Axis Bank Plans Major Mobile Banking Push

Axis Bank, India’s third largest private sector bank has unveiled its digital retail banking roadmap. The bank aims to offer superior, multi-level, simple, instant and secured financial solution for the fast evolving NextGen - the largest user group of mobile banking, aged between 18 to 35 years.

Axis Bank sees mobile banking transactions surging over internet banking in the next five years. The transactions on Axis Mobile recorded a 10 fold increase in the last 12 months, the fastest increase among all technology channels in the same period. The bank has seen an increase in the usage of Mobile App - from 2 percent to 10 percent in last 2 years with an average frequency of 3 logins per month, and expects the transactions to rise in future.

Rajiv Anand, President, Retail banking, Axis Bank said, “With Online services and sales rapidly growing we expect more than half of all transactions will be through the internet. This adoption to new age banking, innovative and personalised multi-channel banking experience on ATM, Internet, and now the Mobile app and social media interface would be the driving force Axis Bank’s Digital strategy.”

With an aim to reach out to 15 lakh customers the bank has launched Mobile Banking App 2.0 for its retail resident Indian customers, Anand said.

The first of its kind in India, Axis Mobile 2.0 offers a high level of personalisation, allowing users to customise their mobile banking experience, depending on the user segment (Youth, Premium& Prime segments). The new Axis Mobile App will provide customers a never before experience of accessing their savings as well as credit card accounts and manage transactions including account enquiries, bill payments as well as fund transfers on their smartphones. With emphasis on safety and security Axis Bank has ensured transactions through secure onboarding and mPIN verification.