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BENGALURU : Amazon Web Services (AWS), the cloud computing arm of Amazon.com, on Tuesday said it has signed a multi-year digital transformation agreement with Axis Bank Ltd, India’s third-largest private sector bank. Financial details of the agreement were not shared.

As part of the agreement, Axis Bank will use AWS to build new digital financial services for better banking experiences. Through this tie-up, the bank intends to facilitate opening of online accounts in less than six minutes and instant digital payments, and hopes to increase customer satisfaction by 35% and reduce costs by 24%.

“Cloud is transforming the financial industry and we are delighted to help Axis Bank build and grow a suite of digital banking services that evolve with tech, introduce new payment modes and support evolving consumer and business needs in India," said Puneet Chandok, president, commercial business, AWS India and South Asia.

Axis Bank has deployed over 25 mission-critical applications on AWS so far. In the next 24 months, it plans to migrate 70% of its on-premises data centre infrastructure to the cloud to further reduce cost, improve agility and customer experience.

Axis Bank has selected AWS to meet the growing demand for its digital banking services by over 200 million customers. Customers are demanding new and innovative digital banking services like digital deposits, digital loans and digital credit cards to better manage their finances.

Using Amazon Elastic Kubernetes Service (Amazon EKS), which gives customers the flexibility to run Kubernetes applications on AWS or on-premises, Axis Bank has built new digital banking products using microservices that support any application architecture. Using Amazon Elastic Compute Cloud (Amazon EC2), Axis Bank will scale workloads on demand to support 10 million daily real-time payments through the Unified Payments Interface (UPI).

Last year, Axis Bank decided to deploy all new customer-facing applications on the cloud. Today, 15% of the applications are already on the cloud, and the bank aims to take this to 70% in three years.

Working with AWS experts, Axis Bank has also set up a cloud centre of excellence to accelerate its cloud migration and set the digital foundation for innovating new services, while meeting strict governance, security and regulatory compliance requirements.

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