Axis Bank has launched ‘NEO for Business,’ a first-of-its-kind digital proposition that caters to the real, current and emerging transaction banking needs of the Indian Micro, Small and Medium Enterprises (MSMEs), the bank notified in a statement.
NEO offers banking and beyond banking features like digital self on-boarding, bulk payments, GST-compliant invoicing, payment gateway integration, 360° customer view, end-to-end transaction tracking, auto reconciliation, recurring collections, cash flow reports and more.
With these features, MSMEs can now enjoy enhanced convenience and productivity, as they can complete their banking transactions ‘on-the-go,’ without visiting a bank branch.
With over 30 per cent contribution to the Indian GDP, more than 65 million MSMEs, that form the backbone of India’s economy, are adopting digital payments over cash, with 72 per cent payments done through digital mode compared with 28 per cent cash transactions, the statement claimed.
Neeraj Gambhir, Group Executive and Head — Treasury, Markets and Wholesale Banking Products, Axis Bank, said in the statement, “Axis Bank has been continuously investing in leading edge technologies and data analytics capabilities to deliver at scale digital propositions for our customers. In line with our ‘Open’ narrative, we have adopted a ‘ready-to-integrate’ approach towards offering ‘beyond banking’ solutions by leveraging on partnerships, ecosystems and value chains to drive higher growth across our focussed business segments.”
The statement also mentioned that the bank will soon extend the platform to companies, partnerships and LLPs.
Commenting on the announcement, Vivek Gupta, President and Head – Wholesale Banking Products, also said in the statement, “At Axis Bank, we believe in putting the customer at the centre of all our endeavours. NEO for business is built to create a distinctive mobile-first transaction banking platform for MSMEs. It has contemporary UI/UX along with bank-grade security features. Offered out of the shelf, beyond banking features are at the core of NEO for Business. While conventional internet banking platforms in the industry offer plain vanilla features, beyond banking offerings take the customer value proposition to next level. With NEO for Business, we will continue to transform the transaction banking landscape for MSMEs by creating a strong digital ecosystem to solve for all the evolving needs of MSMEs.”