Press Release
AU Small Finance Bank, one the fastest growing technology-driven bank, shared its key digital initiatives, including an industry first, at ‘AU Tech Trends-2019’. The launch ceremony of AU Bank’s 3-in-1 Savings, Demat & Trading Account in association with Motilal Oswal Financial Services Limited (MOFSL) was also held at the event that was organized at hotel ITC Rajputana after the 24th Annual General Meeting of the Bank.
The 3-in-1 Account brings together the twin benefits of higher interest rates of AU Bank Savings Account and research driven advisory from MOFSL trading account. It offers hassle-free customer experience of opening a trading & demat account without any involvement of paperwork. As opposed to the traditional account, this account opens immediately so that the customer can transfer funds and start trading within minutes of opening account.Besides, with 30 years of equity expertise and proven research capabilities of MOFSL, customers will receive great advisory to take informed investing decisions.
Speaking on the launch of this product, Mr. Ajay Menon, MD & CEO, Motilal Oswal Financial Services, said, “AU Small Finance Bank has a long standing record of more than 2 decades in the finance industry. And MOFSL has been into equity advisory for more than 3 decades. Hence MOFSL & AU Bank coming together is definitely a value proposition for the clients who choose to partner with us via this 3 in 1 account. We are glad to tie-up with AU Bank and both the companies wish to achieve the objective of great customer services.”
While highlighting the Bank’s focus on customer convenience, Mr. Ankur Tripathi, Deputy CTO of AU Bankannounced an industry first initiative of AU Bank. He shared, “Now, we are extending the convenience of Tab-based account opening to Current Accounts and FDs.AU Bank has been opening over 90% of Savings Accounts at the convenience of customers’ location through a Tablet device. However, with a more complex product like Current Account being opened through tab, we are taking customer convenience to a whole new level.”
Speaking on the occasion, Mr. Sanjay Agarwal, MD & CEO, AU Small Finance Bank, said, “In our two-decade long experience, we have learnt that whatever be the product or solution, it won’t be useful if is not designed keeping customer needs and challenges in mind. As we realized that technology can simplify customer interface to a large extend, we started building our solutions around it. All ourtechnology-innovations andthe 3-in-1 Account in association with MOFSL are important landmarks in our journey to simplify banking through digital solutions. We are optimistic this will enhance the way people see banking in India.”
Another important initiative lead by AU Bank is end-to-end digital processing for faster disbursal of two-wheeler loans. These loans have been made absolutely paperless which has made it possible for customers to buy a bike within 120 minutes. Furthermore, while traditionally banks offered Cash Management Services (CMS) to bigger businessmen and the frequency of collection was pre -decided, AU Bank is now providing a solution through EasyCashCollectionApp. Now retailers only need to download this app and ask for a doorstep cash or cheque pick-up service anytime. Besides,features of enhanced Corporate Net-banking, Missed Call Banking, Chatbot, Mobile Banking and internet Banking were also discussed on the occasion.
Important customers, technology partners and select investors of AU Bank were present the event.
About AU Small Finance Bank:
AU Small Finance Bank Limited (AU Bank) is a Fortune India 500 Company. AU Bank happens to be the only scheduled commercial bank originating from Jaipur with 500+ touch points operational across 11 states of North, West and Central India and a team of 12,600+ employees. AU started its journey in the year 1996 as an NBFC, Au Financiers and under the aegis of Reserve Bank of India, for the last two decades, it worked relentlessly as a retail focused, customer centric premier and trusted asset financing NBFC. It touched over a million plus underbanked and unbanked customers, prior to becoming a bank in April 2017
Long Term Credit Rating: AA- / Stable (India Ratings)
Short Term Credit Rating: IND A1+ (India Ratings)
Web: www.aubank.in | twitter: @aubankindia | facebook: https://www.facebook.com/aubankindia/
About Motilal Oswal Financial Services Ltd:
Motilal Oswal Financial Service Limited started as a stock broking company and has blossomed into well diversified firm offering a range of financial products and broking services in equity, commodities & currencies. It has a diversified client base that includes retail customers (including High Net worth Individuals), mutual funds, foreign institutional investors, financial institutions and corporate clients. MOFSL’s core purpose is to be well respected and preferred global financial services organization enabling wealth creation for customers. Research is the solid foundation on which Motilal Oswal Financial Services, advice is based on. MOFSL’s research has received wide media coverage and consistently won awards, showcasing company’s strong research capabilities. This includes being awarded ‘Best Performing National Financial Advisor – Equity Broker’ for six years at the UTI-CNBC TV18 Financial Advisor Awards, CNBC TV18-Stan Chart – Brand of The Year Award 2018, Moneycontrol Wealth Creator Award – Best Broking Business Of The Year -2018.
Research is the solid foundation on which Motilal Oswal Financial Services. It has a diversified client base of ~1.3 million. MOFSL’s core purpose is to be a respected and preferred global financial services organization enabling wealth creation for its customers.