Axis Bank Ltd. is advancing its AI transformation beyond basic automation to AI-led personalisation, with CEO Amitabh Chaudhry revealing the bank is experimenting with AI and customer data to move towards highly personalised banking services. Speaking at the Global Fintech Fest 2026 in Mumbai, Chaudhry emphasized that the bank processes approximately 3,500 UPI transactions per second and has data on 45 crore Indians, creating a massive pool for building customer intelligence. The bank expects AI-led personalisation to become part of its business within the next four quarters, representing a significant evolution from its previous strategy of maintaining growth without rapid headcount increases.
The bank has already demonstrated productivity improvements through its technology initiatives, opening approximately 400 branches in fiscal 2026 while its net headcount decreased 3% from the previous year. As reported by Bloomberg Television, Axis Bank had more than 101,000 employees at the end of the fiscal year ended in March. The bank's cost-to-assets ratio improved by 18 basis points during the last fiscal year, indicating the bank is generating more business with fewer employees relative to its asset base. CEO Chaudhry noted that the bank's hope is that there is no need to continue to increase the headcount at the same pace as before, signaling slower hiring even as India's third-largest private lender scales up its business.
Chaudhry warned that the gap between larger and smaller banks will only increase as AI adoption accelerates, as banks with larger customer bases and more transaction data could have significant advantages in building AI systems. Speaking at GFF 2026, he noted that smaller banks may struggle to match the scale of data and market share required for effective AI implementation. The bank ranks behind private sector rivals such as HDFC Bank Ltd. and ICICI Bank Ltd. in terms of assets and completed the acquisition of Citigroup's consumer business in India in 2023. Chaudhry emphasized that the bank may be able to keep headcount at roughly the same level and still grow the business at a steady pace, leveraging technology investments to support expansion without similar staff expansion.
Major global lenders have warned about AI's potential to reshape workforces, with JPMorgan Chase & Co. CEO Jamie Dimon stating in December that the technology will eliminate jobs. According to Bloomberg Television, Citigroup's CEO Jane Fraser noted that some jobs will no longer be required, while Goldman Sachs Group Inc. President John Waldron referred to employees as a "human assembly line" ripe for automation. Chaudhry emphasized that while some roles may be eliminated, the bank will focus on redeployment and retraining employees to adapt to new technologies. He noted that I don't think any employees will be let go aside from those who are underperforming, and that with the advance of AI, new roles will emerge that are different from current ones, requiring employees to pivot and pick up these new technologies and platforms.
