Amazon Web Services, (AWS), an Amazon.com company, today announced that private lender Axis Bank, has selected AWS for accelerating its digital transformation program and help meet the growing demand for its digital banking services.
As part of a multi-year agreement, Axis Bank will be drawing 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% and lower costs by 24%. As of now, 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 (V-KYC), and WhatsApp Banking. Axis Bank also plans to migrate 70% of its on-premises data center infrastructure in the next 24 months to further reduce cost, improve agility, and improve customer experience.
Axis Bank has over 200 million customers who increasingly demand new and innovative digital banking services, including digital deposits, digital loans, and digital credit cards, to better manage their finances. To serve these consumers’ needs and provide new financial services digitally, Axis Bank relies on the scalability, resiliency, and agility of AWS to bring new services to market quickly while maintaining a seamless, excellent customer experience.
Commenting on this alliance, 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.”
“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. “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.”