Axos Financial, Inc. (AX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la banque numérique, Axos Financial, Inc. (AX) apparaît comme une force pionnière, révolutionnant les services financiers grâce à son modèle commercial innovant et axé sur la technologie. En tirant parti de l'infrastructure numérique de pointe et d'une approche centrée sur le client, Axos a transformé les paradigmes bancaires traditionnels, offrant des solutions financières personnalisées et personnalisées qui répondent aux besoins en évolution des consommateurs modernes. Cette exploration complète du modèle de modèle commercial dévoile le plan stratégique derrière le succès remarquable d'Axos, révélant comment l'entreprise s'est positionnée comme un pionnier dans l'écosystème de fintech compétitif.

Axos Financial, Inc. (AX) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les entreprises de technologie financière (FinTech)

Axos Financial maintient des partenariats stratégiques avec plusieurs organisations clés de fintech pour améliorer les capacités bancaires numériques:

Partenaire fintech	Focus de partenariat	Année établie
Plaid	Vérification du compte et intégration des données	2019
Marqeta	Infrastructure de paiement numérique	2021
Bande	Solutions de traitement des paiements	2020

Partenariats avec les fournisseurs de services bancaires numériques

AXOS a développé des partenariats complets de services bancaires numériques:

• Partenariats avec les plateformes bancaires en ligne
• Collaborations sur les infrastructures cloud avec Amazon Web Services (AWS)
• Partenariats de cybersécurité avec les principaux fournisseurs de technologies

Collaborations avec des plateformes d'hypothèque et de prêt

Les partenariats hypothécaire et prêt d'Axos Financial comprennent:

Plate-forme de prêt	Type de partenariat	Volume de prêt (2023)
Meilleur.com	Origination hypothécaire numérique	425 millions de dollars
Hypothèque de fusée	Titrisation du prêt	612 millions de dollars
Sovi	Prêts personnels et commerciaux	298 millions de dollars

Réseau de sociétés d'investissement et de gestion de la patrimoine

Axos Financial collabore avec plusieurs plateformes d'investissement:

• Services d'intégration Charles Schwab
• Fidelity Investments Partnership Programmes
• Connexions de gestion de la patrimoine TD Ameritrade

Contribution totale des revenus de la société de personnes: 1,2 milliard de dollars en 2023

Axos Financial, Inc. (AX) - Modèle d'entreprise: activités clés

Banque numérique et services financiers en ligne

Depuis le quatrième trimestre 2023, Axos Financial fonctionne Plateforme bancaire 100% numérique avec les mesures clés suivantes:

Métrique de service numérique	Données quantitatives
Comptes bancaires numériques totaux	1,8 million
Volume de transaction en ligne	42,3 milliards de dollars par an
Utilisateurs d'applications bancaires mobiles	1,2 million d'utilisateurs actifs

Opérations de prêt personnel et commercial

Répartition du portefeuille de prêt pour l'exercice 2023:

• Portefeuille de prêts totaux: 16,7 milliards de dollars
• Prêts personnels: 4,3 milliards de dollars
• Prêts commerciaux: 6,9 milliards de dollars
• Prêts immobiliers: 5,5 milliards de dollars

Services d'investissement et de gestion de la patrimoine

Catégorie de service d'investissement	Actifs sous gestion
Comptes d'investissement au détail	3,2 milliards de dollars
Comptes de retraite	1,8 milliard de dollars
Services de gestion de la patrimoine	2,5 milliards de dollars

Gestion des comptes de dépôt et d'épargne

Statistiques du compte de dépôt pour 2023:

• Dépôts totaux: 12,9 milliards de dollars
• Comptes chèques: 5,6 milliards de dollars
• Comptes d'épargne: 4,3 milliards de dollars
• Comptes de marché monétaire: 3 milliards de dollars

Maintenance de cybersécurité et d'infrastructure numérique

Métriques d'investissement en cybersécurité:

Métrique de sécurité	Investissement annuel
Budget de cybersécurité	38,5 millions de dollars
Maintenance d'infrastructure informatique	52,3 millions de dollars
Systèmes de prévention de la fraude	22,7 millions de dollars

Axos Financial, Inc. (AX) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie bancaire numérique avancée

Au quatrième trimestre 2023, Axos Financial a investi 42,3 millions de dollars dans l'infrastructure technologique et les plateformes numériques. La société maintient un écosystème technologique complet avec les spécifications clés suivantes:

Composant technologique	Spécification
Système bancaire de base	Architecture cloud propriétaire
Investissement technologique annuel	42,3 millions de dollars
Redondance du centre de données	Garantie de disponibilité de 99,99%

Applications de plate-forme numérique forte et de banque mobile

Caractéristiques de la plate-forme numérique d'Axos Financial:

• Application bancaire mobile avec 1,2 million d'utilisateurs actifs
• Traitement des transactions en temps réel
• Protocoles de sécurité avancés
• Authentification multi-facteurs

Professionnels financiers et technologiques hautement qualifiés

Composition de la main-d'œuvre en 2023:

Catégorie professionnelle	Nombre d'employés
Total des employés	1,847
Professionnels de la technologie	587
Spécialistes financiers	412

Données clients robustes et capacités d'analyse

Détails de l'infrastructure d'analyse des données:

• Traitement 3,7 téraoctets de données clients quotidiennement
• Algorithmes d'apprentissage automatique pour l'évaluation des risques
• Systèmes de détection de fraude en temps réel

Systèmes bancaires à base de cloud évolutifs

Spécifications d'infrastructure cloud:

Métrique du nuage	Spécification
Fournisseur de services cloud	Amazon Web Services (AWS)
Dépenses annuelles d'infrastructure cloud	18,6 millions de dollars
Évolutivité du système	Prend en charge la capacité de surtension de la circulation de 500%

Axos Financial, Inc. (AX) - Modèle d'entreprise: propositions de valeur

Expérience bancaire numérique sans couture

Axos Financial fournit une plate-forme bancaire entièrement numérique avec des services en ligne à 100%. Au quatrième trimestre 2023, la société a rapporté:

Métrique bancaire numérique	Statistique
Utilisateurs totaux de banque numérique	1,2 million
Téléchargements d'applications bancaires mobiles	750,000
Taux de conversion d'ouverture du compte en ligne	65%

Taux d'intérêt concurrentiels sur les dépôts et les prêts

AXOS offre des tarifs compétitifs sur divers produits financiers:

Produit	Taux d'intérêt
Compte d'épargne à haut rendement	5.25%
Gamme APR de prêt personnel	6.79% - 35.99%
Taux hypothécaires	6.375% - 7.25%

Produits et services financiers à faible fin

• Pas de frais de maintenance mensuels sur les comptes chèques
• Zéro frais de transaction étrangers
• Retraits ATM gratuits à l'échelle nationale
• Aucune exigence de solde minimum

Solutions financières personnalisées

AXOS fournit des services financiers sur mesure, notamment:

• Recommandations financières alimentées par l'IA
• Portefeuilles d'investissement personnalisés
• Surveillance personnalisée du crédit

Plateformes de banques et d'investissement en ligne intégrées

Mesures d'intégration financière à partir de 2023:

Métrique d'intégration de la plate-forme	Statistique
Comptes d'investissement total	350,000
Actifs sous gestion	5,2 milliards de dollars
Comptes de trading actifs	125,000

Axos Financial, Inc. (AX) - Modèle d'entreprise: relations avec les clients

Plates-formes numériques en libre-service

Axos Financial fournit des plateformes bancaires en ligne complètes avec les capacités numériques suivantes:

Fonctionnalité de plate-forme numérique	Disponibilité
Ouverture du compte en ligne	Processus numérique à 100%
Téléchargements d'applications bancaires mobiles	Plus de 500 000 utilisateurs actifs
Capacités de transaction numérique	Accès 24/7

Support client en ligne personnalisé

Les canaux de support client comprennent:

• Support de chat en direct
• Plateforme de messagerie sécurisée
• Assistance par e-mail
• Support téléphonique

Outils de gestion des comptes numériques

Outil numérique	Fonctionnalité
Suivi du solde du compte	Mises à jour en temps réel
Historique des transactions	Accès instantané
Services de paiement	Planification automatisée

Services de conseil financier proactifs

Caractéristiques du conseil financier numérique:

• Recommandations d'investissement automatisées
• Outils de planification financière personnalisés
• Algorithmes d'évaluation des risques

Canaux de communication clients automatisés

Canal de communication	Métriques d'engagement
Notifications par e-mail	Taux de livraison à 95%
Alertes SMS	85% Client Opt-in
Notifications push	70% utilisateurs d'applications mobiles

Axos Financial, Inc. (AX) - Modèle d'entreprise: canaux

Applications bancaires mobiles

Axos Bank propose des applications bancaires mobiles disponibles sur les plates-formes iOS et Android. Au quatrième trimestre 2023, la banque a signalé 332 000 utilisateurs actifs des banques mobiles actifs avec un taux d'adoption des banques numériques de 97%.

Plate-forme d'application mobile	Téléchargements totaux	Note utilisateur
IOS App Store	185,000	4.7/5
Google Play Store	147,000	4.6/5

Plate-forme Web en ligne

Axos Financial fournit une plate-forme bancaire en ligne complète avec un accès numérique 24/7. La plate-forme a traité 42,3 milliards de dollars de volumes de transactions numériques au cours de l'exercice 2023.

• Clients bancaires numériques totaux: 428 000
• Connects de plate-forme Web mensuels moyens: 672 000
• Taux de conversion d'ouverture du compte en ligne: 68%

Portails de service client numérique

La société maintient plusieurs canaux de support numériques avec un temps de réponse moyen de 12 minutes pendant les heures d'ouverture.

Canal de support numérique	Interactions mensuelles	Taux de résolution
Chat en direct	54,000	92%
Assistance par e-mail	37,000	88%
Centre de messages sécurisé	29,000	95%

Sites Web de comparaison financière tierces

Axos Financial maintient des partenariats avec 17 principales plateformes de comparaison financière, générant environ 6,2 millions de dollars de revenus d'acquisition de clients en 2023.

Méthodes de communication électronique

La banque utilise plusieurs stratégies de communication électronique avec une portée mensuelle de 1,2 million de clients.

• Email Marketing Monthly Envoie: 890 000
• Alertes bancaires SMS: 672 000 abonnés
• Taux d'engagement de la notification push: 43%

Axos Financial, Inc. (AX) - Modèle d'entreprise: segments de clientèle

Consommations bancaires au numérique

Au quatrième trimestre 2023, Axos Bank a rapporté 1,2 million de clients bancaires numériques. Le segment bancaire numérique représente 68% de sa clientèle totale.

Métrique bancaire numérique	Valeur
Clients bancaires numériques totaux	1,200,000
Pénétration des banques numériques	68%
Téléchargements d'applications mobiles	850,000

Propriétaires d'entreprises de petite à moyenne taille

AXOS dessert environ 45 000 comptes d'entreprises de taille petite et moyenne avec des actifs bancaires d'entreprise totaux de 2,3 milliards de dollars en 2023.

• Comptes bancaires totaux de l'entreprise: 45 000
• Actifs bancaires d'entreprise: 2,3 milliards de dollars
• Taille moyenne du compte d'entreprise: 51 111 $

Jeunes professionnels et milléniaux

La démographie de 25 à 40 ans représente 42% de la clientèle d'Axos, avec un solde de compte moyen de 28 500 $.

Métrique bancaire du millénaire	Valeur
Pourcentage de clientèle	42%
Solde moyen du compte	$28,500

Utilisateurs de services financiers avertis en technologie

AXOS rapporte que 92% des clients utilisent des plateformes bancaires en ligne, 75% utilisant activement les applications bancaires mobiles.

• Pénétration des services bancaires en ligne: 92%
• Utilisation des banques mobiles: 75%
• Volume de transaction numérique: 3,6 millions par mois

Individus à haute nette

AXOS dessert environ 22 000 clients de valeur à forte valeur avec des actifs d'investissement et de gestion de patrimoine totalisant 1,8 milliard de dollars en 2023.

Métrique bancaire à haute nette	Valeur
Clients totaux à haute nette	22,000
Actifs de gestion de patrimoine	1,8 milliard de dollars
Valeur moyenne du compte	$81,818

Axos Financial, Inc. (AX) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Pour l'exercice 2023, Axos Financial a déclaré des frais de technologie et d'équipement de 43,9 millions de dollars, représentant une composante critique de leur structure de coûts opérationnels.

Catégorie de dépenses technologiques	Coût annuel ($)
Infrastructure informatique	18,500,000
Services de cloud computing	12,700,000
Systèmes de cybersécurité	8,200,000
Maintenance du réseau	4,500,000

Développement de plate-forme numérique

Axos a investi 22,6 millions de dollars dans le développement de la plate-forme numérique et des logiciels au cours de l'exercice 2023.

• Développement d'applications bancaires mobiles: 8,3 millions de dollars
• Mises à niveau de la plate-forme bancaire en ligne: 7,5 millions de dollars
• Innovation de produit numérique: 6,8 millions de dollars

Salaires et avantages sociaux des employés

Les dépenses totales de rémunération pour Axos Financial en 2023 étaient de 214,5 millions de dollars.

Catégorie de compensation	Coût annuel ($)
Salaires de base	156,700,000
Bonus de performance	32,800,000
Prestations de santé et de retraite	25,000,000

Frais de marketing et d'acquisition des clients

Axos financier alloué 37,2 millions de dollars aux stratégies de marketing et d'acquisition de clients en 2023.

• Campagnes de marketing numérique: 15,6 millions de dollars
• Publicité traditionnelle: 9,8 millions de dollars
• Programmes de référence client: 6,3 millions de dollars
• Offres promotionnelles: 5,5 millions de dollars

Conformité réglementaire et investissements en cybersécurité

Les frais de conformité et de sécurité ont totalisé 26,4 millions de dollars pour Axos Financial au cours de l'exercice 2023.

Catégorie de dépenses de conformité	Coût annuel ($)
Systèmes de rapports réglementaires	9,200,000
Améliorations de la cybersécurité	11,600,000
Personnel juridique et conformité	5,600,000

Axos Financial, Inc. (AX) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts et des produits de crédit

Pour l'exercice 2023, Axos Financial a rapporté 529,7 millions de dollars de revenus d'intérêts nets. La rupture des revenus des intérêts comprend:

Catégorie de prêt	Revenu d'intérêt
Prêts immobiliers résidentiels	214,3 millions de dollars
Prêts immobiliers commerciaux	156,8 millions de dollars
Prêts commerciaux	98,5 millions de dollars
Prêts à la consommation	60,1 millions de dollars

Frais de service bancaire numérique

Les frais de service bancaire numérique pour Axos Financial en 2023 ont totalisé 87,4 millions de dollars.

• Services de compte en ligne: 42,6 millions de dollars
• Frais de transaction bancaire mobile: 24,8 millions de dollars
• Traitement des paiements numériques: 20,0 millions de dollars

Commissions d'investissement et de gestion de la patrimoine

Les revenus d'investissement et de gestion de la patrimoine pour 2023 étaient 63,2 millions de dollars.

Catégorie de service	Revenus de commission
Services de courtage	35,7 millions de dollars
Avis de gestion de la patrimoine	21,5 millions de dollars
Gestion des comptes de retraite	6,0 millions de dollars

Frais de transaction

Le total des frais de transaction pour Axos Financial en 2023 s'est élevé à 45,6 millions de dollars.

• Frais de transaction ATM: 18,3 millions de dollars
• Frais d'échange: 22,7 millions de dollars
• Frais de transfert de fil: 4,6 millions de dollars

Frais de maintenance du compte

Frais de maintenance du compte générés 22,1 millions de dollars en revenus pour 2023.

Type de compte	Revenus de maintenance
Comptes chèques	12,4 millions de dollars
Comptes d'épargne	6,7 millions de dollars
Comptes d'entreprise	3,0 millions de dollars

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.