Axis Bank’s ‘NEO For Business’ Offers Beyond Banking Solutions To MSMEs

Axis Bank has launched its 'NEO for Business' banking platform for the micro, small, and medium enterprises (MSMEs). It is an all-in-one platform for banking & beyond banking business needs of MSME customers. The service aims at providing a hassle-free business banking experience by combining features from banking to invoicing, bulk payments, payment gateway, expenses & automated bookkeeping.

This is first of its kind comprehensive digital proposition that caters to the real, current, and emerging Transaction Banking needs of MSMEs.

Rise in digital adoption among MSMEs presents prospects for further growth in the sector. The rapid adoption of digital payments is significant with 72 per cent digitally done transactions as compared to 28 per cent cash payments.

Addressing all the evolving business needs of MSMEs and challenges they face, Axis Bank's 'NEO for Business' platform offers a wide array of banking and beyond banking features such as 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.

Customers can complete their banking transactions ‘on-the-go’, without visiting a bank branch. This will help them enhance their productivity as well. The bank does not charge any fee for using its ‘Neo for Business’ platform.

"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," said Neeraj Gambhir, Group Executive & Head - Treasury, Markets and Wholesale Banking Products, Axis Bank.

"There is a need for a comprehensive solution to MSMEs’ Banking and Beyond Banking requirements. The MSME Business Banking landscape is evolving rapidly and 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. MSMEs will experience a new age of business banking to drive and accelerate their growth." he further added.

MSMEs are often hailed as the backbone of India’s economy with over 65 million micro, small, and medium enterprises contributing more than 30 per cent to the GDP.