case study on axis bank

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Axis Bank, one of India’s largest lenders, integrates ESG into how the company drives long-term growth. The company has defined three core pillars to guide its ESG progress: an equitable economy, a thriving community and a healthier planet. With millions of people in rural and urban India participating in its microfinance and digital inclusion programs, Axis Bank has helped bring economic empowerment to some of the most remote regions of India.

Building on a history of responsible growth, Axis Bank has made great strides in embedding ESG governance processes, accountability structures and policies to ensure ESG considerations are integrated into how the company’s Board and senior leadership drive stakeholder value. In 2021, the Board of Directors, which includes a Bain Capital Private Equity Managing Director, created a standalone ESG committee, the first Indian bank to do so. The ESG Committee’s mandate includes reviewing macro-level ESG trends, shaping the company’s ESG strategy and roadmap, elevating ESG- related risks and opportunities, guiding unified communication and disclosures on ESG, facilitating organization-wide integration of ESG imperatives and providing 360-degree monitoring of ESG performance.

Axis Bank has also made a series of ESG-aligned public commitments across its business activities, risk management, human capital, social responsibility, and physical operations. In September 2021, the Bank issued a $600 million Sustainable AT1 Note which was India’s first and only the second in Asia.

Axis Bank strives for greater transparency and disclosure, and the company’s annual Sustainability Reports clearly outline its strategies and action for managing material governance topics. The company was included in the FTSE4Good Emerging Markets Index for the fifth consecutive year in 2021, and improved its performance in the Climate Disclosure Project (CDP), MSCI ESG Ratings and S&P Dow Jones Sustainability Indices.

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Axis Bank Marketing Strategy 2024: A Case Study

Founded in 1993 as UTI Bank and rebranded in 2007 as Axis Bank, this renowned financial institution has been at the forefront of the banking industry in India. Axis Bank offers a wide range of services to large, mid-size, and small companies, retail businesses, and individuals. With an extensive network of branches and ATMs across India, Axis Bank has become a trusted name in the country.

Axis Bank has achieved industry recognition for its innovative products, customer service excellence, and technological advancements. The bank’s product offerings include accounts, deposits, loans, cards, investments, and insurance options. One of the key factors that sets Axis Bank apart is its commitment to customer-centricity. The bank emphasizes customer engagement, brand positioning, and a seamless customer experience in its marketing strategy .

To stay relevant in the ever-changing industry, Axis Bank recently introduced a new logo and visual identity. This rebranding effort aligns with the bank’s focus on innovation and modernization.

Key Takeaways:

• Axis Bank is a leading financial institution in India, with a rich history dating back to 1993.
• The bank offers a wide range of products and services to cater to various customer segments.
• Axis Bank prioritizes customer engagement, brand positioning, and a seamless customer experience in its marketing strategy.
• The bank has recently undergone a rebranding effort, reflecting its commitment to innovation and modernization.
• Axis Bank has a strong presence across India and utilizes a comprehensive digital marketing strategy to reach tech-savvy audiences.

Stay tuned for the next section of this case study, where we will delve deeper into the objective of Axis Bank’s rebranding and explore its marketing and branding strategy.

Objective of Rebranding

Rebranding plays a crucial role in the ever-evolving business landscape, enabling companies to adapt and thrive in the face of changing market dynamics. Axis Bank, a prominent financial institution in South Asia, embarked on a strategic rebranding journey to enhance its brand identity, adopt a customer-centric approach, and increase its market appeal.

Like other successful rebranding endeavors, Axis Bank’s decision to rebrand was driven by various factors such as mergers and acquisitions, changes in markets, repositioning, negative image, changes in corporate strategy, outdated image, and corporate renaming. By repositioning itself through a comprehensive brand transformation, Axis Bank aimed to strengthen its market position , improve its customer experience, and elevate its brand presence.

An exemplar of successful rebranding can be found in Axis Bank’s renaming strategy. Formerly known as UTI Bank, the organization underwent a corporate renaming process in 2007, resulting in the birth of Axis Bank. This strategic move not only brought a more contemporary visual appeal but also transcended geographical boundaries, allowing Axis Bank to establish itself as a globally recognized financial institution.

Rebranding is not a mere superficial facelift. It requires a well-crafted strategy that encompasses a new corporate vision and aligns with the organization’s goals and values. For Axis Bank, the rebranding initiative was aimed at creating a distinct brand identity that resonated with its target audience, portrayed a customer-centric ethos, and communicated its commitment to delivering exceptional financial services.

Successful rebranding can have a transformative impact on a company’s market position and performance, as evidenced by various examples such as Titan Industries, Satyam Computer Service, Tropicana, State Bank of India, Britannia, Bajaj, Vodafone, Hero MotoCorp, McDonald’s, and Apple. These organizations not only revitalized their brand image but also successfully differentiated themselves from their competitors, resulting in increased market share, customer loyalty, and profitability.

Impact of Rebranding

With the objective of enhancing its brand identity, adopting a customer-centric approach, and increasing its market appeal, Axis Bank’s rebranding strategy aimed to position itself as a leading player in the financial industry. By crafting a thoughtful and comprehensive approach, Axis Bank embraced the potential of rebranding to not only reshape its external perception but also reinforce its commitment to excellence and innovation.

Stay tuned for the next section, where we will delve into the marketing and branding strategy behind Axis Bank’s rebranding initiative.

Marketing and Branding Strategy

Axis Bank’s marketing and branding strategy was meticulously crafted to attract and engage its target audience of millennials and Gen Z. Through extensive market research , the bank identified individuals aged 25-40 years as the prime demographic for its repositioning efforts.

To appeal to this younger audience, Axis Bank focused on transforming its brand image and communication strategy. One notable decision was the selection of Deepika Padukone as the brand ambassador, leveraging her appeal to the youth demographic over other options like Aamir Khan.

When it came to brand positioning, the strategic use of the color purple, which is known to attract the attention of individuals between 25-40 years, was a prominent element. This deliberate color choice helped create visual recognition and establish a strong brand presence.

Logo design also played a crucial role in Axis Bank’s rebranding efforts. The new logo was carefully crafted to align with the bank’s target audience, conveying a modern and dynamic image.

Engaging with customers was another key aspect of Axis Bank’s strategy. The bank aimed to enhance customer engagement through various channels, including digital platforms. One notable campaign was the digital-only campaign on YouTube, which successfully increased brand interest and customer acquisition.

Results Achieved

Axis Bank’s focused marketing and branding efforts resulted in noteworthy achievements. The bank witnessed a significant increase in its retail market share, growing from 49% in FY09 to 20% by 9M FY19. Moreover, the bank experienced exponential growth in operating profit, with `2,586 crore in FY09 soaring to `13,991 crore in 9M FY19.

CASA deposits also saw remarkable growth, increasing from `81,557 crore in FY09 to an impressive `4,75,105 crore in 9M FY19. Likewise, the number of credit cards issued witnessed a substantial rise, reaching from 50,644 in FY09 to an impressive 2,35,552 in 9M FY19.

These remarkable results demonstrate the effectiveness of Axis Bank’s marketing and branding strategy in driving growth and establishing a strong foothold in the market.

Mediums Used for Branding

AXIS Bank’s rebranding efforts involved the strategic utilization of a variety of mediums to effectively reach and engage its target audience. The bank recognized the importance of establishing a presence across both traditional and digital platforms to maximize its market appeal.

Traditional Media

As part of its communication strategy, AXIS Bank heavily invested in traditional mediums such as television, print, and outdoor advertising. These channels played a crucial role in creating brand recognition and reaching a wide audience. Television commercials allowed the bank to showcase its services and values, while print advertisements in newspapers and magazines reinforced its brand messaging. Additionally, outdoor advertising in prime locations further increased visibility and brand recall among potential customers.

Digital Platforms

In line with the evolving digital landscape, AXIS Bank extensively utilized digital platforms to connect with its target market . Leveraging the power of social media, the bank actively engaged with customers through interactive campaigns, informative posts, and timely responses. This proactive approach enabled the bank to build a strong online presence, foster customer relationships, and drive brand loyalty. Recognizing the increasing reliance on digital channels, AXIS Bank also launched online campaigns to create awareness and generate leads, effectively tapping into the digital-savvy consumer segment.

Events and Sponsorships

AXIS Bank recognized the value of events and sponsorships in enhancing visibility and credibility. The bank actively participated in industry events, conferences, and exhibitions, providing opportunities to showcase its brand to a targeted audience. By associating itself with reputable events and partnering with influential organizations, AXIS Bank positioned itself as a trustworthy and reliable financial institution. These efforts not only increased brand visibility but also helped build strong relationships with customers and industry stakeholders.

Through a strategic combination of traditional media, digital platforms, events, and sponsorships, AXIS Bank successfully expanded its market presence and increased brand visibility. This comprehensive approach allowed the bank to effectively communicate its rebranding message, leading to a notable improvement in customer perception and trust.

Axis Bank’s rebranding efforts have yielded significant results, leading to increased market presence, positive customer perception, improved financial performance, and industry recognition.

Increased Market Presence

With a customer base of 48 million and a vast domestic network of 5,252 branches and extension counters, Axis Bank has expanded its reach and established a strong presence in the market. The bank’s strategic focus on growth has been reflected in the significant increase in assets, deposits, advances, and credit cards.

Positive Customer Perception

Axis Bank’s rebranding efforts have enhanced its image and reputation among customers. The bank’s commitment to delivering exceptional services and innovative solutions has resulted in positive customer feedback and increased trust. This has been further reinforced by the growth in retail term deposits and the decline in gross non-performing assets (NPA), which demonstrates the bank’s ability to manage risks effectively.

Improved Financial Performance

Axis Bank’s financial performance has experienced significant improvement as a result of its rebranding initiatives. The bank has achieved a net interest margin of 2.49% and a cost to assets ratio of 2.64%, indicating strong profitability. The operating profit margin of 4.01% reflects the bank’s efficient operations and effective cost management.

The bank’s subsidiaries, Axis Finance, Axis Capital, Axis Securities, and Axis AMC, have also contributed to the overall financial performance. Axis Finance witnessed a remarkable 25% growth in profit after tax, while Axis Capital held a 31% position in equity capital markets. Axis Securities reported a 9% growth in profit after tax, and Axis AMC’s revenue saw a robust increase of 18.86%. These achievements demonstrate the bank’s diversified business model and the success of its subsidiaries.

Industry Recognition

Axis Bank’s rebranding efforts and marketing strategies have garnered industry recognition and acclaim. The bank’s consolidated return on equity for the period was 18.86%, highlighting its strong performance and efficiency. Moreover, the bank’s Basel III Total CAR reaching 16.63% showcases its robust capital adequacy.

In addition to financial achievements, Axis Bank’s digital marketing campaign, particularly its YouTube strategy for Axis ASAP, has received widespread attention and accolades. The campaign resulted in increased brand search volume by 93%, reflecting the effectiveness of the bank’s engagement approach. Notably, the Thought Factory Launch event gained significant traction, with technology bloggers generating over 23,000 unique page views and showcasing Axis Bank’s innovation and leadership.

Overall, Axis Bank’s rebranding efforts have not only strengthened its market position but also enhanced its customer perception, financial performance, and industry recognition. The bank’s strategic initiatives have proven successful in achieving its goals and establishing a strong foothold in the highly competitive banking industry.

Challenges and Lessons Learned

Throughout the Axis Bank Marketing Strategy 2024 case study, several challenges emerged that required continuous adaptation and integration to maintain a competitive edge in the banking sector. From attracting and retaining top talent to navigating the evolving landscape of digital banking, Axis Bank faced a multitude of obstacles. These challenges offered valuable lessons and insights that have contributed to the bank’s growth and success.

Integration Challenges

One of the primary challenges Axis Bank encountered was integrating its content strategy in employer branding. As the bank aimed to positively influence professionals’ perceptions and attract them to career opportunities, it faced the task of answering key questions and addressing concerns effectively. Axis Bank recognized that seamless integration between its various departments was essential to convey a cohesive message and build a strong employer brand.

Continuous Adaptation

In an era of rapid technological advancements and evolving customer expectations, Axis Bank realized the importance of continuous adaptation. The case study highlighted the need to stay ahead of industry trends and embrace digital transformation to remain relevant. By recording 66% of its transactions as digital and aiming for 90%+ digitalization in the future, Axis Bank demonstrated its commitment to continuous innovation and adaptation.

Competitive Edge

In a fiercely competitive banking sector, maintaining a competitive edge was crucial for Axis Bank. The case study emphasized the significance of attracting and retaining the best talent, fostering diversity and inclusivity, and providing professional development opportunities. Recognizing employees for their achievements and leveraging thought leadership from Axis Bank leaders played a vital role in establishing a strong employer brand and maintaining a competitive edge.

Furthermore, the importance of teamwork, intelligence, and leadership in driving success within the organization was stressed. Axis Bank understood that a collaborative and visionary approach was necessary to transform its vision into reality and stay ahead in the market. Creativity in content strategy, engaging updates for employees, and active engagement on social media were also identified as essential components for maintaining a competitive edge in employer branding.

The challenges and lessons learned from the Axis Bank Marketing Strategy 2024 case study have provided valuable insights for the banking industry. By addressing integration challenges, continuously adapting to changing market dynamics, and focusing on maintaining a competitive edge, Axis Bank has positioned itself for sustained growth and success in the ever-evolving banking landscape.

U.S. Bank Marketing Strategy – Segmentation, Targeting, and Positioning

In order to effectively reach their target audience and position themselves in the market, U.S. Bank employs a strategic approach to marketing that involves segmentation, targeting, and positioning. By dividing the overall market into smaller segments based on similar attributes, buying behavior, and socio-economic background, U.S. Bank is able to tailor their marketing efforts and offerings to meet the specific needs and preferences of different customer groups.

Geographic segmentation plays a key role in U.S. Bank’s marketing strategy, as they target customers based on their geographic location. This allows them to understand and cater to the unique needs and preferences of customers in different regions, countries, and neighborhoods. By doing so, U.S. Bank can ensure that their marketing messages and offerings resonate with their target audience and are relevant to their specific geographic location.

Demographic segmentation is another important aspect of U.S. Bank’s marketing strategy. By dividing the market based on factors such as gender, income, occupation, age, and ethnicity, U.S. Bank can better understand the characteristics and needs of different customer groups. This enables them to develop targeted marketing campaigns and offerings that appeal to their specific demographic segments.

Psychographic segmentation is also utilized by U.S. Bank to categorize buyers into segments based on lifestyle-oriented interests, activities, opinions, and personality characteristics. By understanding the psychographic profiles of their customers, U.S. Bank can create marketing campaigns and experiences that align with their customers’ preferences and values, resulting in more effective and engaging interactions.

In addition to segmentation, U.S. Bank focuses on targeting specific consumer segments that align with their organizational capabilities, financial potential, competition, and product life cycle stage. This allows them to concentrate their resources and efforts on those segments that are most likely to respond positively to their marketing messages and offerings, maximizing their return on investment.

Furthermore, differentiation is crucial for U.S. Bank to stand out in the competitive banking industry. By offering unique product features and quality, U.S. Bank is able to create a distinct value proposition that sets them apart from their competitors. This differentiation can be achieved through a combination of horizontal differentiation, which appeals to customers’ personal preferences, and vertical differentiation, which justifies premium pricing based on brand reputation and perceived value.

U.S. Bank’s Market Segmentation and Targeting Strategies

By implementing these segmentation, targeting, and positioning strategies, U.S. Bank is able to effectively reach their target market, deliver exceptional customer experiences, and position themselves as a leading player in the digital banking industry. This strategic approach allows them to tailor their marketing campaigns, leverage social media marketing , and implement SEO strategies that resonate with their customers and drive business growth.

U.S. Bank Marketing Campaigns, Social Media Marketing, and SEO Strategies

U.S. Bank, headquartered in Minneapolis, Minnesota, is a prominent financial institution with over 3,106 branches globally and more than 4,842 ATMs worldwide. Listed on the Fortune 500, the bank attracts over 5 million organic visitors per month and leverages various digital channels, including search engine marketing, display advertising, and social media marketing, to reach its target audience.

When it comes to social media marketing, U.S. Bank understands the importance of establishing a strong online presence. The bank actively engages with its audience on platforms such as Facebook, Twitter, Instagram, and LinkedIn. By maintaining an active presence on these channels, U.S. Bank aims to enhance brand awareness, foster customer relationships, and drive customer engagement.

As part of its marketing campaigns, U.S. Bank utilizes social media to connect with specific demographics. The bank employs strategies tailored to platforms such as Pinterest, WhatsApp, LinkedIn, and YouTube to engage different audience segments effectively. By catering to the preferences and behaviors of these demographics, U.S. Bank can maximize the impact of its marketing efforts.

Implementing effective SEO strategies is also a key focus for U.S. Bank. Recognizing the importance of organic search traffic, the bank optimizes its website and content to improve visibility in search engine results. By targeting relevant keywords and providing valuable content, U.S. Bank aims to rank higher in search engine rankings and attract a larger audience.

The bank also acknowledges the challenge of consumer overload with advertisements. To combat this, U.S. Bank creates impactful social assets that capture the attention of users and stand out in a crowded digital landscape. By focusing on delivering compelling visual and textual content, U.S. Bank ensures that its marketing campaigns resonate with its target audience.

The statistics above showcase the evolving landscape of the credit card industry and the increasing importance of digital marketing strategies. U.S. Bank’s attention to social media marketing and SEO optimization is aligned with industry trends, enabling the bank to effectively engage with its target audience and drive business growth.

In conclusion, Axis Bank’s marketing strategy has proven to be a robust and effective approach in achieving market dominance. By embracing digital and social banking, Axis Bank has successfully positioned itself as a leader in the industry. With over 4,594 domestic branches, 11,333 ATMs, and 5,710 cash recyclers spread across the country, the bank has ensured convenient access to its services for millions of customers.

Axis Bank’s rebranding efforts, which began in 2007, have contributed significantly to its success. By offering a wide range of cutting-edge banking services and products, including current and savings accounts, credit cards, loans, and investment choices, the bank caters to a diverse demographic of customers, from individual consumers to corporate giants.

While Axis Bank has achieved remarkable results, it has also faced challenges along the way. The complexity of various banking procedures, such as creating accounts or submitting loan applications, has been a hurdle for customers. Additionally, technical issues or outages in the bank’s digital platforms have impacted online transactions and customer experience. However, Axis Bank continues to strive for improvement in these areas.

In conclusion, Axis Bank’s marketing strategy, centered around digital and social banking, has allowed it to establish a strong market presence. With its extensive branch network, innovative products, and a customer-centric approach, Axis Bank is well-positioned for continued success in the dynamic banking industry.

What is the objective of Axis Bank’s rebranding initiative?

What does axis bank’s marketing and branding strategy encompass, which mediums does axis bank use for branding purposes, what positive results have been achieved through axis bank’s rebranding efforts, what challenges were faced during the rebranding process and what lessons were learned, what are the key components of u.s. bank’s marketing strategy, how does u.s. bank utilize marketing campaigns, social media marketing, and seo strategies, related posts:.

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Nina Sheridan is a seasoned author at Latterly.org, a blog renowned for its insightful exploration of the increasingly interconnected worlds of business, technology, and lifestyle. With a keen eye for the dynamic interplay between these sectors, Nina brings a wealth of knowledge and experience to her writing. Her expertise lies in dissecting complex topics and presenting them in an accessible, engaging manner that resonates with a diverse audience.

Olay Marketing Strategy 2024: A Case Study

Nature valley marketing strategy 2024: a case study.

The banking industry has gone through a significant transformation over the past few decades. Banks are realizing the importance of shifting their focus from being product centric to customer centric, keeping customer experience at the front and center of the banking experience.

Digital transformation in banking is no longer about moving from the traditional to the digital world. With retail and corporate customers’ touch points increasing rapidly, banks need to shift their emphasis to improving customer journeys and extending customer outreach—and thereby increasing revenue.

Case in point: India’s extensive adoption of the Unified Payments Interface (UPI) which can be attributed to the pivotal role that APIs play. UPI, a real-time payment system, has revolutionized the way financial transactions are conducted across the country. APIs have empowered businesses and developers to seamlessly integrate UPI into their applications and services, resulting in widespread usage. From enabling mobile and online payments to facilitating merchant transactions and recurring payments, UPI APIs have fostered an ecosystem where individuals and businesses can effortlessly access and apply the convenience of UPI, transforming India’s digital payment landscape.

APIs have also become instrumental in enabling banks to offer customized financial services and solutions, tailored to the unique requirements of businesses. Through API integration, corporate clients gain direct access to a wide array of banking services, ranging from real-time account information to efficient payment initiation and cash management tools. This streamlined access enhances the overall customer experience, reducing manual processes and improving efficiency. Furthermore, by collaborating with third-party developers and fintech partners via APIs, banks can continually innovate and expand their service offerings, ensuring that they remain at the forefront of meeting the dynamic and evolving financial demands of their corporate clientele.

Axis Bank, the third largest private sector bank in India, has firmly built its reputation over the last three decades as one of the first, new generation, customer focused banks. APIs have been an integral part of Axis Bank for years, since they bring in business automation, scalability and greater acceleration in deploying innovative services. The bank’s predominant focus has been on the consumer and transaction banking space, to develop and integrate APIs for its retail and corporate customers using various banking channels.

Axis Bank was on the lookout for a robust, secure and scalable API management solution that would give its customers a world-class banking experience. It wanted a solution that would make it easier to work with new-age fintech companies, while also maintaining the high levels of security, reliability and efficiency for which the bank is known for.

Gain insights into the key challenges that drive the need for API management and an effective API management solution.

Axis Bank’s path-breaking digital banking platform, NEO, helped integrate an entire suite of transaction banking products across payments, collections, trade, supply chain finance and treasury and domain expertise around the businesses. NEO helped the bank embark on a transformational journey that helped it roll out industry leading API products in transaction banking, across SMEs and MSMEs to conglomerates.

“Axis Bank is constantly striving to ensure that its clients become future ready on their significant agenda items of Treasury digitization, Working Capital and evolving integrated Supply Chain and Payments needs. To deliver that, Axis Bank has today built India’s leading API rails portfolio, on which our industry leading Transaction Banking propositions are offered. This also includes our Developer Portal where clients can self-register, explore the APIs, test them and get onboarded with an Industry leading end-to-end digital onboarding experience,” adds Vivek Gupta, President & Head, Wholesale Banking Products, Axis Bank.

To drive further innovation, Axis Bank has introduced API recommendations segment and industry wise, making it an industry first API Developer portal focused on personalized API recommendations. Another industry first feature includes the Call back API URL, which allows event-driven communication

For customer service and experience enhancement, Axis Bank focuses on instant gratification using chatbots, an automated ticketing system and a developer community forum to effectively address customer queries.

Axis Bank’s traditional corporate onboarding process involved multiple manual handoffs and paper-based documentation. The bank also didn’t have a proper digital document repository in place, which made the process even more cumbersome.

Due to this, the onboarding process used to take a very long time. Axis Bank’s corporate customers couldn’t afford to wait so long to be onboarded.

Experts from Axis Bank and IBM joined forces, with a common goal of enhancing the customer onboarding experience and reducing signup times, resulting in a better customer experience, increased efficiency, and more signups.

The IBM Cloud ® Integration Expert Labs team led the implementation of the API solution for the bank along with the bank’s in-house IT team. The IBM team also collaborated closely with the bank’s IT team to train and enhance their skills on the IBM API Connect ® solution and help them on their digital transformation journey.

Working on the hybrid team model, an Expert Labs integration architect led a team of API developers from IBM and Axis Bank’s IT team. Having already collaborated with Axis Bank in the past, IBM had a clear understanding of its IT landscape, requirements and expectations.

Once IBM and Axis Bank put their minds together, the transformation was there for all to see. With the help of the IBM API Connect platform, Axis Bank phenomenally brought down the corporate onboarding turnaround time (TAT) within its API ecosystem. The bank now offers a complete digital experience to its corporate users.

There was a clear plan and structured approach to make this transformation happen. The API documentation process was simplified using detailed flowcharts, allowing developers to understand the clear purpose and function of each of the 400+ APIs being deployed.

Customers also received a clear picture of the setup of each product, which was instrumental in bringing down the TAT. Customers could also accept the terms and conditions online, while monitoring the performance of APIs using real-time analytics.

Axis Bank provides a swagger-driven API documentation experience to its developer communities to maintain the conformance of the API development practice. The bank’s customer engagement also went up several notches as it applied immediate notifications and an organized ticketing system, which helped it address and resolve customer queries quickly. “Our clients can now enjoy quicker, more efficient and seamless access to our services, resulting in increased satisfaction and loyalty. This customization has truly been a game-changer, and we're thrilled with the positive impact it had on our customer relationships,” says Sameer Shetty, President & Head, Digital Business and Transformation, Axis Bank.

There is significant surge in the adoption by customers and the same is getting reflected in the Bank’s API ecosystem with highest level of customer stickiness. Axis Bank’s improved turnaround time and enhanced operational efficiency have led to customers purchasing more products, resulting in deeper and longer-lasting relationships. Further proof of success can be seen in the significant jump in the bank’s API traffic and payout and service requests.

By bringing down the corporate onboarding time, reducing the dependence on manual handoffs and increasing overall operational efficiency, the IBM API Connect Suite helped transform the corporate onboarding process for Axis Bank. “We are delighted to partner with IBM in our above quest; their tech stack powers our robust and secure infrastructure, resulting in a seamless customer experience throughout the API lifecycle,” concludes Mr. Gupta.

Axis Bank (link resides outside ibm.com) is one of the largest private sector banks in India. The bank offers the entire spectrum of services to a wide range of customer segments, including large and midsize corporations, small- and midsize enterprises, agriculture, and retail businesses. Axis Bank maintains 5,152 domestic branches, 15,806 ATMs and 2,864 center across India, enabling the bank to reach out to a large cross-section of customers with an array of products and services.

Create, Manage, Secure, Monetize and Socialize every single one of your APIs with IBM API Connect.

© Copyright IBM Corporation 2023. IBM Corporation, New Orchard Road, Armonk, NY 10504 Produced in the United States of America, December 2023. IBM, the IBM logo, ibm.com, IBM API Connect, and IBM Cloud are trademarks or registered trademarks of International Business Machines Corporation, in the United States and/or other countries. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on https://www.ibm.com/legal/copyright-trademark .   This document is current as of the initial date of publication and may be changed by IBM at any time. Not all offerings are available in every country in which IBM operates.   All client examples cited or described are presented as illustrations of the manner in which some clients have used IBM products and the results they may have achieved. Actual environmental costs and performance characteristics will vary depending on individual client configurations and conditions. Generally expected results cannot be provided as each client's results will depend entirely on the client’s systems and services ordered. THE INFORMATION IN THIS DOCUMENT IS PROVIDED “AS IS” WITHOUT ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND ANY WARRANTY OR CONDITION OF NON-INFRINGEMENT. IBM products are warranted according to the terms and conditions of the agreements under which they are provided.  

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Axis Bank: Transforming Experiences Across Platforms and Ecosystems

Axis Bank is the third-largest private sector bank in India & offers the entire spectrum of financial services to customer segments covering Large and Mid- Corporates, MSME, Agriculture and Retail Businesses. Think Design + Axis Bank envisioned several Customer Experience initiatives across Products & Services, running in its third year of partnership.

Banking & Financial Services

Web, Mobile, Kiosk

Service Design, User Research, UI UX Design

In its foray of new-age banking and focus on engaging users digitally, Axis needed a transformation which was comprehensive and created an enabling environment for its entire ecosystem.

A challenge was to rethink and build a suite of solutions which could empower all stakeholders in their journey with Next-generation banking tools, resolving user pain points, reducing paperwork, bypassing dependencies to increase efficiency and provide a great User Experience.

Although Axis had a goal to distance from “any typical e-commerce portal” an aspiration was also to provide the full functionality of e-commerce and more as per context. The bottom line was to enable superior usability, seamless digital engagement while keeping the Brand identity and ethos in place.

Our Methodology

With an approach of insight + strategy + design at our core, our engagement with Axis spelled across multiple products, platforms and interfaces keeping a sensibility of user-centered design to delight.

Stakeholder UX workshops helped all teams arrive at a shared vision for each of the different products. Multiple ideas, modules and page-level information were all converged during idea brainstorming session. While predicting business challenges and technical challenges right at the inception enabled smooth coordination at all stages.

As advocates of user-centered Design, Think Design also brought in customer/ user perspective to the portal, creating and developing user stories, journeys, features and functions that would be relevant to the users to be benefited.

Visual Branding was guided by various themes, contrasts, elements and forms which were explored along with brand guidelines to shape up a balanced visual branding for the apps. Interaction Design helped introduce those frills that would add excitement while in the process of entering and consuming transactional data. Edgy, Modern and Responsive!- every element and component was designed ground up to ensure uniqueness in character; at the same time effort was made to ensure superior usability.

UX elements and features like Navigation, Information Design, Workflows, Messaging etc. were simplified and unified for a seamless and delightful User Experience. For some of the products, the initial requirement was to design the portal responsive. However, deep-diving into user journeys resulted in a mobile-first approach and that included responsive layout.

Key interventions, 1. customer app.

Delivering unparalleled customer experience with engaging and insightful tools, building trust and credibility. Personalized product recommendations and availability of complete information, enabling customers to decide and act.

Empowering Relationship managers with a wide range of automated tools, resulting in target-based planning and performance. Personalized selling capabilities and instant customer service with a seamless sync across various work environments.

3. Self-service kiosk

Inline with Axis Bank’s new initiatives, Self Service Kiosk promises to truly empower their customers visiting the bank’s key high traffic branches. Importantly, the digital experience was envisioned to be superior to personal experience. The Design did live up to the expectations.

4. Account opening utility

Going paperless in the age-old application process is just one of the accomplishments of this new age app. It also captures details smartly and shows status transparently. A next-generation application, creating a huge impact on the life of RMs and customers, by saving valuable time and effort.

5. Credit card portal

A customer-centric, self service Credit card portal that users can use to check eligibility, apply online, upload documents and check status. The entire user journey captured in intuitable interface... further, integrations with rewards portal as a value addition became icing on the cake.

6. Rewards portal

Best in class user experience, for the first time in category. Rewards portals we never this aspirational! Strategic UX resulted in user-relevant features and functionalities such as Wish Lists, Ability to earn faster, Combine points and cash to purchase items among a host of other features.

7. Axis direct: Trading platform

Axis Bank's next generation trading platform, Axis Direct was transformed considering the emerging user segment in view: new to investment user. Thus, a simplified and intuitable platform was born that would educate, enlighten and guide its uses in accomplishing their financial goals, by providing access to information, guides and investment tools.

Design activities

User Research, Service Design, UX and UI Design, Visual & Interaction Design, Wireframing, Prototyping, Visual System, Front End Development, Dev. Coordination.

Current Status

Axis direct was launched in December 2016 while Axis Edge got launched in May 2016. Axis Rewards portal and Kiosk went live in November 2015 and April 2015 consecutively. .These launches have been garnering customer appreciation throughout!

Witness seamless customer experience design in action

Empowering relationship manager through a range of utilities., axis direct: on a mission to demystify investments., usage analytics, prototyping, ui ux design, user & design research, service design.

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Postman fuels innovation for Axis Bank with new product releases tripling

Axis Bank is an established bank that has fully embraced a digital transformation by moving to the cloud and adopting an API-first approach. Headquartered in Mumbai, it is the third-largest private-sector bank in India.

It serves the public sector, individuals, and businesses of all sizes. The financial services offered include corporate lending, investment banking, and wealth management. Axis Bank has an international presence with offices in Singapore, Dubai, Dhaka, and London.

Since 2020, Axis Bank's newly formed Digital Business and Transformation (DBAT) team has implemented considerable change, especially in API utilization. New products are all built using a microservices architecture. Postman APIs have enabled innovation for the payments app which is continually launching new financial services, for example, digital wallets for children.

Reduced development pipelines from 6 months to 1 for some products

Decreased onboarding time by 80% from 10 days to 2

Enhanced developer communication time to hours from days

The Challenge

Communication was a real challenge for the DBAT team, with API inputs and parameters being shared over Slack. It would take days to exchange information which slowed down development.

Teams across Axis Bank could not easily share API changes. A common problem for the DBAT team was inadvertently building integrations on out-of-date APIs. This proved problematic for development, delaying the release of products in the form of new bank account types and financial services.

When APIs were built, the QA team faced further obstacles in testing . The development product pipeline could take up to six months or more.

The Solution

Moving to the Postman Enterprise plan was a necessary step in the ongoing digital transformation journey of Axis Bank.

“ The Postman API Platform is a savior for collaboration. Its understanding and relationship with the developer community are unparalleled. ” Sanjay Jain , Chief Technology & Product Officer - DBAT, Axis Bank

Deploying the Postman API Platform allowed API documentation to be centralized. This has been particularly beneficial for the QA team, who can quickly leverage documentation in Postman to test APIs. And this is one of the many reasons that the timeline for the development pipeline has been shortened. When required the DBAT team can also share documents with a public URL.

Collaboration has been enhanced with Postman Collections and workspaces for the product, frontend and backend teams. Collections have streamlined the API design phase by making it easier to visualize the future state of APIs.

Now, when the DBAT team works with partners on integrations, they share collections. Postman has enabled the DBAT team and its partners to work in parallel on development using publicly published APIs.

Release cycles have been shortened as development has accelerated with Axis Bank and its partners leveraging Postman features. The number of integrations being built has increased substantially.

Testing multiple iterations of an API using data files, such as CSV or JSON, is now possible thanks to the Postman Collection Runner .

“ Postman is the one-stop API utility that provides everything on one plate that lets us cook up new products. I'm addicted to Postman, without it, I would be lost. ” Mehul Agarwal , Associate Director - DBAT, Axis Bank

The Business team can quickly and independently test, verify and sign off new releases by accessing collections. Everything is in one place with Postman, it's the single source of truth for APIs. There is no reliance on other teams which has expedited new product releases.

Postman mock servers have eliminated dependency on the DevOps team for frontend engineers. Now, mock servers spin up directly from Postman, further increasing the pace of development. Frontend engineer productivity increased as mock servers are now a base for development.

The popularity of Postman—with its 30 million users—made it the first choice for building Axis Bank's Open API platform which has a public domain.

Additionally, Axis Bank chose to build a design system using Postman. Partners can immediately use the same UI components, creating a seamless customer experience.

The Outcome

Using Postman has meant that for some products, the development pipeline has been shortened from six months to one. In Axis Bank's history, it has never had more products developed and released simultaneously.

“ Our product launches have skyrocketed with Postman because it does all the heavy lifting. Innovation has gained unprecedented momentum. ” Sanjay Jain , Chief Technology & Product Officer - DBAT, Axis Bank

In the first year of the Postman Enterprise plan being fully deployed five products were launched. In the following year, a total of ten products were released. And for the third year, at least 15, possibly more, products are set to be launched.

Axis Bank has created a 100% cloud digital journey that is totally API driven. Customers can open a bank account online in less than 30 minutes. It is an entirely automated process that has eliminated long waiting times for customers.

“ With Postman, we deliver not only on time but before time as the platform's features have dramatically improved developer productivity. ” Mehul Agarwal , Associate Director - DBAT, Axis Bank

Furthermore, a considerable amount of time is saved as changes are instantly reflected in APIs. Everyone is working on the most up-to-date API version.

If something is failing, anyone can test, which saves time as there is no reliance on other teams. Communication has improved as conversations no longer take days. Onboarding times have been accelerated from 10 days to 2 as documentation is available on one platform. In some cases, onboarding can be completed in one day.

As the developer experience has improved Axis Bank has seen tangible business benefits. One of the biggest successes has been a partnership with Flipkart that has seen more than two million Axis Bank credit cards sold.

The Postman Enterprise plan keeps on delivering for Axis Bank with ongoing support from the Postman Customer Success team and platform capabilities covering security, governance, domain capture, and more.

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See a wide selection of detailed use cases from nearly every industry on the Postman case studies page .

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The Largest Community of Influencers in India

Marketing Strategy Case Study of Axis Bank: #AxisThoughtFactory

By Rachit Sharma

Axis bank has touched the lives of people belonging to every economic status. Being titled as third largest private sector bank in India according to Indian companies. It has expanded its services to cater to every need of its customers. According to the official website , the Bank has a large footprint of 4,594 domestic branches (including extension counters) with 11,333 ATMs & 5,710 cash recyclers spread across the country as on 31st March, 2021. It always opened its gates to inculcate the technological trends in order to provide the best possible banking experience to everyone. With such great advancement in technology it made banking easy for all. But the issue of security restricted many from doing banking digitally. The way in which Axis tackled this issue started a revolution in the banking sector. Through The Thought Factory .

What is Thought Factory?

On 27 th August 2016, Axis Bank launched India’s first ever innovative lab dedicated towards banking solutions with the help of new technology in Bangalore. Thought factory is a one of its kind lab that will collaborate with startups having innovative and talented minds, to revolutionize the banking sector. In return these startups will receive guidance, funding, infrastructure, and exposure. Through the course of time, Axis Bank will, with the help of this initiative, incorporate block chain, cloud, and artificial intelligence to improve their banking services. But why does there arise a need to take such a huge step when everything is working just fine?

• Fintech companies and startups have recently gained popularity among the general public because of its convenience and use of technology.
• Banks have established a wide network of branches all over the nation and even overseas. It has helped them to have a better reach and develop customer relations. But what once seemed to be an advantage is now becoming a liability; operation cost of such a huge number of branches is way higher.  
• Feeling of security is something which everyone wants from a bank. Although digital banking is convenient but a huge number of people still don’t see it as a safe option.

Call for Action 

Axis Bank understood the gravity of this situation and took the necessary step to convert their challenge into their own advantage. Axis Bank’s Thought Factory will give them an upper hand over other banks. This will give them the focus of using these new era technologies as solutions to disruptive banking and to build something far more innovative.

This brain child of Axis Bank will give a major boost to the industry-start-up collaboration by hosting a number of events and workshops in Bangalore. It will thus make Axis a part of the FinTech Revolution taking place in India. Axis also realized the importance of influencer marketing and utilizes it to make Thought factory launch a big hit. Results were visible as #AxisThoughtFactory was trending nationwide on the day of its launch.

Using Influencer Marketing

Before going forward let’s take a look at some stats related to Influencer marketing.

• Global influencer marketing platform market size to grow from USD 0.88 billion in 2015 to approximate USD 24.1 billion by 2025, research report by Scalefluence:

• 448 million internet users in India in January 2021, a rise of 78 million users from 2020 to 2021.

Influencer marketing has turned out to be a tool of great use in this tech savvy environment; it is of great importance to reach out to your target audience. Influencer marketing is turning out to be a gamechanger in the world where traditional marketing rules are no longer relevant.

Brands have realized this potential of influencer marketing and are reconsidering their thoughts of putting a billboard as their major marketing technique. The amount of awareness and reach which is achievable through this is not possible through traditional ways. Influencers know their audience and engage with them regularly which make them trustworthy. Thus, brands can utilize this trust to promote their products. 

This pandemic has changed the world around us at a rate nobody has ever imagined. It forced us to find alternatives that are more feasible and easy to use. Influencer marketing is that alternative and the future of marketing too. This is a fact which the world is accepting to be part of this change. 

Implementation Of Influencer Marketing By Axis Bank

In order to implement it, Axis collaborated with various blogging sites to reach all the potential bloggers and social media influencers to invite them to their launch event. They majorly targeted micro and nano influencers to maximize their reach and get greater engagement. The following were the goals which Axis wants to accomplish with this strategy:-

• Awareness about their lab in the market is what they want. This will attract more and more startups to join them. 

• They specifically targeted technology bloggers to cover their event this gave them the advantage of reaching their target audience which was tech savvy startups.

Axis achieved its goals by riding on the influence of technology bloggers. And that is what made this campaign a success story. The results which they achieve say it all for them.

Popular technology bloggers attended this event. These bloggers who attended this event covered about the same on their technology blogs as well as live tweeted the event on twitter and live streaming on YouTube,  giving sneak peeks and interesting details about the event. The influencers also shared their blogs across various social media platforms to amplify the blogs’ reach. On an average, the blog posts had 1000+ views. The technology influencers we signed up with on an average have 23000+ unique page views and 3500+ twitter followers.

The hashtag used for the Thought Factory Launch event – #AxisThoughtFactory was trending nationwide on the day of the launch. 

These astonishing results proved to be of great use in gaining publicity for the event and made it reach to the target audience, hence ensuring its success.

Axis Bank’s Thought Factory campaign is a story of initiative and innovation. It’s progressive and futuristic vision have made a mark in the banking world. 

If you want to make a change, you need to understand the current scenario and the need of the hour. Making the right move at the right time is what makes you the master of your game. Accepting the change and challenging itself is what Axis bank has done.

Hobo.Video has also challenged itself and taken an initiative in making a major change in the world of Ecommerce. Here you will find live video feeds about fun topics and hottest products available online. Hobo’s social video-commerce platform is a place where your fellow mates, buyers and resellers interact with each other and find products or services best suited for you. Due to its unique approach and progressive vision it has made its own mark. Hobo also provides information on how millennials and gen Z influencers can make the best use out of social media, and can generate a steady source of income using it . If you are also an Influencer and want to grow fast then you can also be a part of the family and earn by simply registering yourself. 

Axis thought Factory campaign is just one of many examples present out there. Brands are quickly realizing how crucial influencer marketing is to reach their potential customer in a way more effective than their traditional methods. 

Check out the following case studies of brands and how they harnessed the power of social media:

Case Study: Baggit #PlayTheLifeGame Influencer Marketing Campaign

Pepsi #YourWildestDreams On Triller: Influencer Marketing Case Study

By Harneet Kaur

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Impact of Financing Policies on Loan Growth : A Case Study of AXIS Bank

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A Case Study of Axis Bank: Relationship between Empowerment and Job Satisfaction

This study aim to investigate the concept of empowerment and examine the relationship between empowerment and job satisfaction among employees of Axis Bank in New Delhi..In banking industry employee empowerment and job satisfaction are correlated , it is assumed that satisfied employee can empower the responsibilities of an organization. Employee empowerment is only possible when the employees are fully satisfied with their job so first of all we check the job satisfaction of employees which is the prime factor of employee empowerment. Hear we used Minnesota Satisfaction Questionnaire (MCQ) , the purpose of this questionnaire is know howz one feel about their current job, what are the things that satisfies employee and also the factors for dissatisfaction. On the basis of the answers of the employee ,it is easier to list up the things which satisfied employes and helps to create empowered environment. A suitable sample of employees selected from six branches of the Axis bank in New Delhi. It consists of one hundred employees. A five point Likert Scale questionnaire containing seventeen questions extracted from the short form of Minnesota Satisfaction Questionnaire (MSQ) was administered for data collection. Majorly the questions are based on personal characteristics, but the questionnaire also includes some important dimensions of organizational structure. The results of the study states that: There is a positive relationship between employee empowerment and job satisfaction. The study recommended that management should give high attention for employees empowerment in all organizations in general. Some suggestions for further research and improving were also made.

Related Papers

Oman Chapter of Arabian Journal of Business and Management Review

mehrdad goudarzvand chegini

Dr. T Seikhotinthang Haokip

According to Business dictionary, empowerment refers to a management practice of sharing information, rewards and power with employees so that they can take initiative and make decisions to solve problems and improve service and performance. On the other hand, job performance is the work related activities expected of an employee and how well those activities were executed. The study aims to investigate the relationship between employee empowerment and job performance in the banking sector in Manipur, India. Employee empowerment is widely viewed as a promising approach to improve job performance in workplace. It is a descriptive study with fifty samples chosen using stratified random sampling. The self-prepared questionnaire was self-administered to the respondents. The employees in banking sectors find that empowerment strongly influences their job performance and improves significantly. Employee empowerment can be seen as the basic component to increase job performance in the bank...

The Relationship between Employee Empowerment and Job Satisfaction

Abdul Malek Manik

The main objective of this study was to establish whether there is a relationship between employee empowerment and job satisfaction of employees working private commercial bank of Bangladesh. The sample was 100 employees from the top private commercial bank in Bangladesh. The questionnaire, comprising 20 elements of employee empowerment and 21 elements of job satisfaction, was used for the collection of data. The questionnaire was distributed among the employees of private commercial bank in Chittagong region. SPSS was used for the analysis. Correlation results indicate that indicate that employee empowerment and job satisfaction had a positive and significant relationship. The result of regression analysis reveals that the model is significant and employee empowerment leads toward higher level of job satisfaction. Finally T-value indicates that there is a highly significant relationship between employee empowerment and job satisfaction in private commercial banks of Bangladesh. Keywords: Employee Empowerment, Job Satisfaction, Private Commercial Bank.

Muhammad Jasim Jawad

IAEME Publication

Empowerment means encouraging the people to make decisions with least intervention from higher management. Employee empowerment is defined as giving the power to employee to make decisions. It is form of freedom in which employee takes decision to ensure maximum satisfaction to organization. Empowerment is the initial, fundamental and enhances the productivity. Employees are the assets of organizations. Implementation of empowerment programs seems to be the biggest challenge organizations face. The organization has the responsibility to create a work environment which helps foster the ability and desire of employees to act in empowered ways. The implementation often takes years, especially if the organization has a bureaucratic culture. It also seems that empowerment implementation efforts are often haphazard. Employee empowerment is proper procedure to compete the capability of worker for enhancing their commitment and achievement of growth and success of organization

Haroon Ameer

Zakkariya KA , Elizabeth George

The present study explains how empowerment is perceived by employees in the service sector based on an empirical study conducted in the banking sector. The study also examines the level of psychological empowerment and its cognitions – meaning, competence, self-determination and impact among employees of different sectors of banks. 337 employees from private sector, public sector and new generation banks participated in this study. One way ANOVA was conducted to find out whether psychological empowerment and its cognitions vary on the basis of three different sectors of banks. Post-hoc test was conducted to find out which sector differs significantly. The findings from the study indicate that employees’ psychological empowerment does not differ on the basis of different sectors of banks, but there is a difference in cognitions of psychological empowerment. It was found in meaning cognition and impact cognition of employees.

INTERDISCIPLINARY …

Ahmed Imran Hunjra

European Journal of Business and Management

Hadiza Abubakar

ali alimadadi

Present paper aims to identify affecting factors on employees' empowerment in Mellat Bank and to determine the rate of the impact by each variable (organizational condition, managerial strategies and self – efficiency resources). This study is a correlation – type descriptive research. Its population includes Mellat Bank personnel and its sampling method is random – multistep. The method to collect data is questionnaire. The results of statistical analysis show that the ratio of managerial strategy variable with such indicators as group building, information sharing, independence, contributive climate and authorization impacts on empowerment is 75%. The ratio of organizational conditions with such indicators as goal setting, awarding, preparing the resources, organizational structure and performance appraisal impacts on empowerment is 89% and the ration of self – efficacy resources variable with such indicators as emotional stimulation, supporting and pattern setting impacts on empowerment is –8%. Hence, the best affecting variable is organizational condition and the worst one is self – efficacy resources. According to the ratio of affecting factors, banks can implement those plans that increase the capabilities, capacities and abilities of their personnel in order to empower them. Devising and executing such plan can help to improve the performance and to meet banking goals.

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Validate Axis Bank’s new website design, test the usability of their digital platforms, to boost engagement.

Industry: Banking

Platform: Mobile

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To provide a stronger understanding of their customer expectations and build better strategies to engage customers.

Challenge faced by Axis Bank

Cross selling products like credit cards, debit cards, etc. to banking customers through online platforms.

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