Axos Financial, Inc. (AX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do banco digital, a Axos Financial, Inc. (AX) surge como uma força pioneira, revolucionando os serviços financeiros por meio de seu inovador modelo de negócios orientado a tecnologia. Ao alavancar a infraestrutura digital de ponta e uma abordagem centrada no cliente, o Axos transformou os paradigmas bancários tradicionais, oferecendo soluções financeiras personalizadas e perfeitas que atendem às necessidades em evolução dos consumidores modernos. Essa exploração abrangente do modelo de negócios revela o plano estratégico por trás do notável sucesso de Axos, revelando como a empresa se posicionou como pioneira no ecossistema competitivo da FinTech.

Axos Financial, Inc. (AX) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com empresas de tecnologia financeira (FinTech)

A Axos Financial mantém parcerias estratégicas com várias organizações importantes da FinTech para aprimorar os recursos bancários digitais:

Fintech Partner	Foco em parceria	Ano estabelecido
Xadrez	Verificação de contas e integração de dados	2019
Marqeta	Infraestrutura de pagamento digital	2021
Listra	Soluções de processamento de pagamento	2020

Parcerias com provedores de serviços bancários digitais

A Axos desenvolveu parcerias abrangentes de serviços bancários digitais:

• Parcerias com plataformas bancárias online
• Colaborações de infraestrutura em nuvem com a Amazon Web Services (AWS)
• Parcerias de segurança cibernética com os principais fornecedores de tecnologia

Colaborações com plataformas de hipoteca e empréstimos

As parcerias de hipoteca e empréstimos da Axos Financial incluem:

Plataforma de empréstimo	Tipo de parceria	Volume de empréstimo (2023)
Melhor.com	Origem da hipoteca digital	US $ 425 milhões
Rocket Mortgage	Securitização de empréstimo	US $ 612 milhões
Sofi	Empréstimos pessoais e comerciais	US $ 298 milhões

Rede de empresas de investimento e gerenciamento de patrimônio

Axos Financial colabora com várias plataformas de investimento:

• Serviços de integração Charles Schwab
• Programas de parceria da Fidelity Investments
• Conexões de gerenciamento de patrimônio td Ameritrade

Contribuição total da receita da parceria: US $ 1,2 bilhão em 2023

Axos Financial, Inc. (AX) - Modelo de Negócios: Atividades -chave

Serviços bancários digitais e serviços financeiros on -line

A partir do quarto trimestre 2023, Axos Financial opera 100% plataforma bancária digital Com as seguintes métricas principais:

Métrica de Serviço Digital	Dados quantitativos
Contas bancárias digitais totais	1,8 milhão
Volume de transações online	US $ 42,3 bilhões anualmente
Usuários de aplicativos bancários móveis	1,2 milhão de usuários ativos

Operações de empréstimos pessoais e comerciais

Empréstimo de empréstimo de empréstimo para o ano fiscal de 2023:

• Portfólio de empréstimos totais: US $ 16,7 bilhões
• Empréstimos pessoais: US $ 4,3 bilhões
• Empréstimos comerciais: US $ 6,9 bilhões
• Empréstimos imobiliários: US $ 5,5 bilhões

Serviços de investimento e gerenciamento de patrimônio

Categoria de serviço de investimento	Ativos sob gestão
Contas de investimento em varejo	US $ 3,2 bilhões
Contas de aposentadoria	US $ 1,8 bilhão
Serviços de gerenciamento de patrimônio	US $ 2,5 bilhões

Gerenciamento de contas de depósito e poupança

Estatísticas da conta de depósito para 2023:

• Total de depósitos: US $ 12,9 bilhões
• Contas de corrente: US $ 5,6 bilhões
• Contas de poupança: US $ 4,3 bilhões
• Contas do mercado monetário: US $ 3 bilhões

Segurança cibernética e manutenção de infraestrutura digital

Métricas de investimento em segurança cibernética:

Métrica de segurança	Investimento anual
Orçamento de segurança cibernética	US $ 38,5 milhões
Manutenção de infraestrutura de TI	US $ 52,3 milhões
Sistemas de prevenção de fraudes	US $ 22,7 milhões

Axos Financial, Inc. (AX) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia bancária digital avançada

A partir do quarto trimestre de 2023, a Axos Financial investiu US $ 42,3 milhões em infraestrutura de tecnologia e plataformas digitais. A empresa mantém um ecossistema de tecnologia abrangente com as seguintes especificações principais:

Componente de tecnologia	Especificação
Sistema bancário principal	Arquitetura proprietária baseada em nuvem
Investimento de tecnologia anual	US $ 42,3 milhões
Redundância do data center	99,99% Garantia de tempo de atividade

Plataforma digital forte e aplicativos bancários móveis

Recursos de plataforma digital da Axos Financial:

• Aplicativo bancário móvel com 1,2 milhão de usuários ativos
• Processamento de transações em tempo real
• Protocolos de segurança avançados
• Autenticação multifatorial

Profissionais financeiros e de tecnologia altamente qualificados

Composição da força de trabalho a partir de 2023:

Categoria profissional	Número de funcionários
Total de funcionários	1,847
Profissionais de tecnologia	587
Especialistas financeiros	412

Recursos robustos de dados e análises do cliente

Detalhes da infraestrutura de análise de dados:

• Processando 3.7 Terabytes de dados do cliente diariamente
• Algoritmos de aprendizado de máquina para avaliação de risco
• Sistemas de detecção de fraude em tempo real

Sistemas bancários baseados em nuvem escaláveis

Especificações de infraestrutura em nuvem:

Métrica em nuvem	Especificação
Provedor de serviços em nuvem	Amazon Web Services (AWS)
Gastes anuais de infraestrutura em nuvem	US $ 18,6 milhões
Escalabilidade do sistema	Suporta 500% de capacidade de surto de tráfego

Axos Financial, Inc. (AX) - Modelo de Negócios: Proposições de Valor

Experiência bancária digital sem costura

O Axos Financial fornece uma plataforma bancária totalmente digital com serviços 100% on -line. A partir do quarto trimestre 2023, a empresa informou:

Métrica bancária digital	Estatística
Total de usuários bancários digitais	1,2 milhão
Downloads de aplicativos bancários móveis	750,000
Taxa de conversão de abertura de conta on -line	65%

Taxas de juros competitivas sobre depósitos e empréstimos

O Axos oferece taxas competitivas em vários produtos financeiros:

Produto	Taxa de juro
Conta poupança de alto rendimento	5.25%
Faixa de empréstimo pessoal da APR	6.79% - 35.99%
Taxas de hipoteca	6.375% - 7.25%

Produtos e serviços financeiros de baixa taxa

• Nenhuma taia de manutenção mensal na corrente de contas
• Zero taxas de transação estrangeira
• Retiradas gratuitas de caixas eletrônicos em todo o país
• Sem requisitos de saldo mínimo

Soluções financeiras personalizadas

Axos fornece serviços financeiros personalizados, incluindo:

• Recomendações financeiras movidas a IA
• Portfólios de investimento personalizados
• Monitoramento de crédito personalizado

Plataformas bancárias e de investimento online integradas

Métricas de integração financeira em 2023:

Métrica de integração da plataforma	Estatística
Contas totais de investimento	350,000
Ativos sob gestão	US $ 5,2 bilhões
Contas de negociação ativa	125,000

Axos Financial, Inc. (AX) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas digitais de autoatendimento

A Axos Financial fornece plataformas bancárias on -line abrangentes com os seguintes recursos digitais:

Recurso da plataforma digital	Disponibilidade
Abertura da conta on -line	100% de processo digital
Downloads de aplicativos bancários móveis	Mais de 500.000 usuários ativos
Recursos de transação digital	Acesso 24/7

Suporte personalizado de cliente on -line

Os canais de suporte ao cliente incluem:

• Suporte ao bate -papo ao vivo
• Plataforma de mensagens segura
• Suporte por e -mail
• Suporte telefônico

Ferramentas de gerenciamento de contas digitais

Ferramenta digital	Funcionalidade
Rastreamento do saldo da conta	Atualizações em tempo real
Histórico de transações	Acesso instantâneo
Serviços de pagamento de contas	Programação automatizada

Serviços de consultoria financeira proativa

Recursos consultivos financeiros digitais:

• Recomendações de investimento automatizado
• Ferramentas de planejamento financeiro personalizado
• Algoritmos de avaliação de risco

Canais automatizados de comunicação do cliente

Canal de comunicação	Métricas de engajamento
Notificações por e -mail	Taxa de entrega de 95%
Alertas de SMS	85% do cliente Opta-in
Notificações push	70% de usuários de aplicativos móveis

Axos Financial, Inc. (AX) - Modelo de Negócios: Canais

Aplicativos bancários móveis

O Axos Bank oferece aplicativos bancários móveis disponíveis em plataformas iOS e Android. A partir do quarto trimestre 2023, o banco relatou 332.000 usuários ativos de bancos móveis com uma taxa de adoção bancária digital de 97%.

Plataforma de aplicativo móvel	Downloads totais	Classificação do usuário
IOS App Store	185,000	4.7/5
Google Play Store	147,000	4.6/5

Plataforma da Web online

A Axos Financial fornece uma plataforma bancária on -line abrangente com acesso digital 24/7. A plataforma processou US $ 42,3 bilhões em volumes de transações digitais durante o ano fiscal de 2023.

• Total de clientes bancários digitais: 428.000
• Logins médios mensais da plataforma da web: 672.000
• Taxa de conversão de abertura de conta on -line: 68%

Portais de atendimento ao cliente digital

A empresa mantém vários canais de suporte digital com um tempo médio de resposta de 12 minutos durante o horário comercial.

Canal de suporte digital	Interações mensais	Taxa de resolução
Bate -papo ao vivo	54,000	92%
Suporte por e -mail	37,000	88%
Centro de mensagens seguras	29,000	95%

Sites de comparação financeira de terceiros

O Axos Financial mantém parcerias com 17 principais plataformas de comparação financeira, gerando aproximadamente US $ 6,2 milhões em receita de aquisição de clientes em 2023.

Métodos de comunicação eletrônica

O banco utiliza várias estratégias de comunicação eletrônica com um alcance mensal de 1,2 milhão de clientes.

• Email Marketing Monthly envia: 890.000
• Alertas bancários de SMS: 672.000 assinantes
• Taxa de engajamento de notificação de push: 43%

Axos Financial, Inc. (AX) - Modelo de Negócios: Segmentos de Clientes

Consumidores bancários em primeiro lugar digital

A partir do quarto trimestre 2023, o Axos Bank reportou 1,2 milhão de clientes bancários digitais. O segmento bancário digital representa 68% de sua base total de clientes.

Métrica bancária digital	Valor
Total de clientes bancários digitais	1,200,000
Penetração bancária digital	68%
Downloads de aplicativos móveis	850,000

Proprietários de empresas pequenas e médias

O Axos atende a aproximadamente 45.000 contas comerciais pequenas e médias, com ativos bancários de negócios totais de US $ 2,3 bilhões em 2023.

• Contas bancárias de negócios totais: 45.000
• Ativos bancários de negócios: US $ 2,3 bilhões
• Tamanho médio da conta comercial: US $ 51.111

Jovens profissionais e millennials

A demografia de 25 a 40 anos compreende 42% da base de clientes da Axos, com um saldo médio de conta de US $ 28.500.

Métrica bancária milenar	Valor
Porcentagem de base de clientes	42%
Saldo médio da conta	$28,500

Usuários de serviço financeiro com conhecimento técnico

O Axos relata que 92% dos clientes utilizam plataformas bancárias on -line, com 75% usando ativamente os aplicativos bancários móveis.

• Penetração bancária online: 92%
• Uso bancário móvel: 75%
• Volume de transação digital: 3,6 milhões mensais

Indivíduos de alta rede

A Axos atende a aproximadamente 22.000 clientes de alta rede com ativos de gestão de investimentos e patrimônio, totalizando US $ 1,8 bilhão em 2023.

Métrica bancária de alta rede	Valor
Clientes totais de alta rede	22,000
Ativos de gerenciamento de patrimônio	US $ 1,8 bilhão
Valor médio da conta	$81,818

Axos Financial, Inc. (AX) - Modelo de Negócios: Estrutura de Custo

Manutenção de infraestrutura de tecnologia

Para o ano fiscal de 2023, a Axos Financial relatou as despesas de tecnologia e equipamentos de US $ 43,9 milhões, representando um componente crítico de sua estrutura de custos operacionais.

Categoria de despesa de tecnologia	Custo anual ($)
Infraestrutura de TI	18,500,000
Serviços de computação em nuvem	12,700,000
Sistemas de segurança cibernética	8,200,000
Manutenção da rede	4,500,000

Desenvolvimento da plataforma digital

Axos investiu US $ 22,6 milhões na plataforma digital e no desenvolvimento de software durante o ano fiscal de 2023.

• Desenvolvimento de aplicativos bancários móveis: US $ 8,3 milhões
• Atualizações da plataforma bancária online: US $ 7,5 milhões
• Inovação de produtos digitais: US $ 6,8 milhões

Salários e benefícios dos funcionários

As despesas totais de remuneração da Axos Financial em 2023 foram de US $ 214,5 milhões.

Categoria de compensação	Custo anual ($)
Salários da base	156,700,000
Bônus de desempenho	32,800,000
Benefícios de saúde e aposentadoria	25,000,000

Despesas de marketing e aquisição de clientes

Axos Financial alocado US $ 37,2 milhões às estratégias de marketing e aquisição de clientes em 2023.

• Campanhas de marketing digital: US $ 15,6 milhões
• Publicidade tradicional: US $ 9,8 milhões
• Programas de referência ao cliente: US $ 6,3 milhões
• Ofertas promocionais: US $ 5,5 milhões

Conformidade regulatória e investimentos em segurança cibernética

As despesas de conformidade e segurança totalizaram US $ 26,4 milhões para o Axos Financial no ano fiscal de 2023.

Categoria de despesa de conformidade	Custo anual ($)
Sistemas de relatórios regulatórios	9,200,000
Aprimoramentos de segurança cibernética	11,600,000
Pessoal legal e de conformidade	5,600,000

Axos Financial, Inc. (AX) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos e produtos de crédito

Para o ano fiscal de 2023, Axos Financial relatou US $ 529,7 milhões em receita de juros líquidos. A repartição da receita de juros inclui:

Categoria de empréstimo	Receita de juros
Empréstimos imobiliários residenciais	US $ 214,3 milhões
Empréstimos imobiliários comerciais	US $ 156,8 milhões
Empréstimos comerciais	US $ 98,5 milhões
Empréstimos ao consumidor	US $ 60,1 milhões

Taxas de serviço bancário digital

Taxas de serviço bancário digital para Axos Financial em 2023 totalizou US $ 87,4 milhões.

• Serviços de conta on -line: US $ 42,6 milhões
• Taxas de transação bancária móvel: US $ 24,8 milhões
• Processamento de pagamento digital: US $ 20,0 milhões

Comissões de investimento e gerenciamento de patrimônio

Receita de investimento e gerenciamento de patrimônio para 2023 foi US $ 63,2 milhões.

Categoria de serviço	Receita da Comissão
Serviços de corretagem	US $ 35,7 milhões
Advogado de gerenciamento de patrimônio	US $ 21,5 milhões
Gerenciamento de contas de aposentadoria	US $ 6,0 milhões

Taxas de transação

As taxas de transação totais para o Axos Financial em 2023 totalizaram US $ 45,6 milhões.

• Taxas de transação ATM: US $ 18,3 milhões
• Taxas de intercâmbio: US $ 22,7 milhões
• Taxas de transferência de arame: US $ 4,6 milhões

Taxas de manutenção de conta

Taxas de manutenção de conta geradas US $ 22,1 milhões em receita para 2023.

Tipo de conta	Receita de manutenção
Contas de verificação	US $ 12,4 milhões
Contas de poupança	US $ 6,7 milhões
Contas de negócios	US $ 3,0 milhões

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.