NDB introduces Mobile App for SMEs – NEOSBiz

CEYLON TODAY | Published: 2:00 AM Oct 16 2021
FT NDB introduces Mobile App for SMEs – NEOSBiz

Small and medium sized enterprises, more commonly known as SMEs, are fundamental to economic growth, job creation as well as innovation. They also play a very critical role in the export sector and the inflow of foreign exchange to the country. Although they are at the very centre of the economy, SMEs entrepreneurs haven’t had the opportunity or the means to fully embrace the rapid expansion in digital transformation in the world due to the limitations as a result of the pandemic. 

The use of technology and especially digital technology to enhance the security, ease and efficiency in financial transactions is one of the most important assets for any business, but a noticeable gap exists in the market when it comes to a specialised application for these entrepreneurs. 

Thus, understanding this very essential need, NDB, as a Bank that is always at the forefront of digital innovation, has introduced yet another first in Sri Lanka, in the form of a new mobile banking platform titled, NDB NEOSBiz, specially targeted at SME businesses. NDB NEOSBiz is both an online as well as mobile application and the platform comes with a host of benefits for SMEs enabling them to manage their business transactions digitally. 

NDB NEOS Biz will be an essential tool for the management of financial transactions via a secure and simple system, and will be available to SME entrepreneurs across a wide range of sectors. NEOSBiz can be downloaded to any smartphone free of charge and enables an SME customer to register for the service and appoint individual users that will be able to use the mobile application for a number of transactions. 

The NEOSBiz Mobile Banking app will enable SMEs to register individual users who will be assigned limits and slabs, enabling them to perform permitted transactions. This enables the SME entrepreneur to have total control and visibility over all transactions that are carried out through the app. The app will allow users access to their accounts, cards, fixed deposits, loans and leases while allowing multiple users access. 

Additionally, in an effort to make payments and other transactions a smooth and convenient process, NEOSBiz will also contain features for Bulk salary transfers, Bulk fund transfers, manage all their suppliers, make bill payments and Merchant QR payments. Through this platform, merchants can easily make bulk payments to their vendors and pay their employees with ease. 

Additionally, the app will also allow the user to manage all transactions in one go while also obtaining theirTransaction Status Inquiry Report (Transaction History) with access to recent transactions and credit card settlements. This platform will assist all entrepreneurs from the SME and Micro category who pursue business goals to make their day to day business banking transactions from anywhere easier and faster without having to psychically be at the business premises.

CEYLON TODAY | Published: 2:00 AM Oct 16 2021

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