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Axis Bank to focus on mobile banking

Axis Bank will explore ways to deliver more banking services through mobile banking to tech-savvy customers. At the same time, the bank will have a stronger focus on boosting unsercured portfolio for better returns. Jairam Sridharan, president, Retail Lending Payments of the bank said the bank is now increasingly focusing on growing unsecured advances in order to improve yields and market share. He said the bank has put in lot of energy and efforts in building a right model to drive growth in the unsecured portfolio as the business is prone to losses without good underwriting and collection mechanism. He said the strategy is centered round selling credit cards or personal loans to existing customer base. Existing customers account for about 75% of its personal loan book and 100% in the case of credit cards. Share of unsecured portfolio is 9%, and the bank intends to increase it to 15% over the next three years. Sridharan said the bank is also focusing on salaried class, particularly in two south cities – Chennai and Bengaluru, which account for a third of its total unsecured advances. Next quarter will see the bank rolling out more such features for its mobile-savvy customers, he said.

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