Axis Bank unveils ‘NEO for Business,’ a unique Transaction Banking platform designed specifically for Indian Micro, Small, and Medium Enterprises (MSME’s). This is the first full digital solution of its kind, catering to MSMEs’ real, present, and emerging Transaction Banking needs.
MSMEs are the backbone of the Indian economy, accounting for more than 30% of Indian GDP. They are quickly adopting digital payments over cash, with 72% of payments made digitally vs 28% made in cash. The rise in digital adoption provides opportunities for further expansion in the sector, which we regard as a tremendous potential. At Axis Bank, we continue to see excellent progress in our targeted MSME market, which remains a significant growth engine for the bank.
Existing Axis Bank Current Account customers may now harness the potential of NEO for Business on the go by downloading a mobile app or completing a simple web-based digital registration. NEO for Business now serves sole proprietorship businesses and individuals, who make up a sizable portion of the industry’s MSME addressable pool. Axis Bank will shortly expand the platform to include corporations, partnerships, and LLPs.
For its corporate banking customers/clients, the bank offers a comprehensive range of goods and services through its digital banking proposal ‘NEO by Axis Bank’. NEO for Business is the most recent addition to this suite of products. The initiatives under the ‘NEO by Axis Bank’ banner have been built with growing consumer preferences in mind and are benchmarked against worldwide best-in-class offerings. APIs, Corporate Internet Banking and Mobile App, Host to Host Integration, and Partnerships are all part of these comprehensive services.
Neeraj Gambhir – Group Executive & Head – Treasury, Markets and Wholesale Banking Products, Axis Bank, said, “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 focused business segments.”
“The MSME Business Banking landscape is evolving rapidly, and there is a need for a comprehensive solution for all their Banking and Beyond Banking requirements. Our approach was to build a proposition that offers and solves for their needs across a range of products and services on a single platform. ‘NEO by Axis Bank’ was launched as a platform for our corporate banking customers offering a complete suite of digital banking products and services. Within this platform, our newly launched ‘NEO for Business’ is a one stop solution for the business requirements of MSMEs. We believe that it has many industry-firsts which are not currently available with banks in India. MSMEs will experience a new age of Business Banking to drive and accelerate their growth.” he further added.
Vivek Gupta – President & Head – Wholesale Banking Products, said, “At Axis Bank, we believe in putting the customer at the center of all our endeavors. NEO for Business is built to create a distinctive mobile first Transaction Banking platform for MSME’s. 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 takes 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.”