Axis Bank is the third-largest private bank in India. It has over 4,000 branches and around 12,000 ATMs across the nation. While most of the industries across the business world have witnessed disruptions brought by rapid digitisation, Axis Bank has been able to raise the sales of its products through digital channels significantly.
According to the latest data available, the bank was able to sell about 40-45 per cent of the personal loans and around 60 per cent of the FDs digitally. The bank was able to sell over 20 per cent of its Systematic Investment Plan (SIP) through digital platforms.
Speaking on the development, the Head of the Digital Banking at Axis Bank –Sameer Shetty said, “This typically involves multiple business functions and technologies – it is the integration of these that create the magic.”
He claims that success in digital banking is a result of a combination of advanced analytic tools and robotics that help the bank to validate the customer for their creditworthiness and to integrate it with other external and internal processes.
The best thing about processing the applications is that it has resulted in nullifying the use of paper to zero. Moreover, it saves a lot of time of both the customers and the executive than ever before — the rest of the time bank employees in building up a relationship with the customers.
Shetty claims, “Such systems will enable our employees to deliver distinctive customer experience and focus on the things that really matter – building relationships with customers and providing them with the right financial advice. The benefits of these are in terms of better customer experience, lower operational risks, better sales productivity for our staff and lower costs for the bank.”
The extensive use of AI and RPA is helping the bank to achieve the desired results by assisting them to analyse critical information of the customer. The automated chatbot of Axis handled about 6.5 million conversations with an accuracy of over 90 per cent in the first half of this financial year.
State-owned banks such as SBI should try to learn and follow the path of Axis Bank when it comes to the utilisation of the digital platforms. PSU banks in India serve a majority of Indians in their banking life, digitisation would help the banks to serve their customers better, which would eventually help them compete with the private banks.