Axis Bank selects Amazon Web Services as preferred cloud provider
Axis Bank has selected Amazon Web Services (AWS) for expediting its digital transformation program and address the increasing demand for its digital banking services.
Under a multi-year agreement, Amazon Web Services will help the Indian private sector bank leverage the former’s services that include containers, database, and compute, for developing a portfolio of new digital financial services to deliver advanced banking experiences to customers. These include online accounts that can be opened within six minutes and instant digital payments.
Puneet Chandok – President, Commercial Business, Amazon Web Services India and South Asia, Amazon Internet Services Private Limited (AISPL) said: “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.
“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.”
Axis Bank selects Amazon Web Services as a preferred cloud provider. Photo courtesy of Christopher J. Fynn/Wikipedia.org.
So far, Axis Bank has deployed more than 25 mission-critical applications on Amazon Web Services. These include a buy now pay later product and a new loan management system that supports it, video-know your customer (V-KYC), account aggregator, and WhatsApp banking.
Besides, the Indian private lender will look to migrate 70% of its on-premises data center infrastructure in the next couple of years to further cut down costs, enhance agility, and boost customer experience.
Axis Bank is said to have more than 200 million customers. To cater to the needs of the consumers and offer them new financial services digitally, the Indian banking group is said to depend on the scalability, resiliency, and agility of Amazon Web Services for introducing new services to the market quickly.
With the help of Amazon Elastic Kubernetes Service (Amazon EKS), Axis Bank is said to have developed new digital banking products using microservices that support any architecture of any applications, regardless of scale, load, or complexity.
Axis Bank is using a fully managed document database service called Amazon DocumentDB for running secure financial transaction processing across its digital bank accounts.
With Amazon Elastic Compute Cloud (Amazon EC2) web service, the bank will scale workloads on demand for supporting millions of daily real-time payments via India’s Unified Payments Interface (UPI).
In 2020, Axis Bank took the move to deploy all new customer facing applications on Amazon Web Services. Currently, 15% of its applications are on the cloud with the Indian private sector bank looking to increase it to 70% in three years.
Subrat Mohanty – Group Executive, Axis Bank said: “Axis Bank is designing new products, crafting digital journeys, and personalizing 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% of our infrastructure and applications on the cloud.”