Axis Bank joins BIAN to Transform its Architecture for the Customer of the Future

The financial service leader brings a wealth of regional knowledge to the not-for-profit association 

The Banking Industry Architecture Network (BIAN), an independent, not-for-profit ecosystem formed of leading banks, technology providers, consultants and academics across the globe, today announced that India’s third-largest private sector bank, Axis Bank has joined the organization, becoming the first BIAN member in India. As a member, Axis Bank aims to future-proof its technology architecture, as it looks to develop new services aligned with the needs of its customers.   

Axis Bank offers the entire spectrum of financial service offerings to customer segments, including large and mid-sized corporates, MSMEs, agriculture and retail industries. The bank has a large footprint of 4,700 domestic branches across India as on 31st December 2021, and has overseas operations spread over eight international offices with branches in Singapore, Dubai (at DIFC) and Gift City-IBU; representative offices at Dhaka, Dubai, Abu Dhabi and Sharjah. The bank’s international operations focus on corporate lending, trade finance, syndication, investment banking and liability businesses.   

We’re extremely proud to welcome Axis Bank, as the first bank out of India, to our growing organization”, said Hans Tesselaar, Executive Director, BIAN. “Due to the scale of their business, Axis will bring a wealth of perspective to BIAN. The organization has a collective knowledge of many technologies and domains, which our members will all benefit from immensely. BIAN will also benefit from Axis India perspective and regional knowledge.”  

  As one of India’s leading financial services providers, Axis Bank was attracted to BIAN because of its comprehensive industry reference models, API Exchange, and proof-of-concept projects. These projects include the recently launched Coreless Banking Initiative, which promotes a more efficient and effective approach to modernizing banking software.   

“As the financial services industry continues to adapt to changing market conditions, digital transformation has acted as a north star for many organizations”, says Avinash Raghavendra, CIO, Axis Bank. “Banks like Axis, who have been leaders and change agents when it comes to modern banking architectures, need to constantly ensure best in class standards and adopt a framework that enables the bank to deliver at speed and scale. This is why we’re excited to be joining BIAN, an organization we have admired for many years. BIAN has a tremendous impact on the industry and has a well-defined framework that resonates well with our strategy. It will help the bank accelerate its thought process, approach, and execution aligned with its vision. We’re proud to be part of the journey.”   

 


About BIAN 

Established in 2008, the Banking Industry Architecture Network (BIAN) is an independent, member owned, not-for-profit association, designed to build and promote a common architectural framework for banking interoperability issues. BIAN’s goal is to define operability and semantic definitions for IT services in the banking industry. 

The community of over 80 members focuses on creating a standard semantic banking services landscape, while ensuring consistent service definitions, levels of detail and boundaries. This will help banks to achieve a reduction of integration costs and take advantage of a service-oriented architecture. 

Financial institutions, software vendors, and system integrators, along with technology partners, are invited to join the association and play a collaborative role with other industry leaders in defining, building, and implementing next-generation banking platforms. 

About Axis Bank 

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,700 domestic branches (including extension counters) and 11,060 ATMs across the country as on 31st December 2021, the network of Axis Bank spreads across 2,665 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.  

For further information on Axis Bank, please refer to the website: https://www.axisbank.com  

 

 

About Lisa Baker, Editor 2305 Articles
Lisa Baker is the Editor of Always Finance, and writes about Business, Finance Technology and Healthcare. Lisa is also the owner of Need to See IT Publishing.