NDB NEOSBIZ: Exclusive banking app empowering Sri Lankan SMEs

Wednesday, 11 October 2023 00:00 - - {{hitsCtrl.values.hits}}

Small and Medium Enterprises (SMEs) play a fundamental role in the economic growth of a country, that include the export sector, the flow of foreign currency, job creation, and driving innovation.

Although SMEs play a pivotal role in the country, they have not been granted the opportunity or the means to fully embrace and adapt to the rapid expansion of digital transformation around the world. The use of technology, especially digital technology, to enhance the security, ease, and efficiency of financial transactions is one of the most important assets for any organisation in the present business environment. However, a noticeable gap exists in the market when it comes to a specialised application for these entrepreneurs.

To bridge said gap and further facilitate the expansion of SME business operations, NDB has introduced its pioneering business banking mobile app, “NEOSBIZ,” targeting SME clients.

NEOSBIZ can be downloaded to any smart phone and enables SME customers to register for the service and appoint individual users that will be able to use the mobile application for a number of transactions. These users can also be assigned limits and slabs, enabling them to perform only permitted transactions. This allows SME entrepreneurs to have full control and visibility over all transactions that are carried out through the app. The app will allow users to access their accounts, fixed deposits, cards, loans, and leases. In addition, in order to further facilitate a smoother and more convenient payment process, NEOSBIZ contains features such as Bulk Salary Transfers, Bulk Fund Transfers, Payee Management to manage suppliers, Biller Management and Bill Payments, Transaction Approvals to authorise and approve transactions, Merchant QR Payments, and much more.

Moreover, the app also allows users to manage all transactions in one go while also obtaining their Transaction History with access to recent transactions and credit card settlements. This platform will assist entrepreneurs pursuing business goals to make their day-to-day business banking transactions from anywhere easier and faster without having to physically be at the business premises.

Commenting on the bank’s pioneering innovation, NDB CEO Dimantha Seneviratne stated that in the current digital age, where safety and security take prominence, “NDB is proud to provide business owners, particularly SMEs and mid-corporates, with a comprehensive solution to manage their businesses while on the move.” He further added, “This app is not just another banking solution; it is a game-changer. Embrace the power of NEOSBIZ and unlock a world of possibilities for your business.”