Axos Bank is revving up its AI initiatives and technology acquisition strategy as consumer demand shifts toward high-tech banking.

The $24 billion digital bank on May 6 announced a partnership with AI-powered embedded lending platform OttoMotto to streamline onboarding for auto dealer clients. Axos in February tapped AI-driven software engineering firm Ascendion to add consolidated cash management, payroll and accounting capabilities to Axos’ Zenith digital banking platform.

Axos plans to continue adding capabilities as clients become increasingly interested in digital tools, Jennifer Taylor, head of commercial digital at Axos, told Bank Automation News.

“Our approach to product development will evolve over the next five years,” Taylor said. “While we must continually evaluate what works best for the bank, I foresee Axos embracing new technologies faster. As our clients become more technologically savvy, the rate at which they adopt new products will likely accelerate, which means we will be able to bring more innovative solutions to them.”

BAN sat down with Taylor to discuss Axos Bank’s tech strategy and more. What follows is an edited version of the conversation.

Bank Automation News: With your background in commercial banking and digital transformation, how do you integrate the insights and strategies you gained from previous roles in developing innovative digital banking solutions at Axos Bank?

Jennifer Taylor: I have learned the value of simplicity. When I think about our strategic digital goals, they all lead back to the client, whether we are ensuring the optimal digital experience, gaining speed by driving efficiency, intelligently enhancing security or achieving growth through innovation. Having a deep understanding of our clients, their objectives for success, and anticipating their product and UX needs always leads my team back on the right path.

Balancing new tech with our strategic goals is an important check we perform regularly. My team continuously explores new technologies or innovative ways to solve problems, and we remain focused on strategic goals and how innovation can elevate our solutions rather than finding a way to fit technology into our solutions.

BAN: With AI and machine learning rapidly advancing, how is Axos Bank incorporating these technologies into its digital offerings?

JT: Exploring and experimenting with new technologies is part of what keeps our team sharp and productive. Currently, we are leveraging AI and ML to help clients learn how to use our products. We are also learning from our technology providers and partners who leverage AI themselves.

BAN: The line between fintech and traditional banking is blurring. How does Axos Bank approach collaborations with fintech companies, and what key factors do you consider when integrating fintech solutions into your banking ecosystem?

JT: We evaluate this on a case-by-case basis. How we assess solutions that our clients might engage with versus how we assess an internal tool is very different. Generally speaking, we would consider partnering with a fintech if the technology is best in breed and therefore more effective to partner than to build. As with any potential partner, we ensure alignment with the fintech’s future roadmap to foster a successful partnership.

For solutions that our clients interact with, we evaluate whether the user experience and depth of product fit well within our digital ecosystem and align with our North Star. An API-driven approach has become increasingly vital for us to innovate, be nimble and remove friction from the user experience.

BAN: Looking ahead 12 to 18 months, which emerging technologies — whether AI/ML, real-time payments rails or decentralized identity — are you most prioritizing to differentiate Axos’ commercial digital offerings?

JT: AI/ML and real-time payments are on our roadmap. Considering the diverse range of industries our clients operate in, we plan to offer vertically aligned solutions in the future. Additionally, we are working on several initiatives aimed at streamlining client experiences and simultaneously achieving operational efficiencies.

BAN: Looking further into the future, what’s your vision for truly personalized banking experiences by 2030?

JT: There are countless possibilities. Our offering could look like a cohesive digital ecosystem that fosters growth and drives new business; developing an integrated device/channel strategy by leveraging insights on usage and user behavior to determine functionality on each device/channel; utilizing both external and internal data to provide recommendations to our clients, thereby deepening our relationship and enhancing our trusted advisor approach; simplifying our clients’ day-to-day tasks to make their lives easier; or, expanding our role as a bank beyond traditional banking within our clients’ lifecycle where it makes sense.