India's best digital bank 2017: Axis Bank
Every lender in India now takes its digital banking services seriously. Prime minister Narendra Modi’s decision to effectively de-cash the economy in November 2016, which led to millions of unbanked citizens opening digital wallets and downloading mobile banking apps, made sure of that.
But some banks are a step ahead when it comes to the range and the quality of their digital offerings. And of this elite group, no domestic financial institution is on a par with Axis Bank. Its innovation lab in Bangalore employs dozens of engineers working on cutting-edge ideas that have already, or are forecast to, disrupt the banking sector, from blockchain to artificial intelligence to cloud technologies.
Axis Bank’s digital wallet has long been a winner with customers: in 2016, it doubled its user base to 2.4 million. The same year, it launched a new personal loan facility, allowing eligible customers to get pre-approved loans credited to their accounts instantly online, via ATMs, or through Axis Bank’s mobile app. Axis Bank has also been quick to benefit from the new national Unified Payments Interface, launched in April 2016, which lets customers transfer money instantly between two accounts via their smartphones.
Axis Bank was the first Indian lender to launch its UPI app, underlining its position as India’s best and most innovative digital bank.