Private sector lender ICICI Bank on Thursday launched a comprehensive digital ecosystem of micro, small and medium enterprises (MSMEs), including clients of other banks.
The bank informed the ecosystem offers a variety of industry-first solutions, delivering a critical shift from the current industry practice where banks offer services just to their clients. It expressed that the new ecosystem comprises three pillars, enhanced banking services for existing clients, a bouquet of banking services to MSMEs who are clients of other banks, and a whole range of significant value-added services for all.
ICICI Bank said that anybody can avail of the benefits of its digital solutions by just downloading the new version of the InstaBIZ application or at the lender’s corporate internet banking platform.
Anup Bagchi, Executive Director at ICICI Bank said, “We have found out from our research that MSMEs understand the benefits that technology brings in. They are quick to adopt digital solutions to simplify their way of doing business, so they can focus more on growth.” He added that MSMEs need a holistic platform that meets all their necessities. “Further, we believe that the benefits of our products and services should not be restricted only to our clients, the people who bank with others should also have the choice to experience them.”