Axis Bank’s CEO, Amitabh Chaudhry, has unveiled the significant returns garnered from the bank’s investments in digital transformation.
The bank’s mobile banking application, Axis Mobile, has achieved recognition as one of the highest-rated mobile banking apps on the Google Play store, boasting an impressive rating of 4.8 stars with over 2.4 million reviews. Similarly, Axis Mobile has achieved 4.8 score out of 5 on Apple App Store.
Axis Bank’s mobile app has witnessed robust growth, with approximately 13 million Monthly Active Users (MAUs) and nearly 10 million non-Axis Bank customers actively utilizing Axis Mobile and Axis Pay apps. Axis Bank has also been at the forefront of embracing technological advancements, being among the pioneers to integrate with the Account Aggregator (AA) network, which has garnered substantial traction in digital lending.
Furthermore, Axis Bank has forged over 100 partnerships across various platforms and ecosystems, boasting an impressive portfolio of over 400 hosted APIs on its API Developer Portal. The bank has also witnessed a significant uptake in WhatsApp banking, with over 18.8 million customers onboarded since its launch in 2021.
Under the leadership of Avinash Raghavendra, the Chief Information Officer (CIO) of Axis Bank, the bank’s expenditure on technology and digital transformation surged by 36 percent during the October-December quarter of 2023, amounting to Rs 805 crore.
These investments towards IT spending has constituted approximately 9 percent of the bank’s operating expenses, which rose by 32 percent to Rs 8,946 crore during the same period. Staff costs increased by 19 percent, with the addition of 12,075 employees, primarily in growth businesses and technology teams.
Moreover, Axis Bank expanded its branch network by 100 branches in Q3FY24, bringing the total additions to 350 for the 9MFY24 period. The bank’s mobile-first transaction banking platform, NEO for Business, tailored for SMEs, witnessed a surge in customer onboarding, with a notable increase of over 25 percent in digital usage among these customers. Additionally, Axis Bank has rolled out NEO for Corporates, its internet banking proposition for large corporates, to new customers and is undergoing beta testing with existing corporate clients.
The bank’s digital savings account proposition, ‘Amaze,’ has been introduced to provide customers with attractive joining offers and spends-based rewards for a nominal monthly fee. Notably, Q3FY24 disbursements surged by 46 percent year-on-year, with rural advances and deposits from Bharat branches also witnessing substantial growth.
Axis Bank’s multi-product distribution architecture has been expanded to encompass 2,420 branches, complemented by a network of over 63,500 Common Service Centre (CSC) VLEs and 80+ industry partners. The bank’s digital co-lending platform is witnessing significant growth, with volumes increasing by over 80 percent quarter-on-quarter.
Looking ahead, Axis Bank is focused on building an end-to-end omnichannel and digital delivery model for the RuSu markets using the Salesforce platform, aiming for sustainable scalability over the next three years.
As of December 31, 2023, Axis Bank’s distribution network comprised 5,252 domestic branches and extension counters, along with 15,931 ATMs and cash recyclers spread across the country. Additionally, the Axis Virtual Centre, with over 1,500 Virtual Relationship Managers, is operational across six centres.