India's best digital bank 2021: Axis Bank
Axis Bank’s big investment in its digital platform, and the way that has paid off, makes it Asiamoney’s best digital bank in India for the second year in a row.
The bank has an in-house digital development team of 110 staff, as well as 800 people dedicated more broadly to its digital offerings. About 75% are new hires from non-banking backgrounds such as financial technology, information technology and consulting, lending more credibility and allowing for innovation in its services.
Those efforts – which have been lauded even by rivals in the banking industry in India – proved particularly successful when Covid struck and tested banks’ resilience.
Axis had a 19% share of the unified payments interface market – an instant, real-time payment system in India – by transaction volume, and 17% of the mobile banking market in the October-to-December period, or third quarter of India’s financial year. Its rate of migration to digital-based sourcing of credit cards, for instance, using straight-through applications – or entirely digital processes without any physical intervention – was 78% in the third quarter, versus 62% in the second quarter last year and 36% in the third quarter of 2019.