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Axis Banks’ digital channels aid in sourcing fresh deposits and loans

axis bank

In the wake of the Covid-19 pandemic, Axis Bank Ltd's digital channels have aided the private bank's deposit and retail lending business. According to the bank's investor presentation for Q2 FY21, the share of digital sourcing for deposits and loans increased significantly. During the first half of this year, 73% of the banks' fixed-deposits, 72% of savings accounts, 58% of personal loan disbursements and 52% of credit cards disbursed or opened were sourced digitally. In comparison, around 59% of fresh savings accounts and 43% of fresh personal loans were sourced through digital channels in the previous year. "During the quarter we launched our tech transformation project. We continue to invest heavily in the digital side and make progress on our digital banking strategy. We are focused on scaling direct to consumer digital products and to enable our staff digitally," Amitabh…

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