Oct 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 meet the demands of the fast-growing international mobile market. Providing support to leading financial institutions like Axis Bank, via our secure, reliable and scalable platform, allows our customers to provide the very best mobile banking experience, affirming their position as leaders in their field, whilst increasing customer confidence in their brand.”
The first of its kind in India, Axis Mobile 2.0 offers a high level of personalisation, allowing users to customise their mobile banking experience, depending on the user segment (Youth, Premium and Prime segments). The new Axis Mobile App will provide customers a never-before experience of accessing their savings as well as credit card accounts and manage transactions including account enquiries, bill payments as well as fund transfers on their smartphones. With emphasis on safety and security Axis Bank has ensured transactions through secure onboarding and mPIN verification.
Key features of the App are:
• Customer can access the Mobile App via a simple login, either through Internet banking or debit card credentials
• Customers can check bank account, transfer money, pay bills, recharge their mobile/DTH through the app
• The app allows personalisation of favorite transactions
• Personalised page for the youth, prime and premium customers
• Integration with Facebook and Twitter where the customer can pull images and upload photos
• The App helps in locating the nearest branch and ATMs
• Customer can receive customised offers on cards and reminders for bill payments through the Mobile app and can also post feedback and comments on social media
Initial downloads from the Google Play store have generated huge positive response with users appreciating the new navigation and user interface. Designed with convenience in mind, the app will be accessible across all mobile devices and operating systems. Currently available on Apple and Android phones, a version of the New Axis Mobile App will soon be made available to customers on Blackberry, Symbian, J2ME, Windows and tablet-based platforms.
Re-disseminated by The Asian Banker