InstaBIZ App Qorus Banking Innovation Awards 2022

Any customer who is an/a Exporter/Importer, Merchant, Trader, Manufacturer, Service provider and Wholesaler forms a part of our target segment. We have built a stack of offerings for our SMEs keeping in mind all their needs, even beyond banking. Below is the ICICI STACK on InstaBIZ explaining each needs mapped against our offering: ICICI Bank has always been a forerunner in digital innovation with the objective of providing customers simple and seamless solutions and banking services. The Bank offers its Small & Medium Enterprises (SMEs) a wide spectrum of digital solutions addressing their evolving business needs such as faster turnaround time, transaction convenience, timely access to capital, cross-border trade and networking. These solutions are available on the Bank’s mobile application namely (InstaBIZ) and internet banking platform customized for enterprises. The Bank has also collaborated and partnered with Fintechs to provide comprehensive services and API stack catering to the core and adjunct needs of the SMEs. The thought for all in one digital platform for all banking and business needs for a MSME was derived from 3 broad sets of findings. These being: 1) Customer insights: Research show that customers are moving from a multi-bank approach to a two Bank approach. A leading trend showed that customers prefer a primary bank who has a strong digital preference. Most customers would join a bank or increase no. of products, if offered the same through digital channels. Hence, opportunity to increase wallet share through digital channels is prominent. 2) Employee feedback: Second set of feedback came from our employees. Employees expressed a need for digital transformation as simple DIY journeys can reduce TAT for customer and reduce pressure on them. Digital can play a critical role in need realization/identification, self/assisted on-boarding & instant gratification for both customers and employees. Control, surety of success & minimal interference with core job – key to high cross sell. 3) Market Trends & competition: Digital acts as a driving lever for increasing customer stickiness with the bank and this platform is a one-of-a-kind interface integrating not just banking but also business services. The proposition thus is a wholesome set of business and banking services that aren’t available as a package deal with any of our competitors. The new InstaBIZ app is powered by iBSR360. Let’s see what iBSR360 stands for: • Interoperable - Allows all customers (including those who don’t have an ICICI Bank Current account) to avail various business banking solutions offered by ICICI Bank • Banking+ - Going beyond the norms of banking solutions, this super app offers services like tax solutions, company registrations, digital marketing services and more. • Simplified UI/UX journey - Easy, user-friendly navigation and an enhanced experience to help you access the best offers and solutions instantly • Robust Technology - The new superior technology infused, helps you make the most of the banking solutions offered in an easy, hassle-free manner while we take care of the complex integrations at the backend • Customer 360 Banking - Designed and integrated to fulfil all customer banking needs with the click of a button, anytime and anywhere.