Axis Bank has launched the ‘one-view’ feature on its mobile application which enables account management across multiple bank accounts, including non-Axis accounts.
The feature has been launched using the open banking principle leveraging the account aggregator (AA) ecosystem—an industry-first initiative, the private sector bank said.
AA or data aggregator platforms provide secure sharing of information while maintaining customer consent and data privacy.
Customers can link their non-Axis Bank accounts and get a comprehensive view of their balance, transactions and statements on a real-time basis, thus simplifying the process of managing finances and providing access to multiple bank accounts on one platform.
The feature will eliminate the need for multiple mobile banking applications and also allow customers to download and e-mail transaction details from their linked accounts, the bank said.
“This proposition offers a seamless banking experience and provides convenience to customers by eliminating the need for multiple mobile banking applications. We believe this is transformational and a step further towards the future of banking,” said Sameer Shetty, President and Head – Digital Business and Transformation, Axis Bank.
He added that the AA framework is scaling up rapidly and Axis Bank has been an early investor in the ecosystem. This has helped it build the technology stack to operationalise its AA framework and offer a seamless, customer-friendly experience.
Axis Bank currently offers instant personal loans, credit cards, auto loans, and small business loans through the AA ecosystem, that are completely digital and paperless, both for existing and new customers.
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