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 Chaudhry, managing director and CEO, said during a media call. The bank now has an in-house tech team of 110 people, he added. Mobile Application Spends: Up by 71% to over ₹2.33 lakh crore in Q2FY21, from a little over ₹1.36 lakh crore in Q2FY20, with 87% of transactions during the quarter taking place digitally up from 80% in the previous year UPI transactions: Processed over ₹1.04 lakh crore transactions in Q2FY21, up by 166% YoY, compared to around ₹39,340 crore in Q2FY20. The bank says has 20% market share in volume terms as of September 2020 compared to 12% as of September 2019 Debit Card and Credit Card spends…
