Digital current accounts adopted by Axis Bank following the OPEN Partnership

Axis BankIndia’s third largest private sector bank has partnered with the digital banking business, OPEN, to provide its customers with a fully embedded digital current account journey. This includes SMEs, freelancers, home entrepreneurs, influencers and more.

This partnership gives the larger business community access to Axis Bank’s end-to-end banking experience combined with 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 as a result of the authentication process being completely digital using PAN and Aadhaar followed by a Video KYC.

Access to digital banking services

The convenience of a contactless account opening process that removes the hassle of paperwork with a zero document upload feature makes this current account product significantly different from others on the market.

Using this account, customers can avail of 250+ banking services and claim up to 50 percent cashback through purchase agreements.

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

Sameer Shetty is president and head of digital operations and transformation at Axis Bank. He said, “At Axis Bank, we believe in putting the customer at the center of all our endeavours, while generating shared value for all stakeholders in the ecosystem. We have continuously worked with innovation-led partnership models to offer digital banking solutions to customers. In this effort, we are pleased to have partnered with OPEN to offer a one-stop banking solution for businesses.”

Speaking of this partnership, OPENS co-founder and CEO, Anish Achuthanso:

“We are very excited to be the first fintech to partner with Axis Bank to launch a complete digital current account journey for customers. Business banking opens up to newer and niche segments like home entrepreneurs, influencers etc. We look forward to creating customized products for them in collaboration with Axis Bank. We will further work on integrating value-added services such as term loans, income-based financing and more for these users.”