BW Real 500: Axis Defying Geographical Barrier With Digital Banking

Axis Bank’s balance sheet grew 12 per cent year-on-year (YoY) and stood at Rs 13,17,326 crore as on March 31, 2023. Total deposits also witnessed a 15 per cent YoY growth, with the savings account and current account deposits growing 23 per cent and 17 per cent YoY, respectively, said Amitabh Chaudhry, Managing Director and CEO, Axis Bank. 

“Our ‘Axis Mobile’ app today is the world’s highest rated app at scale with 4.8 rating on Google Play Store and nearly 2 million+ reviews. It also serves as the largest branch for the bank with over 20 million customer registrations, ~12 million monthly active users, 250+ services and over 67 per cent of the service requests serviced digitally,” Chaudhry informed the shareholders. 

Axis 2.0, the end-to-end digital business unit, was operating at scale with over 20 products across liabilities, loans, investment products, insurance and forex accounting for 15 per cent to 85 per cent of incremental sales for these products, Chaudhry said. This also contributed to its customer obsession journey with net promoter scores (NPS) for Axis 2.0 products being 10-30 percentage points higher than their physical equivalents, he added. 

Growing Network
As on March 31, 2023, the bank had a network of 4,903 domestic branches and extension counters situated in 2,741 centres compared to 4,758 domestic branches and extension counters situated in 2,702 centres as on March 31, 2022. As on 31st March, 2023, the bank had 15,953 ATMs and cash recyclers spread across the country. The bank’s Axis Virtual Centre is present across six centres with over 1,500 virtual relationship managers as on 31 March 2023.

“We, at Axis Bank, remain confident on the growth opportunities in the Indian economy. The banking industry is currently well placed with loan growth being strong across the key segments, margins and asset quality being the best in recent years along with healthy capital position,” said Chaudhry.