Case Study: Go for growth with Axis Bank

For more than 30 years, Axis Bank has been synonymous with banking excellence and sustainable growth. The bank has consistently delivered value through innovation and change. Its commitment to inclusivity, an open approach to new opportunities and partnerships has enabled it to stay ahead of the curve and offer exceptional banking solutions.

TSYS has been a partner to Axis Bank for two decades, supporting its mission of customer service excellence. Our industry-leading payments stack — PRIME^SM — seamlessly integrated with Axis Bank's broader ecosystem, partners, and channels.

Powered by TSYS's flexible and API-driven technology, Axis Bank rolled-out innovative solutions that support responsible credit and digital payments on the go. This agility has enabled the bank to meet the evolving needs of 'Digital India'.

Axis Bank has been recognised as the ‘Most recommended Retail Bank in India’ and ‘Most helpful Bank during COVID-19 in India’ and also stood ‘4th in Asia Pacific’ as per the Asian Banker’s Bank Quality Consumer Survey. In 2023, the bank completed the acquisition of Citibank India’s consumer business. Currently, Axis Bank is a top 4 credit card player in India with an attained CIF (Cards in force) market share of 14% running on TSYS’ PRIME payments stack.¹

Platform for growth and strategic consolidation

TSYS’ modern architecture allows for scalability and resilience for partners leveraging the power of PRIME, and proved the obvious platform for Axis to trust in further growth opportunities and cost efficiencies when acquiring and consolidating the Citibank consumer credit portfolio.

“PRIME has demonstrated its strong capabilities as an enabler for strategic consolidation of our multiple cards, payment products and innovative services. We are delighted with the recent seamless migration of the Citibank portfolio of an additional 5 million cards onto PRIME. This accomplishment is a significant testament to the strength and reliability of the platform. We are excited to welcome former Citibank customers to a world of new possibilities with enhanced digital payment opportunities,” said Avinash Ragavendra, President IT, Axis Bank.

Drawing on TSYS’ migration expertise, interoperability and data mapping model, the team at Axis Bank was able to avoid any impactful disruptions to Citibank customers and ensure a robust customer experience while migrating from Citibank’s legacy platform. 

Citi cards and associated rewards were seamlessly migrated²

Shared values of teamwork and customer centricity continue to be reflected in the Axis and TSYS partnership on a day-to-day basis. As TSYS scaled and merged with Global Payments to become a 27,000 strong team, customers remained at the heart of everything TSYS does, a mantra closely aligned with Axis Bank’s core values.

Continues to maintain strong position in Digital Banking

Axis Bank launched its ‘Growth, Profitability and Sustainability (GPS)’ strategy combining sustainable banking practices with innovative and intuitive technology solutions to extend their digital capabilities and reach to the unbanked and underbanked.

WhatsApp presented a strategic personalisation engine for a broader audience and an accessible tool to deepen customer relationships and engagement. WhatsApp has since been fully integrated with Axis Bank cards on PRIME, along with an array of other Axis Bank products including integration with the bank’s chatbot for FAQ handling.

Integrated cardholder experiences have also been amplified with cardholder controls through the Axis Mobile app which is one of the highest-rated mobile banking apps globally on the Google Play Store. Axis Bank’s digital first approach is driving forward financial inclusion and a differentiated customer experience — an approach that TSYS with its API-centric architecture is primed to support.

No standing still, future first

A decade ago, India was the 10th largest economy in the world. It is now set to be the third largest economy with a GDP of $5 trillion in three years. While financial inclusion efforts have been driving positive change, the growing economy has also led to a significant accumulation of wealth among high-net worth individuals.

With an intent to offer tailored financial services across the spectrum of customers in India, Axis Bank launched ‘PRIMUS’ — the first credit card proposition for ultra-high net worth individuals in 2024. It amplifies its diversity of financial services and continued efforts to enhance customer lifestyles with a suite of personalised benefits.

Continuing its fast-paced agility to keep forging ahead, Axis Bank has also been actively transitioning its enterprise tech to microservices and multi-cloud technology to be future-ready for new opportunities. The bank’s transition to MACH — microservices, API-first, cloud-native, and headless architectures — is an area where TSYS’ own modernised architecture and PRIME’s digital framework is able to amplify and aid the bank’s sustainable future growth strategy with diversified payment products, industry collaborations and evolving digital customer journeys.

“Axis Bank’s growth journey has been an exciting one and the consolidation of its Citi credit card portfolio this year marks new milestone in terms of growth, and the reach of its positive impact in India with PRIME enabled solutions and digital experiences,” said Malek Mroueh, Regional Head, Asia, Middle East & Africa, TSYS.

Sources
1. https://www.axisbank.com/annual-reports/2023-2024/pdf/welcome-to-axis-bank.pdf
2. https://www.axisbank.com/docs/default-source/default-document-library/forward-together/customer-handbook-migration-of-citibank-customers-onto-axis-bank-digital-platforms.pdf