Axis Neo for Business Qorus-Infosys Finacle Banking Innovation Awards 2024

While 65 million MSMEs contribute more than 30% to the Indian GDP, the market lacked a consolidated ecosystem to fulfill their banking and beyond banking needs. Axis Bank has decided to invest heavily in this segment, and as a result we have launched Axis Neo for Business to fulfill the needs of this user segment.

Challenges of this user segment:

(i) The MSME segment is often burdened by the complexities of managing multiple systems for their accounting needs. (ii) The need to juggle between various software as well as employ additional manpower for record keeping purposes. (iii) Manual monitoring and follow-ups for payments often causes stress for business owners. (iv) Moreover, limited visibility on payments leave businesses in the dark about their financial health.

Thus, businesses often spend more time on managing their day-to-day activities rather than growing the business.

Solving customer needs through Neo for Business, a one-stop solution:

(i) With Axis Neo for Business, businesses no longer have to juggle multiple applications, instead all the accounting processes are centralized, streamlining financial processes and saving their precious time. (ii) With intelligent automation, facility of sending timely reminders and allowing collections via PG, not only has their workload decreased but also has resulted in consistent cash flows and better working capital cycles. (iii) Physical book-keeping has also become a thing of the past with the digital capabilities of Neo for Business and the ability to view consolidated reports such as P&L statements, Cash Flow reports in a single platform.

Thus, Neo for Business has emerged as a catalyst for change, empowering MSMEs to thrive in a competitive environment and help them boost revenue.