply chain finance company, is working with ICICI Bank on a new commercial card for business-to-business (B2B) payments as of earlier this month.
Called the ICICI Bank-KredX Commercial Card, this will be a cash-back card, letting businesses collect instant financial rewards for B2B payments, with zero fees.
The partnership will try to empower B2B payments by streamlining some of its payment systems.