Axis Bank introduces 'NEO for Business' platform to boost digital banking for MSMEs

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Axis Bank introduces 'NEO for Business' platform to boost digital banking for MSMEs
Credit: © Reuters.

Axis Bank (NS: AXBK ) Ltd has launched a unique transaction banking platform, 'NEO for Business', on Friday, specifically designed for Indian Micro, Small, and Medium Enterprises (MSMEs). This move comes as MSMEs, which account for more than 30% of Indian GDP, are rapidly shifting towards digital payments over cash.

The introduction of 'NEO for Business' led to a 0.57% rise in Axis Bank's shares, trading at Rs 1,020.70 at 05:40 ET (09:40 GMT) on the BSE. The platform offers features including digital self-onboarding, bulk payments, GST-compliant invoicing, payment gateway integration, 360° customer view, end-to-end transaction tracking, auto reconciliation, recurring collections, and cash flow reports.

Neeraj Gambhir – Group Executive & Head – Treasury, Markets and Wholesale Banking Products at Axis Bank said to Elets The Banking and Finance Post Magazine that the bank has been investing in leading-edge technologies and data analytics capabilities to deliver digital propositions for their customers. He also noted that 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.

Vivek Gupta – President & Head – Wholesale Banking Products, emphasized the bank's customer-centric approach, stating that 'NEO for Business' is built to create a distinctive mobile-first transaction banking platform for MSME’s. He added that with 'NEO for Business', Axis Bank aims to transform the Transaction Banking landscape for MSMEs by creating a robust digital ecosystem to meet all the evolving needs of MSMEs.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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