Axis Bank Partners with OPEN to Launch a Fully Digital Current Account

Axis Bank has partnered with OPEN to provide a fully native digital current account journey for its customers including SMEs (small and medium enterprises), freelancers, homepreneurs, influencers and more. This has been the bank’s first-ever partnership with a fintech player to launch a fully digital current account. 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.

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Aim of This Move:

The partnership is aiming to offer access to Axis Bank’s holistic banking services coupled with OPEN’s end-to-end financial automation tools for business management like payments, accounting, payroll, compliance, expense management and several other services to a larger business community.

Significance of This Move:

• This digital current account product claims to help customers to 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.
• According to a company statement, the contactless account opening process that takes away the hassle of paperwork with a zero document upload feature makes this product significantly different from others in the market.
• Additionally, it has stated that through this account, customers can avail of more than 250 banking services and claim up to 50 percent cashback through grab-deals.
• The partnership will benefit all existing Axis bank account holders and also get access to OPEN’s all-in-one digital banking platform.