Axis Bank, India's third largest private sector bank, in a partnership with Max Life Insurance, has today announced the launch of a first of its kind financial planning app that will enhance the customer's life insurance purchasing experience.

The app furthers the Axis Bank vision ''to be the preferred financial solutions provider excelling in customer delivery through insight, empowered employees and smart use of technology'' and is another addition to the long list of digital powered tools launched by Axis Bank.

This new application is designed to enable policy issuance in less than 4 hours. The digital initiative also involves latest analytics tools that will ensure that Axis Bank and Max Life are able to offer customized life insurance solutions after complete understanding of life stage needs of their customers. The tool works seamlessly across the bank and the insurer and leverages huge improvements in operational efficiency to make this possible.

Rajiv Anand, group executive & head, retail banking, Axis Bank said, ''A tablet-based financial planning app is yet another milestone in our journey to offer digital solutions with customer needs being the epitome of all our sales efforts. Our focus has always been on improving customer experience and enhancing value for customers. The launch of this app will further help us in identifying the customer’s needs and constraints and then offer the best product to realize those goals. We will also be able to provide a straight through process with minimal paperwork with the customer interacting with just a single person instead of 6 in the current process.''

Ashish Vohra, senior director & chief distribution officer, Max Life Insurance said, ''We have always believed in following need based sales process to offer long-term savings, protection and retirement solutions to our customers. Through this financial planning app, we are now able to utilize the latest technologies to speed-up and ease the processes for our customers. The process enables us to leverage smart customer analytics to offer a wider spectrum of customized offerings which will help Axis Bank in creating and protecting wealth for their customers'', added Vohra.

Shares of the bank gained Rs 1.45, or 0.26%, to trade at Rs 556.25. The total volume of shares traded was 66,055 at the BSE (9.44 a.m., Tuesday).