Non-residential Indian (NRI) clients represent exciting opportunities for the future says Krishnamurthy. As Axis bank scales to meet the increasing wealth of NRI customers, the intent is to make transactions as convenient as possible with the help of a digital platform.
Geographically, one-third of the NRI clients of the bank are in the Gulf Cooperation Council (GCC). North America − between the US and Canada − represents the second highest segment of clients. The bank also has a robust NRI presence in UK, Singapore, Australia and the Asia Pacific.
Krishnamurthy says customer needs have changed significantly with their increased understanding of the financial markets. Five years ago clients were only interested in plain vanilla fixed deposit accounts, but now they are looking for NRI pro-deposits, mutual fund investments, equity opportunities and loans for buying real estate in India.
Krishnamurthy believes digital solutions are imperative for serving NRI customers, and offers clients it’s “Pure Play Online” platform for mobile and internet banking.
The bank has five percent market share of the NRI business and considers it an essential sector with the growth potential of twenty-five percent per anum.