Axis Bank aims organic growth in credit card business
May 30, 2022
With Citi’s consumer business to be merged with itself going ahead, the bank won’t lose the focus on delivering quality services, Sanjeev Moghe, President and Head – Cards and Payments, at Axis Bank, said.
The fourth-biggest private sector bank timed the most noteworthy ever quarterly growth with over 1.1 million credit card acquisitions in the March quarter of 2021-22.
“We split our business into two segments, one is organic which is based on our own sourcing and another vertical is all kinds of partnerships that we have. Both of these opportunities are growing, we did 1.1 million credit cards in Q4FY22. We accept we can hit this momentum of million cards now in each quarter. What I am talking about is that for the following couple of quarters, I will see a run rate of this number.
“Then onwards we expect our momentum to grow further as long as the economy stays stable. We have our learnings from Covid what not to do. Post-Covid, we launched new kinds of sourcing capabilities including digital which has made our acquisition more efficient,” Moghe told PTI in a meeting.axis