Amitabh Chaudhry explains that a significant portion of the growth is driven by the advanced rule engines, built by the analytic team
A xis Bank continues to remain among the top players in the retail digital banking space. Here are some figures that highlight its progress. The bank’s y/y growth in total UPI transaction value in Q3FY22 is 133%. Its market share in UPI transactions is at 15%. Share of digital transactions in the bank’s total financial transactions by individual customers is 92%in Q3FY22. Y/y growth in mobile banking transaction volumes is 75%in Q3FY22, with market share of 15%. Saving accounts opened through tab banking stands at 71%. Retail term deposits (by volume) opened digitally in 9MFY22 stand at 68%. New mutual fund SIPs sourced through digital channels is 46%in 9MFY22.
On business parameters, Axis Bank’s advances grew by 17% y/yand 7% q/q. The growth was strong across all 3 segments of retail, corporate and commercial bank. Amitabh Chaudhry, MD & CEO, expands: “In consumer loans, digital lending grew 33% q/q. It contributes upwards of 52% to key product lines such as Personal loans.”
Axis was among the first banks to go live on the account aggregator framework. The first products to go live are auto loans and personal loans. Amitabh shares: “The impact of digitization and streamlined customer journeys is bearing results and we find greater customer engagement and conversion.”
SAVINGS ACCOUNTS
هذه القصة مأخوذة من طبعة February 2022 من Banking Frontiers.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة February 2022 من Banking Frontiers.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
The day is when brands bring customers to banks
Credit Card-as-a-Service will enable every business to issue a card of its own:
Transforming Tech Team from Generalists to Specialists
Gaurav Jalan, CEO of mPokket, dives into cloud data storage and machine learning for smarter lending decisionsm and strategic vendor partnerships, shaping mPokket’s agile tech ecosystem for growth:
Metabase, a unique cloud computing experiment by BEA
Hong Kong based Bank of East Asia, takes up a unique initiative in migrating to the cloud:
Radian Finserv empowers dreams across 5 states
Partha Sengupta, COO at Radian Finserv, reveals the company’s highest standards of service and integrity in all operations & expansion plans:
A digital thrust for Islamic Banking
Kuwait Finance House is a totally Shari’a compliant bank that used digital tools to its full capacity:
No escape from the law
A woman entrepreneur in Vietnam was sentenced to death recently for causing irreparable loss to a bank:
ARDB Computerization to boost agri & rural economy
Agricultural and Rural Development Banks (ARDBs) play a vital role in India’s cooperative sector by providing financial services and credit to farmers and rural communities.
Digital helps Branches boost Customer-Centricity
Public sector banks in India, long cherished for their reliability and extensive reach, are at a pivotal juncture.
Actionable Insights & Data Visualization empowers Belstar field force
Dhanasekaran S, CTO at Belstar Microfinance narrates the needs of the field force and developing a solution that empowers them:
Banks gearing up to buy Cyber-insurance
Recent years have seen a concerning uptick in cyber incidents against banks. In 2023, a data breach at Bank of America exposed over 57,000 customer accounts.
