Pune: India’s third largest private lender Axis Bank Ltd. has selected Amazon Web Services to accelerate its digital transformation programme and meet the growing demand for its digital banking services, the Amazon.com Inc. company said on Tuesday.
As part of a multi-year agreement, Axis Bank will use AWS to build a portfolio of new digital financial services and modernise core banking applications — reducing costs by nearly a quarter, in the process.
“Axis Bank is designing new products, crafting digital journeys, and personalising its services to address the financial needs of its customers better,” Subrat Mohanty, group executive for banking operations and transformation at Axis Bank, said in a statement. “We continue to anticipate future trends and make investments ahead of time within our technology stack… We aim to transition 70% of our infrastructure and applications to the cloud.”
To be sure, the private sector lender has already deployed more than 25 mission-critical applications on AWS, including a Buy Now Pay Later product and a new loan management system to support it. Services such as Account Aggregator, Video KYC and WhatsApp Banking have also been migrated to the cloud.
Axis Bank plans to migrate to the cloud 70% of its on-premise data centre infrastructure in the next 24 months to further reduce cost, improve agility, and improve customer experience.
“Cloud is transforming the financial industry,” said Puneet Chandok, president at AWS India and South Asia (Amazon Internet Services). “By selecting AWS as their preferred cloud provider, Axis Bank gains access to the deepest and broadest suite of cloud services to rapidly innovate and introduce new financial services ranging from easy account opening, digital lending, and instant payments for customers and businesses.”
The bank has more than 200 million customers and currently processes over 50 million transactions a day.