Axis Bank is a year and half into a multi-year technology transformation programme driven in large part by intelligent automation. The bank, India’s third largest in the private sector by total assets, has adopted agile methodology with multiple cross-functional squads working on over 220 high-priority, organization-wide transformation projects.
As of March 2021, more than 100 projects were fully completed, and they have delivered promising outcomes in the form of reduced turnaround times, improved productivity, and better customer experience. For example, the corporate banking business has been able to cut the loan approval time to around a quarter of what it used to be, even as the productivity of relationship managers has more than doubled.
The bank invested in modernizing the core systems, scaling up the cloud portfolio for supporting the real-time business models, and building resilience across its operations. For example, the bank has a cloud-first approach for its digital banking platform, and has over 50 initiatives on cloud.Intelligent automation has been at the core of these transformation projects. It is not only the biggest driver for operational excellence, but also a powerful strategy tool to deliver on the growth, profitability, and sustainability goals.
“The pace and application of automation has changed dramatically over the last few years. Adoption of intelligent automation initiatives coupled with large-scale digitisation is helping us solve complex problems at a faster time frame,” says Axis Bank executive vice-president and head of information technology Avinash Raghavendra.