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
This story is from the February 2022 edition of Banking Frontiers.
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This story is from the February 2022 edition of Banking Frontiers.
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