By now the proceedings of Gyan Sangam 2015 would have been over. Peer recognition in any field is a valuable feedback tool.
At Gyan Sangam 2015, one of the innovative Indian Banking products taken up for discussion was “Axis Bank - the Mobile Youth account Retail banking Product design based on life insights”
Axis Bank launched this project way back in November 2012. At that time, this product was way ahead of its similar products.
7 Innovative features of the Axis Bank Mobile YOUth Account
01) The target group is 18-25years i.e Youth who have just entered college and are willing to try out new features.
02)Personalized images on Debit Cards. This feature was later adopted by many Indian Banks.
03)Personalized Debit Card offers linked to their lifestyle
04)Mobile to Mobile Transfer. Way ahead of its time, YOUth account holders could transfer funds to other Axis Bank accounts just by keying the registered mobile numbers. This encouraged YOUth account holders friends to open accounts with Axis Banks.
05) Autopull amounts up to a predefined limit from linked accounts. A very pioneering feature as reduced the dependence of the sender to transfer funds.
06)No concept of Minimum Balance. This translated into high average balances rather than low average balances.
07)Mobile recharge through a dedicated YOUth account App
Read here for a Case Study on the launch of Axis Bank YOUth Account