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Axis Bank partners with OPEN to launch a fully digital current account plan for SMEs

By Leandra Monteiro

January 10, 2023

  • Axis Bank
  • Current Account Plan
  • Digital Transformation
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Axis BankAxis 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 including SMEs, freelancers, homepreneurs, influencers and more. This is Axis Bank’s first-ever partnership with a FinTech player to launch a fully digital current account. The product is already live on OPEN’s website.

Commenting on this partnership, Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank said, “At Axis Bank, we believe in putting the customer at the center of all our endeavors, 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.”

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

This digital current account product will help customers save a significant amount of time and effort, as the authentication process will be completely digital using PAN and Aadhaar followed by a Video KYC. 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% cash back 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.

Speaking about this partnership, OPEN’S Co-founder & 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. and 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.”

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