The Business Bytes
TBB BUREAU
MUMBAI, JUNE 29, 2021
India’s third-largest private sector bank Axis Bank has selected Amazon Web Services (AWS) to accelerate its digital transformation programme.
“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.
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. The Bank also plans to migrate 70 per cent of its on-premises data centre infrastructure in the next 24 months to further reduce cost, improve agility, and improve customer experience.
Subrat Mohanty, Group Executive, Axis Bank, said, “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 on the cloud.”
Axis Bank has set up a cloud centre of excellence to accelerate its cloud migration and set the digital foundation for innovating new services. At present, 15 per cent of the bank’s applications are already on the cloud.
“Cloud is transforming the financial industry and we are delighted to help Axis Bank build and grow a suite of digital banking services that evolve with technology changes, introduce new payment modes, and support evolving consumer and business needs in India,” said Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL.
