In collaboration with Ascendion, a leader in AI-driven software engineering, Axos Bank’s Zenith platform is set to incorporate innovative features that streamline banking operations and offer personalized services to its users.
Ascendion and Axos Bank have partnered to revolutionize digital banking for high-net-worth individuals and accounting professionals with generative artificial intelligence (AI) capabilities.
Ascendion will utilize its AI-driven engineering systems to enhance Axos Bank’s bookkeeping and payment offering as well as customer experience. Central to this approach is the Ascendion AVA (A.AVA) platform, which integrates intelligent agents throughout the development lifecycle to boost productivity, quality, and transparency.
Additionally, the platform leverages self-healing algorithms designed to enhance system reliability and performance. They proactively monitor and analyze system activities to detect anomalies and potential issues before they impact users. By employing predictive automation and service orchestration, self-healing algorithms can autonomously address and rectify problems, minimizing downtime and reducing the need for manual intervention. This approach not only ensures continuous uptime but also streamlines operations, leading to a significant 80% reduction in security incidents and a 15% decrease in testing cycle times.
The innovations will apply to Axos’ Zenith platform. Zenith is a comprehensive solution that handles accounting, cash management, bill payment, payroll, relationship management, and integrated banking. To provide substantial additional value to users and their end clients, the platform will leverage AI and predictive analytics, enabling it to offer smooth, intuitive interactions that reshape how clients manage their finances. Besides, the new platform will simplify workflows, cutting down the time and costs associated with routine business management tasks.
Furthermore, the turnkey nature of Zenith’s technology will help Axos stand out and capture more market share with its unique offerings. As of the fourth quarter of 2024, Axos Financial Inc., the holding company for Axos Bank, Axos Clearing LLC, and Axos Invest, Inc., holds approximately 1.20% of the total market share in the financial sector, based on total revenues. Within the S&Ls Savings Banks industry, the company commands a more substantial share of about 31.12%.
Karthik Krishnamurthy, CEO at Ascendion, emphasized that the partnership was not solely focused on technology but aimed to transform lives through agentic AI. He stated that Ascendion and Axos Bank were paving the way for a future where banking would be faster, smarter, and more human. Krishnamurthy also expressed gratitude for the trust shown by Axos Bank’s leadership and highlighted that the collaboration demonstrated Ascendion’s dedication to leveraging engineering and AI to benefit clients. He noted that the partnership aligned with Ascendion’s mission to make a positive impact on lives through technology.
