Ascendion and Axos Bank Partner to Revolutionize Digital Banking

Rhea-AI Summary

Ascendion and Axos Bank (NYSE: AX) have announced a strategic partnership to transform high-net-worth digital banking through the Zenith platform. The collaboration aims to enhance Axos' multi-entity solution that provides accounting, cash management, bill pay, payroll, and integrated banking services, primarily serving the entertainment industry.

The partnership will leverage AI-powered engineering systems to deliver hyper-personalized customer experiences, accelerate market share growth, and streamline operational processes. Key features include self-healing algorithms for improved uptime, predictive analytics, and AI-enhanced development using Ascendion's AVA+ platform.

The modernized platform will focus on creating a standardized architecture, implementing AI-enhanced features, and increasing developer productivity while reducing time and costs for business managers' daily operations.

Positive

• Partnership enables market share expansion through differentiated product offering
• Implementation of AI technology to reduce operational costs and improve efficiency
• Platform modernization to enhance service delivery and customer experience
• Integration of self-healing algorithms to ensure better system uptime

Negative

• None.

• AI-driven transformation of Axos Bank's high-net-worth financial platform to redefine customer experiences and operational efficiencies.
• Cutting-edge solutions like self-healing algorithms and predictive analytics for an agile, scalable, and secure banking future.
• Redefining digital banking with hyper-personalized experiences, exponential customer growth, and accelerated financial impact.

BASKING RIDGE, N.J. and SAN DIEGO, Feb. 19, 2025 /PRNewswire/ -- Ascendion, a trailblazer in AI-driven software engineering, is proud to announce it has partnered with Axos Bank, the nationwide bank subsidiary of Axos Financial, Inc. (NYSE: AX). The partnership will redefine high-net-worth banking and accounting by delivering improved customer experiences on Axos Bank's Zenith platform.

Ascendion will leverage its AI-powered engineering systems for Zenith – a multi-entity, all-in-one solution for accounting, cash management, bill pay, payroll, relationship management, and integrated banking – that supports business management companies serving the entertainment industry. The partnership will create a dynamic, turnkey platform that saves Axos client's time by streamlining bookkeeping and payments functions.

"As a pioneer in digital banking, Axos continuously invests in improving our customer experience," said David Park, EVP, Head of Axos Commercial Bank. "Our partnership with Ascendion will accelerate our efforts to modernize banking for business managers, family offices, and their clients - blending cutting-edge technology with exceptional service."

Axos' Zenith platform is designed to deliver significant benefits to users and their end clients.

• Hyper-personalized customer experiences: AI and predictive analytics will craft seamless, intuitive interactions that redefine how clients engage with their finances.
• Accelerated growth: Zenith's turnkey technology platform will allow Axos to gain market share by offering a differentiated product.
• Compelling Economic Value: The new platform will streamline processes and reduce the time and costs for business managers to perform their day-to-day tasks.

"We are thrilled to partner with Ascendion to create a platform that will set a new standard for the digital banking experience," said Marc Kantor, SVP, Head of Commercial Operations & Technology at Axos Bank and COO of Zenith Information Systems. "Ascendion's expertise and commitment to innovation are evident, and we are excited about the business outcomes this partnership will deliver."

The Axos and Ascendion teams will work together to deliver:

• A modern, standardized architecture tailored to the needs of tomorrow's clients;
• AI-enhanced features for seamless customer experiences;
• Self-healing algorithms that ensure unparalleled uptime and performance;
• AI- enhanced development and delivery – leveraging Ascendion's AVA+ platform of AI agents – to increase developer productivity.

"This partnership isn't about technology alone—it's about changing lives with agentic AI. Together with Axos Bank, we're charting a course for a future where banking is faster, smarter, and infinitely more human," said Karthik Krishnamurthy, CEO at Ascendion. "We're grateful for the trust placed in us by Axos Bank leaders. This partnership with Axos Bank illustrates Ascendion's commitment to bring Engineering to the Power of AI to clients, and it aligns with our mission to positively impact lives with technology."

About Ascendion
Ascendion is a leading provider of AI-powered software engineering solutions that help businesses innovate faster, smarter, and with greater impact. We partner with over 400 Global 2000 clients across North America, APAC, and Europe to tackle complex challenges in applied AI, cloud, data, experience design, and workforce transformation. Powered by +11,000 experts, a bold culture, and our proprietary Engineering to the Power of AI (Engineering^AI) approach, we deliver outcomes that build trust, unlock value, and accelerate growth. Headquartered in New Jersey, with 40+ global offices, Ascendion combines scale, agility, and ingenuity to engineer what's next. Learn more at ascendion.com.

About Axos Bank
Axos Financial, Inc., with approximately $23.7 billion in consolidated assets as of December 31, 2024, is the holding company for Axos Bank, Axos Clearing LLC, and Axos Invest, Inc. Axos Bank provides consumer and business banking products nationwide through its low-cost distribution channels and affinity partners. Axos Clearing LLC (including its business division Axos Advisor Services), with approximately $37.7 billion of assets under custody and/or administration as of December 31, 2024, and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents, and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.'s common stock is listed on the NYSE under the symbol "AX," and is a component of the Russell 2000® Index, the S&P SmallCap 600® Index, the KBW Nasdaq Financial Technology Index, and the Travillian Tech-Forward Bank Index. For more information regarding Axos Bank, please visit http://www.axosbank.com.

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SOURCE Ascendion

FAQ

What are the main features of Axos Bank's Zenith platform partnership with Ascendion?

The partnership includes AI-powered engineering systems, self-healing algorithms, predictive analytics, and hyper-personalized customer experiences for accounting, cash management, bill pay, payroll, and integrated banking services.

How will the Ascendion partnership benefit Axos Bank (AX) customers?

Customers will benefit from streamlined bookkeeping and payment functions, improved system uptime, intuitive interactions, and a more efficient platform for managing their finances.

What technology improvements are planned for Axos Bank's (AX) Zenith platform?

The platform will receive a modern standardized architecture, AI-enhanced features, self-healing algorithms, and improved developer productivity through Ascendion's AVA+ platform of AI agents.

How will the Zenith platform upgrade affect Axos Bank's (AX) market position?

The turnkey technology platform is expected to help Axos gain market share by offering a differentiated product with enhanced customer experience and operational efficiency.

What industries will benefit from Axos Bank's (AX) enhanced Zenith platform?

The platform primarily serves business management companies in the entertainment industry, along with family offices and their clients.