ICICI Bank enhances its InstaBIZ app for MSMEs with full banking and value-added services.
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ICICI Bank has also formed alliances with several partners to provide various services to its MSME clients and those of other banks. The bank said that VAS by India Filings (for business compliances and registrations), IndiaMART (business listing), Airtel (connectivity and business communications), ClearTax (tax filing and advisory), Zoho Books (accounting solutions), Global Linker (business networking and digital store management), and Sherlock.ai (digital marketing and data analytics) would be available on InstaBIZ.
MSMEs will also be able to use ICICI Bank's Trade Emerge digital platform for trade services such as letter of credit, bank guarantee, trade credit, trade transactions, and so on. Individual companies, such as merchants, retailers, and professionals such as physicians and attorneys, would also be allowed to collect payments via UPI and cards using the app. The app would also include VAS such as rapid payment settlement, the construction of an online shop for their enterprises in 30 minutes, and the application for a voice-messaging device that certifies payment receipt.
“Over 10 lakh MSMEs are already using InstaBIZ (current version). We are compounding almost at 50 per cent per annum. So, we are doubling every year. However, that’s a wrong way to put it because actually, it is accelerating due to a network effect as when one MSME uses it, the second sees it and also starts using it. The network effect starts off slowly but curves quite sharply,” Anup Bagchi, Executive Director, ICICI Bank replied to Financial Express online question.
More about the ICICI InstaBIZ Mobile app
nstaBIZ- ICICI Bank's super banking business mobile application is available for both ICICI Bank customer and now also for Non ICICI Bank customers who can login as a guest and avail multiple benefits.
With the all-new InstaBIZ, anyone can use the app. Non ICICI Bank customers can enjoy services like linking any Non-ICICI Bank account and start instant collection through POS and UPI and enjoy other merchants solutions. They can also apply for Instant overdraft up to Rs 25 lacs and get instant disbursement. They also have the option to open a current account instantly through video KYC.
Even without an ICICI Bank CA, they can apply for Instant overdraft up to Rs 25 lacs and open an ICICI Bank Current account instantly for disbursement.
We have now introduced banking plus section, which will help customer to manage and grow their business through instant on boarding and exclusive proposition on partner’s platform. Additionally , access to Trade emerge platform which offers a one-stop-solution for exporters and importers needs which is now available to all customers of any bank .
Customers of ICICI Bank customer can avail a range of services of additional services like quick tax payments, Business Loans, Collection and Payments solutions, Foreign Trade, Investment and Insurance – all on a single mobile application!
ICICI Bank InstaBIZ caters to not only all banking but also to other business needs of an enterprise with unparalleled convenience of both time and place. It caters to all the business needs covering tax management, invoicing, regulatory compliance and business networking.
Welcome to the world of InstaBIZ with features of:
Transaction banking
1) Single and bulk payments, invoice collections and point of sale collections
2) Online foreign trade transactions
3) Tax payments – GST, TDS and advance tax
Information services
1) Check your account balance, view and email detailed bank statements of your current accounts
2) View all your business loan related details in a single section including your sanction amount, ROI, renewal date
3) One view of all foreign trade transaction (including pending remittances for settlement, transaction status, etc.) and pending regulatory compliance viz. outstanding bills/LC/BG
Loans
1) Instant overdraft
2) Option to apply online for business loan, home loan, auto loan and personal loan
Instant activation of products and services on click of a button
1) Bulk payment platform, invoice collection platform, online foreign trade transaction platform, etc.
2) Instant insurance policy issuance
Business Management Tools
1) Free access to business networking platform
2) Access to business management tool to raise and manage invoices and bills, with advantage of auto bank reconciliation
Other value added services
1) Learn about the trends and other business management techniques from industry experts
2) Get exclusive offers from our partners to manage and grow your business
3) Get personalized recommendations on products to assist you in growing your business
Version - 7.1
Updated on - 03-Jul-2022
Requires Android - 6.0 and up
Downloads - 1,000,000+ downloads
Content rating - Everyone
Released on - 06-May-2019
Offered by - ICICI Bank Ltd.