Axis Bank rolls out ‘NEO for Business’, digital platform for MSMEs

By Gloria Mathias

Axis Bank has announced the launch of ‘NEO for Business’, a Transaction Banking platform specially curated for the Indian Micro, Small and Medium Enterprises (MSMEs).

Keeping in mind the evolving business needs of MSMEs and the 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 etc.

With the distinctive features, MSMEs can now enjoy enhanced convenience and productivity, as they can complete their banking transactions without visiting a bank branch.

NEO for Business currently caters to sole proprietorship entities and individuals who form a considerable part of the MSME addressable pool in the industry. Axis Bank will soon be extending the platform to companies, partnerships, and LLPs.

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. 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.” added Gambhir.