Axis Bank, a major private bank in India, has started on a transformation initiative with Amazon Web Services (AWS) to assist in the fulfillment of digital banking services demand. The bank has a goal of cloud-hosting 70% of its services.
Axis has said that it will use services including databases, computing, and containers to develop a new online financial services portfolio for its 200 million clients after signing a multiple-year contract with AWS.
Subrat Mohanty, Axis Bank Executive, said that the bank strives to better meet its clients’ financial requirements. To do so, the company is developing digital experiences, personalizing its services, and creating new products.
He added that AWS will help the bank in handling two essential factors that enable the digital business – fast growth and high velocity. The bank strives to predict trends and create investments in the technological stack earlier than expected.
Axis has more than 25 task apps running on AWS, such as WhatsApp banking, buy-now, pay-later service, a video-know-your-customer (V-KYC) service, a loan management system, and an account aggregator.
According to Axis Bank, the cloud company’s capabilities would be used to provide user accounts that can be set in less than 6 minutes and allow quick online transactions.
The bank decided last year to use AWS for all new customer-facing apps. In the next 2 years, Axis intends to transfer 70% of its on-premises data center infrastructure.
Currently, the bank has already 15% of its applications hosted on the cloud. In 3 years, it has a target of increasing the rate to 70%.
Axis Bank processes protected banking transactions throughout its online bank accounts using Amazon DocumentDB, a document database management service.
With its entirely digital services, Axis Bank introduced new financial products employing microservices using Amazon Elastic Kubernetes Service (Amazon EKS).
It comprises the online current account, NOVA, and the savings account, LEAP. Moreover, it has a platform for credit card engagement, OLIVE. Since its debut only 2 months ago, it has served over 3.5 million customers.
Also, the bank aims to grow on-demand operations using Amazon Elastic Compute Cloud (Amazon EC2) to enable 10 million real-time transactions per day using India’s Unified Payments Interface (UPI).
The Indian bank claims that for its digital initiatives, it has devoted more than 800 employees and a 130-person internal design and engineering group. Also, it has a cloud engineering practice based on DevOps concepts and software development.