Rapidly changing needs and industry dynamics push banks to rethink their technology capability. As customer expectations increase, banks seek to provide seamless and end-to-end digital experience to customers. Heightened competition with technically advanced digital players also propels them to innovate and respond to change faster. To achieve their objectives, banks need scalable infrastructure that can meet the constant growth in digital transaction volume and data. Most, however, still struggle with legacy infrastructure. To address these issues, Axis Bank has strategically modernised its back-end technology framework
Axis Bank has witnessed strong business growth in both deposits and loans over the last few years. This year, it also acquired Citibank India’s consumer business that gives it access to a large, affluent, and profitable customer base.
In recent years, the bank has also realigned its business focus towards ‘Bharat Banking’ to provide customised services to the rural and semi-urban population. It has set up 2,373 Bharat Banking branches and has rural lending operations in over 660 districts in the country. This segment presents a strong digital growth opportunity but also implies a higher volume of low-value transactions going forward.
