Axis Bank launches `NEO for Business`

The new Transaction Banking platform was developed to be leveraged by the Indian Micro, Small, and Medium Enterprises (MSMEs). Moreover, the `NEO for Business` product also aims to provide its clients with multiple banking features, including digital self-onboarding, GST-compliant invoicing, bulk payments, recurring collections, payment gateway integration, cash flow reports, and more. 

In addition, customers will be given the possibility to benefit from transaction banking services on the go, available 24/7 at any place and time the client needs them. The mobile-first proposition will be available through multiple devices, such as PCs and tablets.

Included in the product’s set of benefits are the modern UI/UX with bank-grade security features, efficient and dynamic payout, end-to-end digital experience, as well as collections management solutions to meet all the needs, preferences, and demands of businesses. 

MSMEs will benefit from optimised convenience and productivity, as they will be enabled to complete their banking payments without the need to visit a bank branch. The new service can be used on mobile as it can be accessed on the bank’s application, or through a simple web-based digital registration. 

Axis Bank’s recent strategy of development

India-based financial institution Axis Bank had multiple collaborations and product launches in the last couple of months, covering different geographic regions around the world. 

The company announced in March 2023 its partnership with India-based fintech CheQ, aimed to make the credit card bill payments experience more rewarding, efficient, and secure for the latter’s customers. Throughout this deal, the clients who paid their Axis Bank credit card bills using the CheQ application were given the possibility to earn flat 1.5% of their transaction back as CheQ Chips. This represented an additional incentive of 0.5% over the regular 1% that clients would normally get. 

The offer was set to be applicable exclusively for customers that had a credit card from Axis Bank, from the 13th of March on a minimum bill payment of USD 1.22 on the application. 

Earlier in January 2023, Axis Bank announced its collaboration with the digital bank OPEN, in order to provide a fully native digital current account experience for its users. 

The strategic deal was set to deliver the larger business community access to Axis Bank’s banking experience, which was combined with OPEN’s end-to-end financial automation services for business management. These included payments, payroll, accounting, expense management, compliance, and other solutions. The product was made live on OPEN’s website. The collaboration focused on launching a fully digital current account, as well as on meeting to needs, preferences, and demands of its customers.