HDFC Securities Ltd., one of the leading investment service providers in India, unveiled its new mobile trading app, HDFC SKY, on the world’s most comprehensive and broadly adopted cloud. HDFC Sky provides user-friendly trading in shares, commodities, futures, currencies, initial public offers (IPOs), mutual funds, and exchange-traded funds (ETFs) to 75 million consumers and all HDFC Group firms, investors, and traders globally.
HDFC SKY uses a flat price strategy to make trading more transparent and accessible to investors, charging traders a consistent, predetermined cost regardless of the amount of money they invest or the number of trades they do. HDFC Securities, with AWS India as its preferred cloud provider, offers a secure, dependable, and low-latency trading service to an increasing number of tech-savvy retail investors who prefer mobile trading. HDCF SKY, which is built on AWS, provides investors with access to the stock market at a rate of thousands of transactions per second. When compared to on-premises infrastructure, HDFC Securities will save up to 50% on annual IT infrastructure and management expenditures by utilising AWS.
Retail investors currently account for 36% of India’s entire trading market share. With on-premises infrastructure, HDFC Securities wants to scale with the constantly increasing volume of transactions created by these deals. HDFC Securities transferred its main operations to Amazon Elastic Compute Cloud (Amazon EC2), a web service that provides safe, resizable compute power in the cloud, to ensure consistent high performance of HDFC SKY and to enable consumers with a seamless and rapid trading experience.
HDFC Securities benefits from increased performance, security, reliability, and scale by leveraging the AWS Asia Pacific (Mumbai) Region and the AWS Asia Pacific (Hyderabad) Region to ensure business continuity and disaster recovery while meeting data residency preferences and data protection levels required in the financial services industry.
“AWS helped us to create a culture of builders within HDFC Securities by enabling us to rapidly experiment at a lower cost so that we can innovate on behalf of our customers,” said Sandeep Bhardwaj, Chief Operating and Digital Officer at HDFC Securities. “Our commitment to provide a seamless user experience is our top priority, and thanks to the scalability and reliability of AWS, we have effortlessly catered to a rapidly expanding customer base of tech-savvy investors. We are pleased to have significantly reduced our time to market for pioneering services like HDFC SKY, empowering us with the agility to lead the market and help our customers build wealth.”
HDFC Securities intends to use the potential of machine learning (ML) on AWS to better serve its clients by providing more personalised and bespoke experiences. Using AWS’s generative artificial intelligence (generative AI) solutions, the company is also investigating intelligent document processing pipelines to improve client onboarding and servicing experiences.
“The financial services industry in South Asia is adapting rapidly using cloud technology and AI to cope with surging demand from sophisticated retail investors,” said Vaishali Kasture, director and country leader, Commercial Sales, AWS India and South Asia. “HDFC Securities can scale resources with demand and has the tools to build an evolving suite of innovative investor services with AWS. In addition, by leveraging our AWS Mumbai and Hyderabad infrastructure Regions, India’s leading financial services provider can meet the regulatory compliance, disaster recovery (DR) and data protection requirements it needs to continue innovating securely.”
AWS has made a long-term commitment to customers and local communities in India, investing US$3.7 billion (INR 30,900 crores) between 2016 and 2022. AWS opened two regions in India: AWS Asia Pacific (Mumbai) in 2016 and AWS Asia Pacific (Hyderabad) in 2022. AWS intends to invest US$12.7 billion in local cloud infrastructure in India by 2030, bringing AWS’s total investment in India to US $16.4 billion (INR 1,36,500 crores) by 2030. These investments will help to accelerate innovation and improve productivity, contributing an estimated US$23.3 billion (INR 1,94,700 crores) to India’s overall GDP by 2030. Since 2017, AWS has also trained over 4 million people in India in cloud computing skills.