Axis Bank has signed a multi-year technology agreement with Amazon Web Services (AWS) for its digital transformation program. The bank has decided earlier to deploy all its new customer-facing applications on AWS and nearly 15% of its applications are already on the cloud and it intends to take this to 70% in the next 3 years. As part of the agreement with AWS, the bank will fully utilize its services to build a portfolio of new digital financial services and bring advanced banking experiences to customers. The bank hopes to increase customer satisfaction by 35% and lower costs by 24%. The applications that are already on the AWS platform are a ‘Buy Now Pay Later’ product and a new loan management system to support it, Account Aggregator, video-KYC), and WhatsApp banking. The 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 customer experience.
