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Axis Bank plans mobile banking push in India

October 08, 2013 | -

Singapore, October 2nd 2013 - Axis Bank, India’s third largest private sector bank, today unveiled its digital retail banking roadmap. The bank aims to offer superior, multi-level, simple, instant and secured financial solution for the fast evolving NextGen - the largest user group of mobile banking, aged between 18 to 35 years.

Axis Bank sees mobile banking transactions surging over internet banking in the next five years. The transactions on Axis Mobile recorded a 10-fold increase in the last 12 months, the fastest increase among all technology channels over the same period. The bank has seen an increase in the usage of the Mobile App, up from 2% to 10% in the last two years with an average frequency of three logins per month, and expects the transactions to rise in future.

The App has been launched in partnership with Tagit, a leading Singapore mobile solutions company. The new application uses Tagit’s mobility solution platform that enables Banking ‘on-the-go’. This secure, robust and highly flexible platform offers single configuration for multiple handsets and operating systems, allowing the bank to offer new features and roll out updates faster – both at the application and the mobile operating system levels.

Mr. Rajiv Anand, President, Retail Banking, Axis Bank said: “With Online services and sales rapidly growing, we expect more than half of all transactions will be through the Internet. This adoption to new age banking, innovative and personalised multi-channel banking experience on ATM, Internet, and now the Mobile app and social media interface would be the driving force behind Axis Bank’s Digital strategy.” With an aim to reach out to 1.5 million customers the bank has launched Mobile Banking App 2.0 for its retail resident Indian customers, Mr. Anand said.

Commenting on the announcement, Mr. Sandeep Bagaria, CEO of Tagit, said: “Tagit continues to export its knowledge and experience across the globe, to ...

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Categories: Retail Banking, Technology & Operations
Keywords: Tagit, Axis Bank