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ICICI Bank InstaBIZ and InstaOD: Bringing a Frictionless Digital Experience to Small Businesses

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15 March 2022

Winner of Celent Model Bank 2022 Award for Small Business Digital Banking

Abstract

The Government of India values the Micro, Small, and Medium Enterprises (MSME) sector as a highly vibrant and dynamic sector of the Indian economy, even establishing a Ministry devoted to the sector. In response to the dramatic adoption of mobile in India and seeking to be at the forefront of providing business banking services, ICICI Bank developed a comprehensive mobile solution and fully self-service, end-to-end digital lending product to enhance customers' banking experience.

InstaBIZ is a comprehensive, end to end small business mobile platform with more than 250 lifecycle services, from banking transactions to payments, credit, investments, and networking. The mobile app is unique in the market, integrating not just banking products but also ancillary business services. The result is a set of services that aren’t available as a package deal from any of the bank's competitors.

InstaOD provides an overdraft facility with limited data demands and no financial statements required. It is a fresh approach to instant, end-to-end, digital lending available through InstaBIZ. The self-service process generates pre-qualified and pre-approved offers, enables instant credit scoring and underwriting, and supports credit lifecycle monitoring, including early warning credit default indicators and MIS reporting.

With InstaBIZ and InstaOD, ICICI demonstrates its commitment to the dynamic and fast-growing micro, small, and medium enterprises (MSME) sector. Its efforts stand out from its competition and earned the bank this year’s Small Business Digital Banking Model Bank award.