With the advent of the Covid-19 pandemic, the banking sector’s digital transformation has become faster than it ever was. The sector has experienced major disruption and change. Investments in new technology have never been higher as the focus is now on enhancing the digital journeys and overall banking experience of their customers in order to retain them in this ‘2-click’ world. The radical shift towards ubiquitous digitisation provides both impetus and opportunity for the banks. And Axis Bank is making the most of it. In the first half of this year more than 70% of their deposits were opened digitally. Around 58% of their personal loans were done digitally. And 48% of mutual fund sale happened fully digitally. UPI on mobile transaction is also very high. “We need to bring in very different capabilities to succeed in the digital world and we are investing quite significantly. The 800 people in the bank who are right now focused on just digital. We have built 110 member in-house engineering team. And this capability has already delivering outcome for the bank. 75% of a new hire come from non-banking background — FinTech, consumer tech, and consulting. And the reason to get them into… Read full this story
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