Axis Bank is an India-based private sector bank offering a wide array of financial services to different customer segments, including retail customers, SMEs, large and mid-size corporates, and farmers. The bank’s personal banking product and service portfolio include accounts, deposits, cards, loans, investment solutions, non-resident Indian (NRI) services, and agriculture and rural banking. Business banking comprises corporate accounts, corporate loans, capital market services, and trade and treasury services such as foreign exchange, derivatives trading, and equity and mutual funds. The bank also provides life and general insurance products. It operates in India, the UK, Bangladesh, China, Hong Kong, Singapore, Sri Lanka, and the UAE.
The Axis Bank enterprise tech ecosystem report provides insight into Axis Bank’s fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, and its estimated ICT budget.
What are the key innovations and strategies of Axis Bank?
Axis Bank has been leveraging technologies such as artificial intelligence (AI) and robotic process automation (RPA) to digitally transform its operations. The bank has automated more than 300 business operations, including account opening, trade services, loan disbursals, fraud detection, card operations, and cheque clearing. The bank’s employees are now able to open new accounts through tablets with RPA- and AI-powered tools that can automatically complete the Know Your Customer (KYC) process. The bank launched an AI-powered voice assistant called AXAA in 2020 to automate customer interactions. AI and RPA tools also facilitate seamless migration of real-time data into core systems, which has improved operational efficiency and regulatory compliance. To accelerate the implementation of AI and RPA, the bank has adopted an agile methodology whereby cross-functional teams work collaboratively on organization-wide digital transformation projects.
The bank has adopted a cloud-first approach for developing its digital banking platform. As of 2021, the bank hosted 50 of its operations and products – including a buy now pay later product and WhatsApp banking services on the cloud. The bank also monitors the activities of remote users to detect and prevent unauthorized access to its systems from remote locations, simultaneous access to its systems from multiple locations, and access from unusual geographies. The bank’s cybersecurity framework is based on five key functions: identify, protect, detect, respond, and recover.
What are the key areas of technological focus of Axis Bank?
Some of the key areas of technological focus of Axis Bank are AI & machine learning, augmented reality, automated home, behavioral analytics, big data, biometrics, blockchain, cloud, contextual awareness, social media, cryptocurrencies, cybersecurity, fintech, internet of things, mobile, online & mobile payments, digital media, predictive APIs, PSD2 & open banking, conversational platforms, robo-advice, robotic process automation, digital assistants, and wearable tech.
Axis Bank enterprise tech, by technological focus
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What are the major technology partnerships of Axis Bank?
Some of the major technology partnerships of Axis Bank are as follows:
2018: Partnered with Infosys to launch blockchain-based trade finance networkÂ
Infosys teamed up with Axis Bank and other banking institutions to set up a blockchain-based trade network called India Trade Connect to pilot Finacle Trade Connect, a blockchain-based trade finance solution developed by Infosys Finacle. The solution aims to address the challenges faced in trade finance by digitizing processes – such as ownership validation and certification of documents and payment transactions – using a distributed, secure, and shared network. In September 2019, Infosys successfully concluded the trial of Finacle Trade Connect in partnership with R3 and various global financial institutions, with Axis Bank acting as one of the partners for trade finance transactions.
2019: Announced the introduction of blockchain-linked funding for SMEs in partnership with 10 banksÂ
The bank collaborated with 10 other banks (including ICICI, RBL Bank, South Indian Bank, and Standard Chartered) to introduce blockchain-associated funding for SMEs and help establish effective communication between the banks. This distributed ledger-based network enables banks to access public credit data and provides effective transparency in the credit disbursement process.
2020: Partnered with Vernacular.ai to introduce AI-based voice assistantÂ
Axis Bank collaborated with Vernacular.ai (now known as Skit) – an AI-powered software-as-a-service (SaaS) voice automation solutions provider – to introduce AXAA, an AI-based multilingual voice assistant. AXAA utilizes automated speech recognition and natural language processing technologies to understand queries, contexts, and the purpose of the call. It resolves these queries and helps improve the company’s customer service efficiency.Â
2021: Entered cloud computing agreement with Amazon Web ServicesÂ
Axis Bank signed a multi-year cloud computing agreement with Amazon Web Services, the cloud computing division of Amazon. Under the terms of the agreement, Axis Bank will use several cloud services to develop digital financial services for customers.
2021: Partnered with Manipal Global to launch Axis Bank-Manipal School of Data Analytics
Axis Bank and Manipal Global (a provider of education services) jointly launched an online program in data science and analytics called the Axis Bank-Manipal School of Data Analytics. The program offers a three-month-long online course in data science and analytics for recent graduates and working individuals with three years of experience in analytics and technology. Program graduates can get hired by Axis Bank.
Market report scope
| Key technological focus | AI & Machine Learning, Augmented Reality, Automated Home, Behavioral Analytics, Big Data, Biometrics, Blockchain, Cloud, Contextual Awareness, Social Media, Cryptocurrencies, Cybersecurity, Fintech, Internet of Things, Mobile, Online & Mobile Payments, Digital Media, Predictive APIs, PSD2 & Open Banking, Conversational Platforms, Robo-Advice, Robotic Process Automation, Digital Assistants, and Wearable Tech |
 Scope
- Axis Bank has devised a cybersecurity program to protect its assets from cyberattacks. Its efforts include multi-factor authentication, data leakage prevention control, and spam and phishing email protection.
- As of 2021, Axis Bank had a 110 member-strong in-house engineering team, while 800 bank employees were solely focusing on digital technologies.
- The bank plans to migrate 70% of its applications and infrastructure to the cloud by 2023.Â
Reasons to Buy
- Gain insight into Axis Bank’s fintech operations.
- Discover its fintech strategies and innovation initiatives.
- Learn about its product launches, partnerships, and investments.
Key Players
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Frequently Asked Questions
Some of the key areas of technological focus of Axis Bank are AI & machine learning, augmented reality, automated home, behavioral analytics, big data, biometrics, blockchain, cloud, contextual awareness, social media, cryptocurrencies, cybersecurity, fintech, internet of things, mobile, online & mobile payments, digital media, predictive APIs, PSD2 & open banking, conversational platforms, robo-advice, robotic process automation, digital assistants, and wearable tech.
