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Axis Bank Partners With OPEN To Launch A Fully Digital Current Account

This has been the bank’s first-ever partnership with a fintech player to launch a fully digital current account

Axis Bank Partners With OPEN To Launch A Fully Digital Current Account

Outlook Start-Up Desk

POSTED ON January 05, 2023 7:11 PM

Axis Bank has partnered with OPEN to provide a fully native digital current account journey for its customers including SMEs (small and medium enterprises), freelancers, homepreneurs, influencers and more. 

The partnership is aiming to offer access to Axis Bank’s holistic banking services coupled with OPEN’s end-to-end financial automation tools for business management like payments, accounting, payroll, compliance, expense management and several other services to a larger business community.

This has been the bank’s first-ever partnership with a fintech player to launch a fully digital current account.

This digital current account product claims to help customers to save a significant amount of time and effort, as the authentication process will be completely digital using PAN and Aadhaar followed by a video KYC. According to a company statement, the contactless account opening process that takes away the hassle of paperwork with a zero document upload feature makes this product significantly different from others in the market. Additionally, it has stated that through this account, customers can avail of more than 250 banking services and claim up to 50 percent cashback through grab-deals. 

The partnership will benefit all existing Axis bank account holders also get access to OPEN’s all-in-one digital banking platform.

Commenting on the latest development, Sameer Shetty, President and Head of Digital Business and Transformation at Axis Bank, said, “ We have been continuously working on innovation-led partnership models to offer digital banking solutions to customers. In this effort, we are delighted to have partnered with OPEN to offer a one-stop banking solution for businesses.”

OPEN’S Co-founder and CEO, Anish Achuthan, said, “We are really excited to be the first fintech 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 and others. and we look forward to creating tailored products for them in partnership with Axis Bank.”
 

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