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Axis Bank tie-up with AWS for powering digital banking services

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Axis Bank has inked a multi-year deal with Amazon Web Services (AWS) to power the digital transformation programme of the country’s third-largest private sector bank. As part of the agreement, Axis Bank with help of AWS will build a portfolio of new digital financial services to bring advanced banking experiences to customers, including online accounts that can be opened in 6 min & instant digital payment. This will help the bank increase customer satisfaction by 35 per cent and lower costs by 24 per cent.

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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.

Important takeaways for all competitive exams:

  • Axis Bank Headquarters: Mumbai;
  • Axis Bank Founded: 1993;
  • Axis Bank MD and CEO of Axis Bank: Amitabh Chaudhry.

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