Axis Bank CEO Amitabh Chaudhry Emphasises Collaboration With Fintechs At GFF 2024

“Fintechs make your ecosystem powerful,” said Amitabh Chaudhry, MD & CEO of Axis Bank, while addressing the Global Fintech Fest 2024 on Friday. "Both sides can benefit. We banks do not have enough resources, and we welcome fintechs with open arms.” He made these remarks in the context of the collaboration between banks and fintechs.

He said, “You need to communicate to the market that you are tech-savvy and innovative, and your digital prowess is better than other institutions. Banking is a well-thought, calibrated decision, so you must ensure that when a customer is moving toward a decision, your name crops up, and when they do the analysis, you are the one chosen. We need to offer a bouquet of services to customers to cross-sell more. The more a customer is engaged, the more they will transact with you and the more deposits they will keep with you.”

He said, “You need to communicate to the market that you are tech-savvy and innovative, and your digital prowess is better than other institutions. Banking is a well-thought, calibrated decision, so you must ensure that when a customer is moving toward a decision, your name crops up, and when they do the analysis, you are the one chosen. We need to offer a bouquet of services to customers to cross-sell more. The more a customer is engaged, the more they will transact with you and the more deposits they will keep with you.”

Speaking on consumer behavior changes and trends in banking, Chaudhry added, “When people enter a digital world, they expect everything to be instant and to know what is happening at every step of their banking journey. They also expect security. They believe they deserve benefits because they are transacting. There is an expectation from the platform and the service provider. Also, people are becoming wary of using these platforms because fraud is increasing. People of all ages today expect benefits, including both the younger and older generations. They want to accomplish the maximum in the least amount of time. You have their attention span for a very limited time.”

He further added, “People underestimate that you need a technology stack, and that requires a huge amount of investment. Digital banking requires various pieces of technology, like APIs, to communicate with each other for business.”

Global Fintech Fest (GFF) 2024 is an initiative of the Ministry of Electronics and Information Technology (MeitY), the Ministry of External Affairs, the Department of Financial Services (DFS), the Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA). Other stakeholders involved in the conference include the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).