India's best digital bank 2020: Axis Bank
Axis Bank has made digital banking an integral part of its operations for some time now, but last year, its leadership and strength really stood out.
Digital transactions accounted for a hefty 82% of the bank’s transaction mix. In mobile banking, it was among the top firms across transaction value and volumes. For instance, just in the last quarter of 2019, mobile banking spend grew 56% year on year. In the year to March 2019, 43% of all personal loans were provided digitally, versus 22% the previous year.
Axis’s app is among the more user-friendly ones, allowing customers to do everything from banking-related trades to paying for utilities and services. Even non-customers can register their unified payment interface on the app and open investment products instantly.
The bank also launched a tap-and-pay facility through which contactless payments at merchant terminals can be done, while customers can use its smart bill pay option to settle their utility bills by scanning a QR code.
Axis is using artificial intelligence and machine learning to reduce manual intervention, improving employee productivity and processing time. Online trading options are also available, while electronic payments to support cash flows between micro, small and medium-sized enterprises has been emphasized.
What’s next for Axis, led by chief executive Amitabh Chaudhry? The firm is already setting up a digital bank with a full team to rethink the traditional banking process.
Be prepared for more digital innovation from the bank.