This partnership offers the larger business community access to Axis Bank’s holistic banking experience coupled with OPEN’s end-to-end financial automation tools for business management including payments, accounting, payroll, compliance, expense management, and several other services. The partnership is one of the first for Axis Bank with a fintech player to launch a fully digital current account. The product is live on OPEN’s website.
This digital current account product will help customers save time and effort, as the authentication process will be completely digital using PAN and Aadhaar followed by a Video KYC. A contactless account opening process that takes away the hassle of paperwork with a zero document upload feature, makes this current account product different. Using this account, customers can avail 250+ banking services and claim up to 50% cashback through grab-deals. With this partnership, all existing Axis bank accountholders also get access to OPEN’s all-in-one digital banking platform that is used by over 3,000,000 businesses currently.
Commenting on this partnership, officials from Axis Bank said they believe in putting the customer at the centre of their endeavours, while also generating shared value for all stakeholders in the ecosystem. They have been working on innovation-led partnership models to offer digital banking solutions to customers. In this effort, they are happy to have partnered with OPEN to offer a one stop banking solution for businesses.
Representatives from OPEN stated that they are really excited to be one of the first fintechs to partner with Axis Bank to launch a fully native digital current account journey for customers. Business banking is opening up to newer and niche segments like homepreneurs, influencers etc. and they look forward to creating tailored products for them in partnership with Axis Bank. They will further work on integrating value-add services like term loans, revenue-based financing, and more for these users.
Axis Bank offers the entire spectrum of services to customer segments covering large and mid-corporates, SME, agriculture, and retail businesses. With its 4,760 domestic branches (including extension counters) and 16,043 ATMs across India as of 30th September 2022, the network of Axis Bank spreads across 2,676 cities and towns, enabling the bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities , Axis Finance, Axis Trustee, Axis Capital, A.TReDS , Freecharge, and Axis Bank Foundation.
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