Axis Bank, India’s third largest private sector bank, has selected Amazon Web Services (AWS) to accelerate its digital transformation program.

Axis Bank will use 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 percent and lower costs by 24 percent.

To date, 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 plans to migrate 70 percent 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.

Last year, Axis Bank made the decision to deploy all new customer facing applications on AWS. Today, 15 percent of the bank’s applications are already on the cloud, and the bank aims to take this number to 70 percent in three years.

Axis Bank has dedicated over 800 people to its digital projects, built an in-house engineering and design team of more than 130 people, and established a cloud engineering practice centered on agile software development and DevOps principles.

Subrat Mohanty, Group Executive, Axis Bank said, “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 percent of our infrastructure and applications on the cloud.”

Puneet Chandok, President, Commercial Business, AWS India and South Asia, said: “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.”