HDFC launches e-banking platform for SMEs; 10 benefits

SME bank will allow for existing clients to access a complete suite of services instantly. Image Source: Pixabay

HDFC bank, on Thursday, launched a digital banking platform for Small and Medium Enterprises (SMEs).

The SME bank will allow for existing clients to access a complete suite of services instantly and round-the- clock on the device of their choice, be it a desktop, laptop, tablet or mobile, which will eliminate the need for SMEs to call a relationship manager or visit a branch, HDFC Bank said.

The benefits that clients will receive will include the following.

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1. A view of all their credit lines with the Bank and the asset outstanding.

2. Knowledge of maturity dates of Letters of Credit, receiving of Bank Guarantees, Letter of Credit, Foreign currency outward remittances, Import bill under collection / LC done from their office are all included.

3. The platform will allow for clients to pay and receive money online.

4. All Important documents like Stock statements, insurance, financials etc. can be uploaded to the bank’s server for continuation of credit facilities.

5. Customers will also receive analytics based offers which are relevant to the customer.

6. Tickers and Alerts of renewal/expiry dates to facilitate SME’s in timely submissions will also be available.

7. Each client who initiates a transaction request will receive a QR code which can be saved and used to know the status of the request.

8. Clients can ask for seasonal / additional limits for a sudden business requirement and based on the analytics, the money could be credited to their accounts almost instantly.

9. With the Bank taking transactions online and relationships offline, relationship managers will continue to service the clients over and above this digital offering. This is a transformative change in the SME customer experience.

10.The bank extends offering to new customers within a month. Clients can apply online for loan facilities by uploading three basic documents and the Bank will respond in about 24 hours with an in-principle decision.

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small and medium-sized enterprises (SMEs)SME bank HDFC Bank Banking & Financial Services