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AwardsBest Bank Awards

India's best digital bank 2021: Axis Bank

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.