Tag: axis bank

As shoppers go online, banking apps roll the red carpet, BFSI News, ET BFSI

Banking & Finance

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As the Covid wave ebbs and consumers step out for shopping online, banks are looking to grab a pie of their purchases.

Banks are setting up virtual marketplaces in their apps and tying up with e-commerce sites to facilitate and promote sales.

Private lender Axis Bank has an online marketplace called Grab Deals that offers exclusive deals for debit and credit cardholders.

The bank gave its debit and credit cardholders a flat 15 per cent cashback on partner e-commerce portals like Flipkart and Amazon as part of the ten-day ‘Grab Deals Fest’ which ended on July 4. The bank saw 10X surge in volumes during the festival.

The discounts are shared between the bank and the e-commerce major, and the bank does not want to do big bang shopping festivals and will continue with such deals regularly.

Axis festival

Axis Bank witnessed a jump in ordering from urban areas where e-commerce ordering is active and said that the ordering is across income segments. The products ordered can largely be called discretionary items.

Axis Bank launched the offer because it thought that the second wave is now receding and people are coming out of stressful times. The lender’s main focus was making as many customers avail of the offer rather than look at the GMV. , It aims to deepen the connect with customers through such schemes.

The discounts are shared between the bank and the e-commerce major, and the bank does not want to do big bang shopping festivals and will continue with such deals regularly.

Kotak Mahindra Bank app’s KayMall section directs customers to magazine subscriptions, travel and hotel bookings, e-commerce websites for grocery, fashion, appliances and electronics.

Why are banks doing it?

The second wave of the Covid pandemic has hit demand across the economy, with many analysts saying that private consumption has fallen in such a way that even staples have been hit. Even as the lockdown measures get eased, analysts say demand will take time to revive as income generation needs to come back first.

Usually, a lot of the e-commerce sales activity happens around festive season towards the end of the year, and there are reports saying the e-commerce players are expecting a subdued activity this year.

Banks are setting up virtual marketplaces in their apps and tying up with e-commerce sites to facilitate and promote sales.
Banks are setting up virtual marketplaces in their apps and tying up with e-commerce sites to facilitate and promote sales.

Apart from generating business for the banks, the promotion helps in customer stickiness and generating data which may help in further extending credit.



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NIIT and Axis Bank partner to launch a Digital Banking Academy, BFSI News, ET BFSI

Banking & Finance

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NIIT Institute of Finance Banking and Insurance (NIIT IFBI) – a subsidiary of NIIT Limited, and Axis Bank, third largest private sector bank in India, have launched a FinTech Professional Programme under the Axis Bank – NIIT Digital Banking Academy.

The course is designed to build future ready FinTech Professionals for Axis Bank.

The FinTech Professional Programme is the first programme being launched under this Academy and offers graduates with 0-3 years of experience an opportunity to join Axis Bank as Deputy Manager (IT).

The programme is immersive in nature, where the learners perform tasks of similar complexity, as they would face in their role. Post successful completion of this 18-week programme, the candidate will be deployed at Axis Bank under any of the following FinTech roles:

Full Stack Developer

BA Product Owner

Infra and DevOps

Quality Assurance

Speaking on the launch Bimaljeet Singh Bhasin, President, Skills and Careers Business, NIIT Ltd., said, “At NIIT, we have been working with the Industry for close to four decades and are focused on delivering training programmes in line with the emerging talent requirements of the industry. We are delighted to launch a fresh batch of FinTech Professional Programme powered by Axis Bank. The programme is an initiative of ‘Axis Bank – NIIT Digital Banking Academy’, to create future-ready FinTech Professionals. Through this partnership, we look forward to contributing to the bank’s growth plans by creating industry ready FinTech professionals.”

For more information please visit: https://www.niit.com/india/graduates/banking-and-finance/fintech-professional-programme

This story is provided by BusinessWire India. will not be responsible in any way for the content of this article. (ANI/BusinessWire India)



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Max Bupa Health Insurance and Axis Bank enter into a Bancassurance partnership

Banking & Finance

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Max Bupa Health Insurance, a standalone health insurer, has entered into a bancassurance partnership with Axis Bank, the country’s third largest private sector bank. This partnership will help provide comprehensive health insurance solutions to Axis Bank’s employees and customers.

The tie-up will enable millions of Axis Bank customers across 4,500 plus branches to gain access to quality healthcare solutions through a range of health insurance products offered by Max Bupa.

Also read: FREO partners with HDB Financial Services to offer lending solutions

Max Bupa Health Insurance will offer indemnity as well as fixed benefit products, and their customisable variants to the diverse customers of the bank across the country. Axis Bank also has an existing health insurance tie-up with Aditya Birla Health Insurance.

A bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products to the bank’s customers.

Satheesh Krishnamurthy, Head – Private, Premium Banking & Third-Party Products, Axis Bank India, said in a statement, “We are happy to partner with Max Bupa to offer customisable variants of bespoke plans to our customers across the country. The health insurance products in collaboration with Max Bupa are tailored to suit the needs of every customer and ensure that our products are always at the right place, at the right time and at the right price.”

Also read: FinMin may favour CSR monies to flow into Social Impact Bonds

Krishnan Ramachandran, MD & CEO, Max Bupa Health Insurance said, “We are excited to announce our first banca partnership of this fiscal with the third largest private sector bank in India. The alliance with Axis Bank is a significant push towards our growth plan and will allow us to extend our reach to millions of Axis Bank’s customers across network, especially in these pandemic times. The alliance with Axis Bank will also fortify our position as one of the most successful partners in the BFSI domain in times to come.”

The partnership between Axis Bank and Max Bupa Health Insurance comes at a time when people recognise the significance of health insurance to cover medical emergencies. The pandemic has reinforced the need for health insurance, making it indispensable in both tier-1 as well as tier-2 and -3 cities. The focus of this alliance will be on customer-centricity, product innovation, digitisation and execution, fuelling growth for the next phase.

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Beacon Trusteeship appoints Sanjay Sinha as Independent Director on the Board of the Company, BFSI News, ET BFSI

Personal Finance

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SEBI registered Debenture Trustee Beacon has announced the appointment of Sanjay Sinha as Independent Director on the Board of the company.

Sanjay Sinha, Ex-MD and CEO, Axis Trustee Services, brings with him more than 35 years of diverse experience in areas such as credit granting and administration, credit risk management, debt resolutions, FX transaction execution with hedging solutions, trusteeship services for loans, debt securities and other asset classes, agency services, compliance management, according to a statement.

Pratapsingh Nathani, Chairman and MD, Beacon Trusteeship, said, “We are delighted to have Sinha on board and learn from his rich experience. His in-depth knowledge would enhance the existing strengths and capabilities of Beacon Trusteeship Board which already includes some of the most respected names as its independent board members.”

In his earlier stints, Sinha has held apex positions at Axis Bank and SBI. He served as Group Head – Corporate Credit at Axis Bank and also served as the Head of Credit and Investment Banking at Axis Bank UK, the statement added.

He is currently the President of the Trustee Association of India (TAI) and is also on various working groups formed by SEBI for strengthening the regulatory framework for domestic bond markets.



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Axis Bank CEO, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Large banks with strong balance sheet would continue to grow faster than their peers in an environment impacted by the pandemic, and sustained fiscal and monetary support by the government and the RBI would help economic recovery by the second half of this fiscal, Axis Bank‘s top official said.

The impact of the second wave of COVID-19 continues, Axis Bank Managing Director and CEO Amitabh Chaudhry said.

“I…hope that the acceleration in vaccination drives and continued fiscal and monetary measures by the government and the (banking) regulator would help the economy to recover from this pandemic by H2 of fiscal 2021-22,” Chaudhry said in the bank’s annual report for 2020-21.

Axis Bank will further strengthen its core, he said adding that the building blocks are firmly in place with granularity built across businesses, improving operational performance, strong capital and balance sheet position to counter any unforeseen risks arising out of second COVID-19 wave.

He said the medium-term growth drivers are firmly in place on the back of several initiatives taken by the government to boost manufacturing and small industries, and the recent shift in global manufacturing supply chain dynamics towards India.

“In such an environment, large banks with healthy operational performance, strong balance sheet and capital position, superior risk management, and operational capabilities would continue to grow faster than the overall sector,” Chaudhry said in his message to shareholders in the annual report.

During 2020-21, the bank’s focus was on building granularity across businesses coupled with strong focus on execution that helped it deliver strong growth across focused segments, he said.

The bank’s CASA (current account savings account) deposits grew 20 per cent, with the share of CASA increasing by 3.72 percentage points to 45 per cent in overall deposits. The retail savings accounts grew 19 per cent, while the current accounts rose 26 per cent.

“Our corporate loan book, including TLTRO, grew 16 per cent, with significantly higher growth across our focussed segments like mid-corporates and MNC. Retail disbursements touched all-time highs during the fourth quarter (January-March 2021),” he said.

TLTRO is targeted long-term repo operations.

Axis Bank reported a 305 per cent growth in its net profit at Rs 6,588 crore during 2020-21.

“Our domestic subsidiaries delivered 75 per cent yearly growth in net profits. Our focus still continues to be further scaling up the subsidiaries so that they gain higher market share in their respective businesses,” said the official.



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Amid worries over demand revival, Axis Bank sees 10 times growth in online shopping fest

Banking & Finance

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Even as policy makers grapple with ways to revive demand in the pandemic-hit economy, an online sale fest launched by Axis Bank offering 15 per cent discounts is witnessing a 10-times surge in daily volumes, a senior official has said.

The bank is giving its debit and credit card holders a flat 15 per cent cashback on partner e-commerce portals like Flipkart and Amazon as part of the ten-day ‘Grab Deals Fest’ which is on till July 4.

“We are witnessing a 10x jump in overall spends by gross merchandise value (GMV) if I were to compare it with daily average in the month prior to launch and almost similar increase in the number of customers who are availing the offer,” its president and head of digital business and transformation, Sameer Shetty, told PTI.

 

It can be noted that the second wave of the Covid-19 pandemic has hit demand across the economy, with many analysts saying that private consumption has fallen in such a way that even staples have been hit. Even as the lockdown measures get eased, demand will take time to revive as income generation needs to come back first.

Usually, a lot of the e-commerce sales activity happens around the festive season towards the end of the year. There are reports saying the e-commerce players are expecting a subdued activity this year.

Shetty said the bank is witnessing a surge in ordering from urban areas where e-commerce ordering is active but stressed that the ordering is across income segments.

The products ordered can largely be called discretionary items, Shetty said, hinting that the bank’s experience cannot be exactly compared with the macro picture because of a slew of factors like a small set of people in the economy it serves and their background.

The bank launched the offer because it thought that the second wave is now receding and people are coming out of stressful times. The lender’s main focus is making as many customers avail of the offer rather than looking at the GMV, he said, adding that such schemes aim to deepen the connection with customers.

The discounts are shared between the bank and the e-commerce major, Shetty said, maintaining that the bank does not want to do big bang shopping festivals and will continue with such deals regularly.

The response to the current offer is “far beyond” expectations, Shetty said, exuding confidence that by the time the offer ends, the bank would have done significantly better than what it aimed for initially.

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Axis Bank aims to fuel digital transformation with AWS, BFSI News, ET BFSI

Banking & Finance

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India’s third-largest private sector bank, Axis Bank, has selected Amazon Web Services (AWS) to accelerate its digital transformation program and meet the growing demand for its digital banking services.

As part of a multi-year agreement, Axis Bank will draw on the breadth and depth of AWS services, including containers, database, and compute, to build a portfolio of new digital financial services to bring advanced banking experiences to customers, including online accounts that can be opened in under six minutes and instant digital payments, helping the bank increase customer satisfaction by 35% and lower costs by 24%, as claimed by the bank.

Axis Bank has so far deployed over 25 mission-critical applications on AWS, including a Buy Now Pay Later product and a new loan management system to support it, Account Aggregator, Video-Know Your Customer (V-KYC), and WhatsApp Banking. Axis Bank also plans to migrate 70% of its on-premises data center infrastructure in the next 24 months to further reduce costs.

“Cloud is transforming the financial industry and we are delighted to help Axis Bank build and grow a suite of digital banking services that evolve with technology changes, introduce new payment modes, and support evolving consumer and business needs in India,” said Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL.

Axis Bank said it believes building a cloud-native, design-centric engineering capability is critical to its success. To achieve this, the bank has dedicated over 800 people to its digital projects, built an in-house engineering and design team of more than 130 people, and established a cloud engineering practice centered on agile software development and DevOps principles.

Subrat Mohanty, Group Executive, Axis Bank said, “We continue to anticipate future trends and make investments ahead of time within our technology stack. We believe AWS will enhance our agility and resilience to manage two key features that define our digital business – rapid scale and high velocity. We aim to transition 70% of our infrastructure and applications on the cloud.”



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Axis Bank selects AWS to accelerate digital transformation

Banking & Finance

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Private sector lender Axis Bank has selected Amazon Web Services (AWS) to accelerate its digital transformation programme.

“As part of a multi-year agreement, Axis Bank will draw on the breadth and depth of AWS services, including containers, database, and compute, to build a portfolio of new digital financial services to bring advanced banking experiences to customers, including online accounts that can be opened in under six minutes and instant digital payments, helping the bank increase customer satisfaction by 35 per cent and lower costs by 24 per cent,” AWS, an Amazon.com company, said in a statement on Tuesday.

Axis Bank has deployed over 25 mission-critical applications on AWS, including a Buy Now Pay Later product and a new loan management system to support it, Account Aggregator, Video-Know Your Customer, and WhatsApp banking.

Are Indian banks ready to make the ‘digital-first’ transition?

Axis Bank also plans to migrate 70 per cent of its on-premises data centre infrastructure in the next 24 months to further reduce cost, improve agility, and improve customer experience.

Migration to cloud

Subrat Mohanty, Group Executive, Axis Bank, said, “We believe AWS will enhance our agility and resilience to manage two key features that define our digital business — rapid scale and high velocity. We aim to transition 70 per cent of our infrastructure and applications on the cloud.”

Axis Bank has set up a cloud centre of excellence to accelerate its cloud migration and set the digital foundation for innovating new services. At present, 15 per cent of the bank’s applications are already on the cloud.

Axis Bank Q4 net jumps to ₹2,677 cr

“Cloud is transforming the financial industry and we are delighted to help Axis Bank build and grow a suite of digital banking services that evolve with technology changes, introduce new payment modes, and support evolving consumer and business needs in India,” said Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL.

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Freecharge to offer a range of comprehensive financial services

Banking & Finance

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Digital payments player Freecharge is set to launch a slew of products this year as it looks to offer a set of comprehensive financial products. On the anvil, is a neo banking platform as well as lending services for small and medium enterprises.

“Our focus has been to provide a full suite of financial services, including payments, lending and savings. We have been working on it for the last two years and they will be launched during the course of this year,” said Siddharth Mehta, CEO, Freecharge.

Apart from payments, the company is already offers financial services such as mutual funds, credit cards, insurance and e-gold on its platform. It has recently also launched PayLater for its customers.

Partnership with Axis Bank

In an interaction with BusinessLine, Mehta said the neo bank, which is in partnership with Axis Bank, will offer services including a full KYC savings account, fixed deposits, recurring deposits and loans.

It will also offer services like a financial health score and goal management platform. “Our target customer base are salaried professionals in the 22- 32 year category,” he said.

Also read: Freecharge launches ‘Pay Later’ for its customers

Separately, Freecharge will also offer small ticket loans to merchants ranging from ₹5,000 to ₹1 lakh. The PayLater facility will also expand to EMIs, he said.

Meanwhile, commenting on the payments landscape, Mehta said that digital payments saw a sharp uptick post the Covid-19 pandemic. “There were pockets when digital payments saw a spike. For instance in the first Covid wave, DTH and data recharges increased, and then stabilised,” he noted.

In the payment space, Freecharge has been focussing more on increasing the number of transactions per user.

Mehta said the average number of transactions per user has now increased to about three per month from 2 to 2.5 previously.

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Google Pay launches cards tokenisation with SBI, other banks in collaboration with Visa, BFSI News, ET BFSI

Banking & Finance

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Google Pay on Wednesday said it has expanded its network of bank partners offering cards tokenisation on the Google Pay app and added lenders including SBI, IndusInd Bank, Federal Bank, and HSBC India. “After successfully rolling out tokenisation with Kotak Mahindra Bank, SBI Cards, and Axis Bank, Google Pay has now added debit cards by SBI, IndusInd Bank, and Federal Bank and credit cards by IndusInd Bank and HSBC India to its slate,” a statement said.

Tokenisation is a feature that enables users to make debit or credit card payments through a secure digital token attached to their phone without having to physically share their credit or debit card details.

The feature also works with online merchants, delivering more native and seamless OTP experiences without redirecting users to 3D Secure sites.

Google Pay said with tokenisation, it will enable safe and secure omnichannel experiences to help consumers use near-field communication (NFC) capable devices/phones to make contactless payments at over 2.5 million visa merchant locations, scan and pay at more than 1.5 million Bharat QR-enabled merchants, and pay bills and recharges from within their Google Pay app using their credit card.

“We’re committed to offering the most secure payments experience to our growing base of users, and tokenisation helps to replace sensitive data such as credit and debit card numbers with tokens, eliminating any chances of fraud. We are hopeful that the tokenisation feature will further encourage users to transact securely and safely in the current times and expand merchant transactions both online and offline,” Sajith Sivanandan, Business Head at Google Pay and NBU – APAC, said.

He added that the addition of SBI and Federal debit cards, IndusInd Bank debit and credit cards, and HSBC credit cards helps extend this offering to millions of card users on the Visa network.

“We are working closely with other banking partners to further expand the adoption of card-based payments with tokenisation in India,” he said.

Visa India and South Asia Group Country Manager TR Ramachandran said with tokenised, contactless forms of payment, millions of mobile first users will be able to use their credit and debit cards on Google Pay, bolstering confidence in a large segment that is new to digital.

Visa has already issued over two billion token credentials globally and with Google Pay live in India, these numbers are expected to grow significantly, he added.



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