Axis Bank – Digital Transformation Strategies
Axis Bank has been focusing on AI-led innovation as a part of its digital transformation strategies. The annual ICT spending of Axis Bank was estimated at $381 million in 2021. A major share of this spending is earmarked for acquiring Network and communications, ICT services, and software from vendors. 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 Axis Bank digital transformation strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, technology initiatives, technology introductions, investments, acquisitions, ICT spending among others.
Digital Transformation Strategies
Axis Bank has been leveraging technologies such as artificial intelligence and robotic process automation 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 automatically completing the Know Your Customer 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.
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Axis Bank Technology Theme Focus
Axis Bank is utilizing number of emerging technologies including cloud, big data, and blockchain to enhance its operational and service capabilities.
Axis Bank Technology Theme Focus
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Axis Bank Technology Initiatives
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 a number of cloud services to develop digital financial services for customers.
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Axis Bank ICT Spend by Function
- Communications
- Data center
- Network
- Application
- End-user computing
- Service desk
- Management
Axis Bank ICT Spend by Function
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Axis Bank ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- Telcos
- ICT services providers/Consulting firms
- Specialist outsourcers
- Systems integrators
Axis Bank ICT Spend by Channel
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Axis Bank External ICT Spend by Segment
- ICT services
- Software (including Cloud SaaS)
- Hardware (including Cloud Iaas)
- Network and communications
- Consulting
- Others
Axis Bank External ICT Spend by Segment
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Axis Bank Digital Transformation Strategies Overview
| Total ICT Spending 2021 | $381 million |
| ICT Spend by Function | Communications, Data Center, Network, Application, End-User Computing, Service Desk, and Management |
| ICT Spend by Channel | Internal Development and Maintenance, Technology Vendors (Direct), Local Resellers, Telcos, ICT Services Providers/Consulting Firms, Specialist Outsourcers, and Systems integrators |
| External ICT Spend by Segment | ICT services, Software (including Cloud SaaS), Hardware (including Cloud Iaas), Network and communications, Consulting, and Others |
| Technology Theme Focus | Cloud, Big Data, and Blockchain |
This report provides:
- Insight into Axis Bank’s technology activities.
- Insights of its digital transformation strategies and technology center & innovation program.
- Overview of technology initiatives covering partnerships, investments, and acquisitions.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets and major ICT contracts.
Reasons to Buy
- Gain insights into Axis Bank’s technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various partnerships, investments, and acquisitions.
Key Players
Table of Contents
Frequently Asked Questions
The annual ICT spending of Axis Bank was estimated at $381 million in 2021.
The key ICT spending categories by function for Axis Bank are communications, data center, network, application, end-user computing, service desk, and management.
The key ICT spending categories by channel for Axis Bank are internal development and maintenance, technology vendors (direct), local resellers, telcos, ICT services providers/consulting firms, specialist outsourcers, and systems integrators.
The key external ICT spending categories by segment for Axis Bank are ICT services, software (including cloud SaaS), hardware (including cloud IaaS), network and communications, consulting, and others.
The key technological theme in focus for Axis Bank are cloud, big data, and blockchain.
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