AWS Signs a Multi-Year Digital Transformation Contract with Axis Bank
Earlier Wipro and AWS joined forces to create a joint venture called 'Wipro AWS Business Group', now AWS has signed a multi-year digital transformation agreement with Axis Bank, India's third largest private sector bank. For the same the financial details are currently kept in wraps.
In accordance with the agreement, Axis Bank can use the cloud computing arm of Amazon.com, which includes containers, databases, and compute to develop an array of new digital financial services.
To accelerate the delivery of these services to customers, the bank is in thoughts of opening online accounts in a matter of six minutes and to make rapid digital payments, resulting in a 35 percent boost in customer satisfaction and a 24 percent reduction in costs.
Axis Bank has chosen Amazon Web Services to address the growing demand for its digital banking services among its more than 200 million customers. To better manage their finances, customers are requesting new and creative digital banking services such as digital deposits, digital loans, and digital credit cards.
The bank has launched new digital banking solutions employing microservices that enable any application architecture using Amazon Elastic Kubernetes Service (Amazon EKS), which allows clients the freedom to operate Kubernetes apps on AWS or on-premises. Axis Bank will increase workloads on-demand using Amazon Elastic Compute Cloud (Amazon EC2) to facilitate 10 million daily real-time payments over India's Unified Payments Interface (UPI).
“Cloud is transforming the financial industry, and we are delighted to assist Axis Bank in developing and expanding 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
Along the line, the bank has established an excellent cloud center that accelerates cloud migration and helps lay the groundwork for new service innovation while adhering to stringent governance, security, and regulatory compliance standards. All the efforts are thanks to the support of experts at AWS.
Axis Bank has approximately 25 mission-critical apps running on AWS. It wants to move 70 percent of its on-premises data centre infrastructure to the cloud in the next 24 months to decrease costs, improve agility, and improve customer experience.
“Cloud is transforming the financial industry, and we are delighted to assist Axis Bank in developing and expanding 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.
When Wipro partnered with AWS to develop Wipro AWS Business Group, a new business endeavor (WABG), the new organization was aimed at assisting customers in accelerating their cloud transformation journeys on AWS. Customers can also use the Wipro AWS Launch Pad to help them with their business transformation initiatives.