Digital Current Accounts Adopted by Axis Bank Following OPEN Partnership

Axis Bank, India’s third largest private sector bank has partnered with the digital banking enterprise, OPEN, to provide a fully native digital current account journey for its customers. This includes SMEs, freelancers, homepreneurs, influencers and more.

This partnership offers the larger business community access to the Axis Bank holistic banking experience coupled with the OPEN end-to-end financial automation tools for business management including payments, accounting, payroll, compliance, expense management and several other services.

This is Axis Bank’s first partnership with a fintech player to launch a fully digital current account. Following the announcement, the product is now live on OPEN’s open.money website.

This digital current account product will help customers save a significant amount of time and effort. This is a result of the authentication process being completely digital using PAN and Aadhaar followed by a Video KYC.

Accessing digital banking services
Sameer Shetty, president and head – digital business and transformation at Axis Bank
Sameer Shetty, president and head – digital business and transformation at Axis Bank

The comfort of a contactless account opening process that takes away the hassle of paperwork with a zero document upload feature, makes this current account product significantly different from others in the market.

Using this account, customers can avail 250+ banking services and claim up to 50 per cent cashback through grab-deals.

With this partnership, all existing Axis bank account holders also get access to OPEN’s all-in-one digital banking platform that is used by over 30 lakh businesses currently.

Sameer Shetty is the president and head – digital business and transformation at Axis Bank. He said: “At Axis Bank, we believe in putting the customer at the centre of all our endeavours, while also generating shared value for all stakeholders in the ecosystem. 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.”

Anish Achuthan, co-founder and CEO at OPEN
Anish Achuthan, co-founder and CEO at OPEN

Speaking about this partnership, 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 etc. We look forward to creating tailored products for them in partnership with Axis Bank. We will further work on integrating value-add services like term loans, revenue-based financing and more for these users.”

  • Francis Bignell

    Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

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