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Fintech partnerships are a key consideration in Axis Bank’s digital strategy
August 08, 2023
Collaboration and partnerships with fintechs has proven to be a win-win strategy of late for both banks and fintechs to thrive in today’s fast-evolving financial landscape and consumer expectations. Banks can leverage the nimbleness and technological capabilities of the fintechs to deliver a seamless digital customer experience. It is also the smartest way to reach and serve a large base of customers with new and innovative digital banking solutions enabling them to manage their finances better.
“We have been continuously working on innovation-led partnership models to offer digital banking solutions to customers. We strongly believe that we can partner with fintechs to create a ‘win-win’ model, wherein the unique and complementary strengths of both the players come together to create ecosystems that deliver a seamless banking experience to customers,” said Sameer Shetty, President & Head-Digital Business & Transformation, Axis Bank.
Axis Bank, for instance, earlier this year has partnered with digital banking enterprise, OPEN, to provide a fully native digital current account journey for its customers. It is also leveraging fintech partnerships to go deeper into the large and underserved Bharat markets.
The bank looks at these partnerships from two distinct perspectives. There are capability partnerships that aim to bring new capabilities to the bank, its offerings and services. They are typically companies that bring focused and distinctive cutting-edge technology capabilities such as video KYC, analytics, customer insights and so on. Axis Bank is open to work with them either on a commercial model or investing in them, and the bank’s strategy team looks closely into it. The bank has made considerable investments into several such companies.
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