The host
of benefits being offered by the new version of InstaBIZ can be put into three
categories: 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.
With this, the new version of InstaBIZ, which was unveiled last month, brings
forth a significant shift from the existing industry practice where banks offer
services only to their customers.
Anyone can simply download
the new version of InstaBIZ from Google Play Store or Apple App Store, or at
the Bank’s Corporate Internet Banking (CIB) platform. It offers an array of
services to help the customers undertake almost all of their business-banking
transactions digitally and on the go, thereby helping them to improve
efficiency.
In Rajasthan, the MSME
business is one of the focus areas of the Bank. It is expanding its customer
base in the MSME segment by focusing on micro markets like handicrafts and
furniture in Jodhpur, stone/marble in Kishangarh, gems and jewellery in Jaipur,
textile in Pali and agricultural commodities mandis in Baran, Tonk, Bikaner,
Nokha and Sri Ganganagar. The Bank has set up 30 credit processing centers in
the state for faster processing of loans to MSME customers. Over the last few
years, MSME customers in Rajasthan have frequently used InstaBIZ for financial
transactions, availing Insta OD, opening current account, availing merchant
solutions and making GST payments among others.
Mr. Pankaj Gadgil, Head -
Self Employed Segment, SME & Merchant Ecosystem, 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. The MSME market is
estimated to grow at a rapid pace in the coming years. We believe that InstaBIZ
will resonate with MSMEs and entrepreneurs in Rajasthan to undertake almost all
business-banking transactions digitally and on the go. It brings in
unprecedented convenience as it frees up their bandwidth largely, which they
can devote to grow their main business. We believe this will make us the ‘bank
of choice’ of the MSME segment.”
MSMEs, who are customers of other banks, can
avail of a host of services from the Bank’s digital ecosystem by logging in as
a ‘Guest’ in the new version of ‘InstaBIZ’. The most important in the list of
these services is sanction of instant and paperless overdraft facility up to
Rs. 25 lakh. Named ‘InstaOD Plus’, the industry-first proposition enables
customers of any bank to avail of an overdraft instantly through a few clicks
either on the new version of InstaBIZ or CIB. Customers of ICICI Bank can
activate the OD into their current account instantly while customers of other
banks can do so after opening of a current account with the Bank digitally
through Video KYC.
Another important facility
being offered is instant opening of a current account digitally. The end-to-end
paperless process leverages the Bank’s advanced APIs that auto fill the account
opening form and validate PAN/ Aadhaar number instantly and allows opening of
account through Video KYC.
Additionally, to further
accelerate growth and efficiency for MSMEs, InstaBIZ now offers a range
of value-added services to
MSMEs, both customers and non-customers of the
Bank. ICICI Bank has tied up
with various partners to eliminate the need of MSMEs to coordinate with
multiple experts to fulfill their varied requirement.
Through InstaBIZ, merchants,
retailers and professionals like doctors and lawyers etc can instantly accept
payments through UPI and cards. They can generate QR code and even digitally
apply for Point of Sale (POS) device. They can also avail value added services
like instant settlement of payments, transform their shops into an online store
in just 30 minutes, and apply for a voice-messaging device that confirms the
receipt of the payments.
The new version of InstaBIZ
offers enhanced services to the existing
customers of the Bank. They can now experience seamless onboarding on
the Bank’s Trade Online platform for their requirement related to trade and
foreign exchange transactions. They can also pay GST easily and digitally,
apply for POS device, among others. Armed with robust technology and
embedded analytics, the new version of InstaBIZ app gives a variety of
reminders based on the customer’s profile. For instance, a customer with
propensity to pay GST will get intuitive nudges for GST payments before the
last date of payment; an exporter/importer will get a nudge requesting
activation of Trade Online; and a merchant will get a pop-up for applying POS
device digitally.
The Bank has an extensive footprint in
Rajasthan with nearly 490 branches and nearly 680 ATMs, creating the largest
retail network among private sector banks in the state.