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Business EconomyPosted at: Sep 21 2023 5:21PM


Axis Bank launches ‘NEO for Business’ for MSMEs

Hyderabad, Sep 21 (UNI) Axis Bank on Thursday announced the launch of ‘NEO for Business’, a mobile-first Business Banking proposition for the Indian Micro, Small and Medium Enterprises (MSME’s).
This is first of its kind comprehensive digital proposition that caters to the real, current, and emerging Transaction Banking needs of MSMEs, the Bank said in a release.
With more than 30 per cent plus contribution to the Indian GDP, 65 plus million MSMEs form the backbone of India’s economy. They are rapidly adopting digital payments over cash, with 72% payments done through the digital mode compared with 28% cash transactions.
Rise in digital adoption presents prospects for further growth in the sector and we see this as a huge opportunity.
At Axis Bank, we continue to witness a strong momentum across our focused MSME segment, which continues to remain a key growth driver for the Bank.
Keeping in mind the evolving business needs of MSME’s and challenges they face, Axis Bank’s NEO for Business platform offers a wide array of Banking and Beyond Banking features includes Digital self on-boarding; Bulk Payments ; GST Compliant Invoicing ; Payment Gateway integration; 360° Customer View ; End to End Transaction Tracking ; Auto Reconciliation ; Recurring Collections and Cash Flow Reports and many more.
Existing Axis Bank Current Account customers can now experience the power of NEO for Business on mobile by downloading a mobile app or through a simple web based digital registration.

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

“NEO by Axis Bank’ was launched as a platform for our corporate banking customers offering a complete suite of digital banking products and services. Within this platform, our newly launched ‘ NEO for Business’ is a one stop solution for the business requirements of MSMEs. 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.” he added.
Commenting on the announcement, Vivek Gupta - President & Head - Wholesale Banking Products, said, “At Axis Bank, we believe in putting the customer at the center of all our endeavors. NEO for Business is built to create a distinctive mobile first Transaction Banking platform for MSME’s”.
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