Axis Bank selects AWS for digital banking transformation
The bank aims to transition 70 per cent of its infrastructure and applications to the cloud in the next two years
Hyderabad: Amazon Web Services, (AWS), an Amazon.com company, said that Axis Bank, India’s third largest private sector bank, has selected AWS to accelerate its digital transformation programme and meet the growing demand for its digital banking services.
As part of a multi-year agreement, Axis Bank will draw on the breadth and depth of AWS services, including containers, database, and compute, to build a portfolio of new digital financial services to bring advanced banking experiences to customers, including online accounts that can be opened in under six minutes and instant digital payments, helping the bank increase customer satisfaction by 35 per cent and lower costs by 24 per cent.
To date, Axis Bank has deployed over 25 mission-critical applications on AWS, including a Buy Now Pay Later product and a new loan management system to support it, Account Aggregator, Video-Know Your Customer, and WhatsApp Banking.
Axis Bank has over 200 million customers who seek new and innovative digital banking services, including digital deposits, digital loans, and digital credit cards, to better manage their finances. Using Amazon Elastic Compute Cloud (Amazon EC2), Axis Bank will scale workloads on demand to support 10 million daily real-time payments through India’s Unified Payments Interface.
Axis Bank dedicated over 800 people to its digital projects, built an in-house engineering and design team of more than 130 people, and established a cloud engineering practice centered on agile software development and DevOps principles. Working with AWS Professional Services, Axis Bank has set up a cloud centre of excellence to accelerate its cloud migration and set the digital foundation for innovating new services.
Commenting on this alliance, Subrat Mohanty, Group Executive, Axis Bank said, “Axis Bank is designing new products, crafting digital journeys, and personalising its services to address the financial needs of its customers better. We continue to anticipate future trends and make investments ahead of time within our technology stack. We believe AWS will enhance our agility and resilience to manage two key features that define our digital business – rapid scale and high velocity. We aim to transition 70 per cent of our infrastructure and applications to the cloud.”
Cloud is transforming the financial industry and AWS will help Axis Bank build and grow a suite of digital banking services, said Puneet Chandok, president, Commercial Business, AWS India and South Asia, AISPL.
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