Axis Bank’s apps for corporate clients ICICI Bank’s mVisa service

Axis Bank, the country’s third largest private sector bank, has rolled out a slew of mobile banking applications for its corporate clients.

Srinivasan Varadarajan, executive director-corporate banking, Axis Bank, said these digital offerings would also help the bank grow its corporate customer base.

“These are products on which the return on capital and return on equity are very high. Our focus is to grow this business at an attractive pace.

And by allowing them mobility of transaction, we believe that these businesses will grow more which will increase the wallet share and stickiness.” The bank has launched four key solutions for its corporate clients — tab-based internet banking solution, pay connect, trade finance connect and forex connect.

The lender said these applications were more convenient and would allow its corporate clients a faster turnaround time.

According to the bank, it was the first lender that has moved the entire gamut of corporate banking transactions online.

Varadarajan said the gross revenue from transaction banking was upward of one billion dollars annually and accounted for 30 per cent of he bank’s fee income. Corporate banking accounts for 46 per cent of the total advances.

At present, 47 per cent of the bank’s transactions are on the digital platform. About 12-13 per cent of the total transactions would be through mobile.

According to Reserve Bank of India data, for July, Axis Bank recorded ~2,590crore worth of mobile banking transactions. ICICI Bank has launched a service that will allow customers to to make electronic payments from their smartphones at physical stores, ecommerce and other deliveries at home, radio taxis and utility billers etc. This offering is based on ‘mVisa’, a new mobile payment solution from Visa.