Axos Financial, Inc. (AX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la banca digital, Axos Financial, Inc. (AX) surge como una fuerza pionera, revolucionando los servicios financieros a través de su innovador modelo de negocio basado en la tecnología. Al aprovechar la infraestructura digital de vanguardia y un enfoque centrado en el cliente, AXOS ha transformado los paradigmas bancarios tradicionales, ofreciendo soluciones financieras perfectas y personalizadas que satisfacen las necesidades evolutivas de los consumidores modernos. Esta exploración de lienzo de negocios integral presenta el plan estratégico detrás del notable éxito de Axos, revelando cómo la compañía se ha posicionado como un pionero en el competitivo ecosistema FinTech.

Axos Financial, Inc. (AX) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con empresas de tecnología financiera (fintech)

AXOS Financial mantiene asociaciones estratégicas con varias organizaciones fintech clave para mejorar las capacidades de banca digital:

Socio de fintech	Enfoque de asociación	Año establecido
Tartán	Verificación de cuenta e integración de datos	2019
Marqeta	Infraestructura de pago digital	2021
Raya	Soluciones de procesamiento de pagos	2020

Asociaciones con proveedores de servicios de banca digital

AXOS ha desarrollado asociaciones integrales de servicio de banca digital:

• Asociaciones con plataformas de banca en línea
• Colaboraciones de infraestructura en la nube con Amazon Web Services (AWS)
• Asociaciones de ciberseguridad con proveedores de tecnología líderes

Colaboraciones con plataformas de hipotecas y préstamos

Las asociaciones de hipotecas y préstamos de AXOS Financial incluyen:

Plataforma de préstamos	Tipo de asociación	Volumen de préstamo (2023)
Better.com	Originación de la hipoteca digital	$ 425 millones
Hipoteca de cohete	Titulización de préstamos	$ 612 millones
Sofi	Préstamos personales y comerciales	$ 298 millones

Red de empresas de inversión y gestión de patrimonio

AXOS Financial colabora con múltiples plataformas de inversión:

• Servicios de integración de Charles Schwab
• Programas de asociación de Fidelity Investments
• TD Ameritrade Conexiones de gestión de patrimonio

Contribución de ingresos de la asociación total: $ 1.2 mil millones en 2023

Axos Financial, Inc. (AX) - Modelo de negocio: actividades clave

Servicios financieros de banca digital y en línea

A partir del cuarto trimestre de 2023, AXOS Financial opera Plataforma de banca digital 100% Con las siguientes métricas clave:

Métrico de servicio digital	Datos cuantitativos
Cuentas bancarias digitales totales	1.8 millones
Volumen de transacciones en línea	$ 42.3 mil millones anuales
Usuarios de aplicaciones de banca móvil	1.2 millones de usuarios activos

Operaciones de préstamos personales y comerciales

Desglose de la cartera de préstamos para el año fiscal 2023:

• Portafolio de préstamos totales: $ 16.7 mil millones
• Préstamos personales: $ 4.3 mil millones
• Préstamos comerciales: $ 6.9 mil millones
• Préstamos inmobiliarios: $ 5.5 mil millones

Servicios de inversión y gestión de patrimonio

Categoría de servicio de inversión	Activos bajo administración
Cuentas de inversión minorista	$ 3.2 mil millones
Cuentas de jubilación	$ 1.8 mil millones
Servicios de gestión de patrimonio	$ 2.5 mil millones

Gestión de cuentas de depósito y ahorro

Estadísticas de la cuenta de depósito para 2023:

• Depósitos totales: $ 12.9 mil millones
• Cuentas corrientes: $ 5.6 mil millones
• Cuentas de ahorro: $ 4.3 mil millones
• Cuentas del mercado monetario: $ 3 mil millones

Ciberseguridad y mantenimiento de infraestructura digital

Métricas de inversión de ciberseguridad:

Métrica de seguridad	Inversión anual
Presupuesto de ciberseguridad	$ 38.5 millones
TI Mantenimiento de infraestructura	$ 52.3 millones
Sistemas de prevención de fraude	$ 22.7 millones

Axos Financial, Inc. (AX) - Modelo de negocio: recursos clave

Infraestructura avanzada de tecnología de banca digital

A partir del cuarto trimestre de 2023, AXOS Financial ha invertido $ 42.3 millones en infraestructura tecnológica y plataformas digitales. La compañía mantiene un ecosistema de tecnología integral con las siguientes especificaciones clave:

Componente tecnológico	Especificación
Sistema bancario central	Arquitectura basada en la nube
Inversión tecnológica anual	$ 42.3 millones
Redundancia del centro de datos	Garantía de tiempo de actividad del 99.99%

Plataforma digital sólida y aplicaciones de banca móvil

Características de la plataforma digital de Axos Financial:

• Aplicación de banca móvil con 1.2 millones de usuarios activos
• Procesamiento de transacciones en tiempo real
• Protocolos de seguridad avanzados
• Autenticación multifactor

Profesionales financieros y de tecnología altamente calificados

Composición de la fuerza laboral a partir de 2023:

Categoría profesional	Número de empleados
Total de empleados	1,847
Profesionales de la tecnología	587
Especialistas financieros	412

Capacidades de datos y análisis de clientes robustos

Detalles de la infraestructura de análisis de datos:

• Procesamiento de 3.7 terabytes de datos del cliente diariamente
• Algoritmos de aprendizaje automático para la evaluación de riesgos
• Sistemas de detección de fraude en tiempo real

Sistemas bancarios basados ​​en la nube escalables

Especificaciones de infraestructura en la nube:

Métrica de nubes	Especificación
Proveedor de servicios en la nube	Servicios web de Amazon (AWS)
Gasto anual de infraestructura en la nube	$ 18.6 millones
Escalabilidad del sistema	Admite el 500% de capacidad de aumento de tráfico

Axos Financial, Inc. (AX) - Modelo de negocio: propuestas de valor

Experiencia bancaria digital perfecta

AXOS Financial proporciona una plataforma bancaria totalmente digital con servicios 100% en línea. A partir del cuarto trimestre de 2023, la compañía informó:

Métrica de banca digital	Estadística
Usuarios bancarios digitales totales	1.2 millones
Descargas de aplicaciones de banca móvil	750,000
Tasa de conversión de apertura de la cuenta en línea	65%

Tasas de interés competitivas sobre depósitos y préstamos

AXOS ofrece tarifas competitivas en varios productos financieros:

Producto	Tasa de interés
Cuenta de ahorro de alto rendimiento	5.25%
Rango de APR de préstamo personal	6.79% - 35.99%
Tasas hipotecarias	6.375% - 7.25%

Productos y servicios financieros de baja tarifa

• No hay tarifas de mantenimiento mensuales en las cuentas corrientes
• Cero tarifas de transacción extranjera
• Retiros de cajeros automáticos gratuitos en todo el país
• Sin requisitos de saldo mínimo

Soluciones financieras personalizadas

AXOS proporciona servicios financieros a medida que incluyen:

• Recomendaciones financieras con IA
• Carteras de inversión personalizadas
• Monitoreo de crédito personalizado

Plataformas integradas de banca e inversión en línea

Métricas de integración financiera a partir de 2023:

Métrica de integración de plataforma	Estadística
Cuentas de inversión totales	350,000
Activos bajo administración	$ 5.2 mil millones
Cuentas comerciales activas	125,000

Axos Financial, Inc. (AX) - Modelo de negocio: relaciones con los clientes

Plataformas digitales de autoservicio

AXOS Financial proporciona plataformas de banca en línea integrales con las siguientes capacidades digitales:

Función de plataforma digital	Disponibilidad
Apertura de cuenta en línea	Proceso 100% digital
Descargas de aplicaciones de banca móvil	Más de 500,000 usuarios activos
Capacidades de transacción digital	Acceso 24/7

Atención al cliente personalizada en línea

Los canales de atención al cliente incluyen:

• Soporte de chat en vivo
• Plataforma de mensajería segura
• Soporte por correo electrónico
• Soporte telefónico

Herramientas de gestión de cuentas digitales

Herramienta digital	Funcionalidad
Seguimiento del saldo de la cuenta	Actualizaciones en tiempo real
Historial de transacciones	Acceso instantáneo
Servicios de pago de facturas	Programación automatizada

Servicios de asesoramiento financiero proactivo

Características de asesoramiento financiero digital:

• Recomendaciones de inversión automatizadas
• Herramientas de planificación financiera personalizada
• Algoritmos de evaluación de riesgos

Canales automatizados de comunicación al cliente

Canal de comunicación	Métricas de compromiso
Notificaciones por correo electrónico	Tasa de entrega del 95%
Alertas de SMS	85% de opción del cliente
Notificaciones de empuje	70% usuarios de aplicaciones móviles

Axos Financial, Inc. (AX) - Modelo de negocio: canales

Aplicaciones de banca móvil

Axos Bank ofrece aplicaciones de banca móvil disponibles en plataformas iOS y Android. A partir del cuarto trimestre de 2023, el banco reportó 332,000 usuarios de banca móvil activa con una tasa de adopción de banca digital del 97%.

Plataforma de aplicaciones móviles	Descargas totales	Calificación de usuario
Tienda de aplicaciones de iOS	185,000	4.7/5
Google Play Store	147,000	4.6/5

Plataforma web en línea

AXOS Financial proporciona una plataforma de banca en línea integral con acceso digital 24/7. La plataforma procesó $ 42.3 mil millones en volúmenes de transacciones digitales durante el año fiscal 2023.

• Total de clientes de banca digital: 428,000
• Inicio de sesión promedio de la plataforma web mensual: 672,000
• Tasa de conversión de apertura de la cuenta en línea: 68%

Portales de servicio al cliente digital

La compañía mantiene múltiples canales de soporte digital con un tiempo de respuesta promedio de 12 minutos durante el horario comercial.

Canal de soporte digital	Interacciones mensuales	Tasa de resolución
Chat en vivo	54,000	92%
Soporte por correo electrónico	37,000	88%
Centro de mensajes seguro	29,000	95%

Sitios web de comparación financiera de terceros

AXOS Financial mantiene asociaciones con 17 plataformas de comparación financiera principales, generando aproximadamente $ 6.2 millones en ingresos por adquisición de clientes en 2023.

Métodos de comunicación electrónica

El banco utiliza múltiples estrategias de comunicación electrónica con un alcance mensual de 1.2 millones de clientes.

• Envío mensual de marketing por correo electrónico: 890,000
• Alertas bancarias de SMS: 672,000 suscriptores
• Tasa de compromiso de notificación push: 43%

Axos Financial, Inc. (AX) - Modelo de negocio: segmentos de clientes

Consumidores bancarios digitales

A partir del cuarto trimestre de 2023, Axos Bank reportó 1,2 millones de clientes de banca digital. El segmento de banca digital representa el 68% de su base total de clientes.

Métrica de banca digital	Valor
Total de clientes bancarios digitales	1,200,000
Penetración bancaria digital	68%
Descargas de aplicaciones móviles	850,000

Propietarios de negocios pequeños a medianos

AXOS atiende aproximadamente 45,000 cuentas comerciales pequeñas a medianas con activos de banca comercial total de $ 2.3 mil millones en 2023.

• Cuentas bancarias comerciales totales: 45,000
• Activos de banca comercial: $ 2.3 mil millones
• Tamaño promedio de la cuenta comercial: $ 51,111

Jóvenes profesionales y millennials

El grupo demográfico de edad de 25-40 comprende el 42% de la base de clientes de AXOS, con un saldo de cuenta promedio de $ 28,500.

Métrica bancaria milenaria	Valor
Porcentaje de la base de clientes	42%
Saldo de cuenta promedio	$28,500

Usuarios de servicios financieros expertos en tecnología

AXOS informa que el 92% de los clientes utilizan plataformas bancarias en línea, con un 75% utilizando activamente aplicaciones de banca móvil.

• Penetración bancaria en línea: 92%
• Uso de la banca móvil: 75%
• Volumen de transacción digital: 3.6 millones mensuales

Individuos de alto nivel de red

AXOS atiende a aproximadamente 22,000 clientes de alto valor de la red con activos de inversión y gestión de patrimonio por un total de $ 1.8 mil millones en 2023.

Métrica de banca de alto nivel	Valor
Total de los clientes de alto nivel de red	22,000
Activos de gestión de patrimonio	$ 1.8 mil millones
Valor de cuenta promedio	$81,818

Axos Financial, Inc. (AX) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Para el año fiscal 2023, AXOS Financial informó de tecnología y gastos de equipos de $ 43.9 millones, lo que representa un componente crítico de su estructura de costos operativos.

Categoría de gastos tecnológicos	Costo anual ($)
Infraestructura	18,500,000
Servicios de computación en la nube	12,700,000
Sistemas de ciberseguridad	8,200,000
Mantenimiento de la red	4,500,000

Desarrollo de plataforma digital

Axos invertidos $ 22.6 millones en la plataforma digital y el desarrollo de software durante el año fiscal 2023.

• Desarrollo de aplicaciones de banca móvil: $ 8.3 millones
• Actualizaciones de la plataforma bancaria en línea: $ 7.5 millones
• Innovación de productos digitales: $ 6.8 millones

Salarios y beneficios de los empleados

Los gastos totales de compensación para AXOS Financial en 2023 fueron de $ 214.5 millones.

Categoría de compensación	Costo anual ($)
Salarios base	156,700,000
Bonos de rendimiento	32,800,000
Beneficios de atención médica y jubilación	25,000,000

Gastos de marketing y adquisición de clientes

Axos Financial asignado $ 37.2 millones a las estrategias de marketing y adquisición de clientes en 2023.

• Campañas de marketing digital: $ 15.6 millones
• Publicidad tradicional: $ 9.8 millones
• Programas de referencia de clientes: $ 6.3 millones
• Ofertas promocionales: $ 5.5 millones

Cumplimiento regulatorio e inversiones de ciberseguridad

Los gastos de cumplimiento y seguridad totalizaron $ 26.4 millones para AXOS Financial en el año fiscal 2023.

Categoría de gastos de cumplimiento	Costo anual ($)
Sistemas de informes regulatorios	9,200,000
Mejoras de ciberseguridad	11,600,000
Personal legal y de cumplimiento	5,600,000

Axos Financial, Inc. (AX) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de préstamos y productos de crédito

Para el año fiscal 2023, AXOS Financial informó $ 529.7 millones en ingresos por intereses netos. El desglose de los ingresos por intereses incluye:

Categoría de préstamo	Ingresos por intereses
Préstamos inmobiliarios residenciales	$ 214.3 millones
Préstamos inmobiliarios comerciales	$ 156.8 millones
Préstamos comerciales	$ 98.5 millones
Préstamos al consumo	$ 60.1 millones

Tarifas de servicio bancario digital

Las tarifas de servicio bancario digital para AXOS Financial en 2023 totalizaron $ 87.4 millones.

• Servicios de cuentas en línea: $ 42.6 millones
• Tarifas de transacción bancaria móvil: $ 24.8 millones
• Procesamiento de pagos digitales: $ 20.0 millones

Comisiones de inversión y gestión de patrimonio

Los ingresos de inversión y gestión de patrimonio para 2023 fueron $ 63.2 millones.

Categoría de servicio	Ingresos por comisión
Servicios de corretaje	$ 35.7 millones
Aviso de gestión de patrimonio	$ 21.5 millones
Gestión de cuentas de jubilación	$ 6.0 millones

Tarifas de transacción

Las tarifas de transacción total para AXOS Financial en 2023 ascendieron a $ 45.6 millones.

• Tarifas de transacción de cajeros automáticos: $ 18.3 millones
• Tarifas de intercambio: $ 22.7 millones
• Tasas de transferencia de cables: $ 4.6 millones

Cargos de mantenimiento de la cuenta

CARGOS DE MANTENIMIENTO DE LA CUENTA Generados $ 22.1 millones en ingresos para 2023.

Tipo de cuenta	Ingresos de mantenimiento
Cuentas corrientes	$ 12.4 millones
Cuentas de ahorro	$ 6.7 millones
Cuentas comerciales	$ 3.0 millones

Axos Financial, Inc. (AX) - Canvas Business Model: Value Propositions

You're looking at the core value Axos Financial, Inc. delivers across its segments as of late 2025. It's about efficiency, high-yield access, and integrated services.

Structural cost advantage enabling competitive rates and fees

Axos Financial, Inc. operates with a cost structure that allows for competitive pricing relative to its peers. This digital-first approach shows up clearly in key efficiency metrics.

The efficiency ratio ranking was 6% among its peer group as of June 30, 2025, meaning only 6% of banks in that group had lower expenses relative to revenue. The Net Interest Margin (NIM) stood at 4.84% for the fourth quarter of fiscal year 2025.

Metric	Value (As of June 30, 2025)	Period
Efficiency Ratio Ranking (Peer Group)	6%	Q4 FY2025
Net Interest Margin (NIM)	4.84%	Q4 FY2025
Return on Average Common Equity (ROE)	17%	Q4 FY2025
Return on Assets (ROAA)	1.9%	Q4 FY2025

High-yield deposit products for mass affluent consumers

Axos Bank offers deposit products designed to attract customers with competitive Annual Percentage Yields (APYs), often exceeding traditional bank offerings. The Axos ONE® bundle is a prime example of this focus.

As of September 30, 2025, consolidated assets stood at approximately $27.4 billion. Consumer Direct deposits represented $11.6 billion of the total deposit base as of June 30, 2025, with Commercial & Treasury Management deposits at $3.9 billion. Approximately 90% of deposits are FDIC-insured or collateralized.

For the Axos ONE® bundle, the stated APYs are:

Product	Maximum APY (When Requirements Met)	Fee Structure Highlight
Savings	Up to 4.31%	No monthly maintenance fees
Checking	Up to 0.51%	No monthly maintenance fees

For the High Yield Savings Account, the maximum APY found was 0.61% across tiers for balances up to $9,999.99.

Integrated digital banking, lending, and investing experience

The Unified Digital Banking (UDB) platform connects core banking functions with investment services. This integration supports a holistic client view.

• Banking: Axos deposit products
• Borrowing: Axos loan products
• Investing: Managed Portfolios, Self Directed Trading
• Planning: Account Aggregation, PFM, Credit Monitoring

The company serves over 400K+ customers.

Comprehensive securities clearing and custody services

Axos Clearing LLC, including Axos Advisor Services, provides the infrastructure for other financial professionals. This segment holds significant client assets.

Assets under custody and/or administration reached approximately $43.0 billion as of September 30, 2025. Axos Advisor Services is ranked as the 6th largest RIA custodian in the U.S..

Assets under custody and/or administration by quarter:

Date	Assets Under Custody and/or Administration
September 30, 2025	$43.0 billion
June 30, 2025	$39.4 billion
March 31, 2025	$37.1 billion

Specialized commercial lending and treasury management solutions

Axos Financial, Inc. maintains a diversified loan portfolio with specific focus areas in commercial lending, including specialty real estate and asset-based finance. Total loan balances reached $21.55 billion as of June 30, 2025.

Commercial Real Estate Specialty loan portfolio details as of June 30, 2025:

Loan Type	Balance (mm)	Weighted Avg. LTV
Total CRE Specialty	$5,713	46%
Construction	$2,618	44%
Bridge	$1,959	47%

In the fourth quarter of fiscal year 2025, growth was led by CRE Specialty loans with an increase of $342 million, and Asset-Based and Cash Flow Lending with an increase of $316 million.

Finance: draft 13-week cash view by Friday.

Axos Financial, Inc. (AX) - Canvas Business Model: Customer Relationships

Axos Financial, Inc. operates a fundamentally digital relationship model, which underpins its low-cost structure. This approach is evident across its retail, commercial, and advisory client interactions.

Automated, self-service digital platforms (Axos Invest)

The Axos Invest platform serves the self-directed investor with a fully automated robo-advisory service. This platform is notable for having zero account fees for its core service. The success of the digital channel is clear from historical data, showing Checking and other demand deposit growth of 1584% and Savings growth of 1939% between June 30, 2013, and June 30, 2025. Furthermore, over 70% of new accounts in 2024 were attributed to digital channels. The overall efficiency of the operation, as measured by the Efficiency Ratio, was reported at 48.3% for the third quarter of calendar year 2025.

The low-touch, high-efficiency online banking model is designed to scale without the overhead of physical branches. Total Deposits reached $20.8 billion as of June 30, 2025, with nearly 90% of deposits being FDIC-insured or collateralized, indicating customer trust in the digital security framework. The bank generated nearly $1.5 billion of deposit growth in fiscal year 2025 across its consumer direct, commercial cash, and specialty deposit businesses.

Personalized service for high-net-worth and commercial clients

For higher-value segments, Axos Financial tailors the digital experience. The Axos ONE bundled checking and savings product is specifically geared toward high-net-worth consumers. The mass affluent consumer segment, defined as aged 28-55 with household incomes exceeding $75,000, remains the largest revenue generator for Axos Bank personal banking. The Small to Medium-Sized Business (SMB) segment, defined as having up to $10 million in annual revenue, showed significant digital adoption, experiencing a 22% year-over-year increase in new accounts in the first quarter of fiscal year 2025. The company's overall consolidated assets stood at approximately $24.8 billion as of June 30, 2025.

Dedicated relationship managers for commercial and institutional clients

The commercial and institutional side of the business relies on direct management, especially following strategic additions to the lending vertical. Axos Advisor Services, which supports broker-dealers and RIAs, is recognized as the 6th largest RIA custodian in the U.S. As of June 30, 2025, this segment held more than $35 billion in assets under custody and/or administration. The recent acquisition of Verdant Commercial Capital on September 30, 2025, added a nationwide commercial lending vertical, which necessitates dedicated relationship management for its commercial clients.

The following table summarizes key metrics related to the different customer relationship approaches as of mid-2025 data points:

Relationship Type/Segment	Key Metric	Value/Amount	Date/Period
Automated/Digital (Retail Deposits)	Total Deposits	$20.8 billion	June 30, 2025
Automated/Digital (Efficiency)	Efficiency Ratio	48.3%	Q3 CY2025
High-Net-Worth (HNW)	Target Income Threshold	$75,000+ (Household Income)	Q1 2025 Data Context
Commercial (SMB New Accounts)	Year-over-Year New Account Growth	22%	Q1 2025
Institutional/Advisory (Custody)	Assets Under Custody/Administration	$35 billion+	June 30, 2025
Commercial/Lending (Acquisition)	New Vertical Added	Verdant Commercial Capital	September 30, 2025

The bank's success in generating net interest income, which was $291.1 million in Q3 CY2025, is directly supported by the low-cost funding base established through these diverse, digitally-enabled customer relationships. The Net Interest Margin for the fourth quarter of fiscal year 2025 was reported at 4.84%.

Axos Financial, Inc. (AX) - Canvas Business Model: Channels

You're looking at how Axos Financial, Inc. gets its products and services to its customers across its different business lines. It's a mix of direct digital engagement and institutional partnerships, which is key to their low-cost model.

Direct-to-consumer online and mobile banking platforms.

Axos Bank pushes consumer and business banking products nationwide using these digital platforms as its primary low-cost distribution channels. While specific customer counts aren't in the latest filings, the scale of the balance sheet reflects this channel's reach. As of June 30, 2025, Axos Financial, Inc. reported approximately $24.8 billion in consolidated assets. This digital focus helps keep operating costs down, as evidenced by their strong efficiency ranking; for the quarter ended September 30, 2025, the Bank outperformed 92% of all banks on Return on Equity (ROE) and ranked in the top 6% for having lower expenses relative to revenues (efficiency ratio ranking).

Digital performance marketing (paid search, social media).

Specific spend figures for paid search or social media aren't broken out in the public summaries, but the overall non-interest expense growth hints at investment in operations and marketing. For the three months ended June 30, 2025, non-interest expense increased $10.1 million from the prior year period, primarily due to higher salaries and data/operational processing expense. The digital acquisition strategy is supported by Axos Invest, which management views as a channel for low-cost consumer acquisition and cross-sell to existing Axos clients.

Wholesale and Correspondent lending networks.

The lending side relies on originating loans across various commercial and consumer categories, which often involves wholesale or correspondent relationships. The total loan portfolio reached $21.55 billion as of June 30, 2025. The growth in this area is significant; for the quarter ended June 30, 2025, loan growth was $856 million. This growth was diversified, with CRE Specialty loans up $342 million and Asset-Based and Cash Flow Lending up $316 million in that quarter. Furthermore, Axos bolstered its commercial lending channel by closing the acquisition of Verdant Commercial Capital on September 30, 2025.

Axos Clearing LLC for institutional securities services.

This segment is a major channel for institutional business, serving introducing broker-dealers and registered investment advisor (RIA) correspondents. Axos Clearing LLC, including Axos Advisor Services, managed approximately $39.4 billion of assets under custody and/or administration as of June 30, 2025. This institutional business also brings in deposits; total deposits at Axos Clearing were $1.34 billion at the end of the March 31, 2025 quarter. Axos Invest also acts as a white label offering to institutional clients like RIAs.

Here's a quick look at the scale of the institutional and digital channels as of mid-2025:

Channel Component	Metric Type	Latest Reported Value (as of late 2025)
Axos Clearing LLC	Assets Under Custody/Administration (June 30, 2025)	$39.4 billion
Axos Bank (Consolidated)	Total Assets (June 30, 2025)	$24.8 billion
Axos Clearing Deposits (March 31, 2025)	Total Deposits	$1.34 billion
Axos Invest / Custody	Net New Assets (Q3 FY2025, ended March 31, 2025)	$289 million
Axos Bank	Total Loans (June 30, 2025)	$21.55 billion

The overall strategy is clearly supported by these distinct, yet integrated, pathways to market. You see the direct digital play alongside the B2B clearing and lending networks.

The key distribution mechanisms Axos Financial, Inc. uses include:

• Direct-to-consumer digital banking via online and mobile apps.
• Institutional clearing services through Axos Clearing LLC.
• Digital investment advisory services via Axos Invest.
• Wholesale and correspondent loan origination networks.
• White-label robo-advisory solutions for institutional partners.

Finance: draft Q4 FY2025 channel effectiveness review by next Tuesday.

Axos Financial, Inc. (AX) - Canvas Business Model: Customer Segments

Mass Affluent Consumers, defined as those with a Household Income (HHI) greater than $75,000, are a core target seeking high-yield accounts. This segment was the largest revenue generator for Axos Bank personal banking as of late 2025, showing a 22% year-over-year increase in new accounts in the first quarter of fiscal year 2025.

Small to Medium-Sized Businesses (SMBs) with annual revenue up to $10 million value the low-fee business checking and advanced online cash management tools offered by Axos Bank. As of June 30, 2025, deposits attributed to Small Business Banking totaled $0.6B. This segment also saw a 22% year-over-year increase in new accounts in Q1 2025.

Self-Directed Investors are served through the Axos Invest platform, which offers digital investment advisory services. This group overlaps with the mass affluent demographic.

Introducing Broker-Dealers and Registered Investment Advisors (RIAs) utilize the services of Axos Clearing LLC, which provides comprehensive securities clearing and custody. As of September 30, 2025, Axos Clearing LLC, including its Axos Advisor Services division, held approximately $43.0 billion of assets under custody and/or administration. For Axos Advisor Services specifically, as of June 30, 2025, approximately 214 RIAs were served, managing around $30B in Assets Under Custody (AUC).

Commercial Real Estate investors and corporate borrowers are addressed through Axos Bank's specialty lending. As of June 30, 2025, Commercial Real Estate (CRE) Specialty loans on the balance sheet reached $5.71 billion. Furthermore, as of March 31, 2025, the total Commercial Real Estate loans stood at $6.36 billion.

Here's a quick look at some segment-relevant financial scale as of mid-to-late 2025:

Customer Segment Focus	Key Metric	Amount/Rate	As of Date
Mass Affluent Consumers	New Account Growth (Y/Y)	22%	Q1 2025
Small to Medium-Sized Businesses (SMBs)	Small Business Banking Deposits	$0.6B	June 30, 2025
Self-Directed Investors / RIAs	Assets Under Custody/Admin (Axos Clearing)	$43.0B	September 30, 2025
RIAs (Axos Advisor Services)	Assets Under Custody (AUC)	$30B	June 30, 2025
Commercial Real Estate Investors	CRE Specialty Loans Balance	$5.71B	June 30, 2025

The digital-first nature of Axos Financial, Inc. supports nationwide reach across these segments. The company's total consolidated assets were $27.4 billion as of September 30, 2025.

The customer base is supported by the following deposit sources as of June 30, 2025:

• Consumer Direct deposits: $11.6B
• Commercial & Treasury Management deposits: $3.9B
• Specialty Deposits: $2.2B
• Fiduciary deposits: $1.1B

Axos Financial, Inc. (AX) - Canvas Business Model: Cost Structure

Axos Financial, Inc. operates with a structure that is predominantly cost-driven, a direct result of its digital-first model. This approach inherently avoids the massive capital and operating expenditures associated with maintaining a physical branch network.

The structural advantage translates directly into operational efficiency. You see this in the efficiency ratio, which represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income. For the fourth quarter of fiscal year 2025, Axos Financial reported an efficiency ratio of 46.9%. This figure suggests that for every dollar of revenue generated, less than 47 cents went to operating costs, which is highly competitive in the banking sector.

To be fair, costs are still rising as the company invests in growth and technology. For the three months ended September 30, 2025 (Q1 FY2026), total non-interest expense increased to $156.2 million from $147.5 million in the prior year period. This increase was driven by several key areas, which form the core of the cost base.

Here's a look at the major components of the non-interest expense for the three months ended June 30, 2025 (Q4 FY2025), which gives you a clear picture of where the money goes:

Key Cost Component	Amount (Three Months Ended June 30, 2025)	Context
Salaries and Benefit Expenses	$74,900,000	Roughly flat compared to the prior quarter ended March 31, 2025.
Professional Services Expenses	$10,400,000	Increased from $8,200,000 in fiscal Q3 2025.
Total Non-Interest Expense	Approximately $151,000,000	The total operating cost base for the quarter.
Data and Operational Processing Expense	Not explicitly isolated	Cited as a primary driver for expense increases in Q4 FY2025 and Q1 FY2026.

The reliance on technology means that data processing and related operational expenses are a significant and growing part of the structure. You can see this clearly because increases in both salaries and related costs and higher data and operational processing expense were cited as primary reasons for the non-interest expense growth in Q1 FY2026. Still, the absence of physical branches keeps the fixed overhead low, which is the structural advantage you are looking for.

The key cost drivers that you need to watch closely are:

• Salaries and related costs, representing the largest component of operating expense.
• Data and operational processing expense, reflecting the digital infrastructure investment.
• Professional services, which can fluctuate based on project needs, like the hiring of a floor plan lending team costing about $1,000,000 per quarter.
• FDIC and regulatory fees, which also contributed to expense increases in earlier periods like Q3 FY2025.

Finance: draft the Q4 FY2025 Non-Interest Expense breakdown by percentage of total for next week.

Axos Financial, Inc. (AX) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Axos Financial, Inc.'s profitability, which centers heavily on its lending activities. The primary revenue driver is the Net Interest Income (NII) generated from its substantial loan portfolio. This is the difference between the interest earned on assets, like loans, and the interest paid on liabilities, like deposits.

To give you a sense of its historical reliance, Net Interest Income made up 85.9% of Axos Financial, Inc.'s total revenue over the last five years. That's a clear signal that the balance sheet management-specifically the net interest margin-is the most critical lever for the business.

For the full Fiscal Year 2025, which ended June 30, 2025, Axos Financial, Inc. reported total annual revenue of $1.20 billion. The detailed breakdown shows the NII component was $1.1278 billion, while Non-interest income totaled $131.1 million for that same period. This means the NII actually represented approximately 89.59% of the total reported revenue for FY 2025, showing an even greater reliance on the spread in that specific year.

The Fiscal Year 2025 Net Income for Axos Financial, Inc. was $432.9 million. Honestly, that number is what matters most to the bottom line, but it flows directly from the strength of that NII.

The secondary stream, non-interest income, comes from fees for services rendered across its different business lines. Here's a look at the FY 2025 components, using the segment data available:

Revenue Component Category	FY 2025 Reported Amount (in millions)
Net Interest Income (NII)	$1,127.8
Non-interest Income Total	$131.1
Securities Business Segment Income (Proxy for Clearing/Advisory)	$119.1
Banking and Service Fees (Allocated Remainder)	$12.0

You see that the Securities Business Segment, which houses the clearing and advisory services, contributed the bulk of the non-interest revenue at $119.1 million in FY 2025. The remaining portion, which includes banking and service fees, is smaller but still important for diversification. For example, in the third quarter ended March 31, 2025, the increase in non-interest income was driven by higher banking and service fees, though it was partially offset by lower mortgage banking income.

The composition of these non-interest fees can shift quarter to quarter. For instance, in the second quarter ended December 31, 2024, non-interest income saw a decrease partly due to lower broker-dealer fee income. Conversely, the first quarter ended September 30, 2025, saw an increase driven by higher banking and service fee income and higher mortgage banking and servicing rights.

Here are the key non-interest income drivers you asked about:

• Securities clearing and investment advisory fees are embedded within the $119.1 million generated by the Securities Business Segment in FY 2025.
• Banking and service fees are a component of the remaining non-interest income, which totaled $12.0 million based on the segment allocation for FY 2025.
• The company's overall net interest margin for the three months ended June 30, 2025, was a strong 4.84%.

Finance: draft 13-week cash view by Friday.