SUMMARY
- Axis Bank CEO Amitabh Chaudhry stresses that banks must collaborate with fintechs to stay competitive, leveraging their technologies to enhance customer engagement.
- Axis Bank is launching a new mobile app service enabling transactions for customers of other banks, alongside ongoing AI and ML pilot programs, including HR initiatives.
- As digital transactions increase, banks will benefit from reduced operating costs, despite rising concerns over fraud.
Amitabh Chaudhry, Managing Director and CEO of Axis Bank, emphasized the importance of banks collaborating with fintech companies to remain competitive in the evolving financial landscape. Speaking at the Global Fintech Fest, Chaudhry warned that banks risk losing out if they do not engage with fintechs, which offer a range of advanced technologies, products, and services that enhance customer interactions.
“It would be a loss on our side if we were not working with them,” Chaudhry stated. He suggested that taking equity stakes in fintech firms could lead to deeper and more meaningful collaborations beyond conventional partnerships. He also noted that customers increasingly prefer digital transactions, and banks must adapt to meet these expectations.
Chaudhry highlighted that as customers transact more digitally, banks’ operating costs will decrease. However, he acknowledged the growing concern over fraud, which has made customers wary of conducting banking transactions. To address this, Axis Bank plans to launch a new service on its mobile app that will enable customers of other banks to carry out transactions, rather than just view account details, as is currently the case.
Furthermore, Chaudhry revealed that Axis Bank is running 15 pilot programs using artificial intelligence (AI) and machine learning (ML) across various functions. One notable area is Human Resources, where these technologies are being tested to streamline the hiring process by efficiently sifting through resumes.
