In significant move to enhance its technological capabilities, HDFC Securities, a leading investment service provider in India, has successfully launched its mobile trading app, HDFC SKY, on Amazon Web Services (AWS) cloud. The partnership with AWS is anticipated to yield substantial benefits, including a remarkable 50% reduction in annual IT infrastructure and management costs compared to traditional on-premises solutions.
Key Highlights of the Initiative
Here are the key highlights of the initiative or mobile trading app launched by HDFC Securities Ltd:
Cost Efficiency with AWS
HDFC Securities is set to achieve a significant cost reduction of up to 50% by leveraging AWS cloud services, demonstrating the cost efficiency and scalability of cloud infrastructure.
AWS Investment Plans in India
AWS, the cloud computing unit of Amazon, has recently unveiled plans to invest USD 12.7 billion in cloud infrastructure in India by 2030. This initiative aims to meet the escalating demand for cloud services in the country.
Secure and Low-Latency Trading
HDFC Securities, with AWS as its preferred cloud provider, ensures a secure and low-latency trading experience for the growing base of tech-savvy retail investors who prefer mobile trading.
Scalable Trading App
HDFC SKY, built on AWS, enables investors to access the stock market at a scale of thousands of transactions per second, catering to the needs of its extensive customer base of 75 million globally.
Transparent Pricing Model
HDFC SKY operates on a flat pricing model, providing transparency and accessibility for investors. Traders are charged a consistent, predetermined fee, irrespective of the investment amount or the number of transactions made.
Incorporating Machine Learning (ML)
HDFC Securities aims to enhance customer experiences by harnessing the power of machine learning on AWS. Personalized and tailored experiences are on the horizon to better serve the diverse needs of investors.
AWS’s Generative AI for Customer Onboarding
Intelligent document processing pipelines, facilitated by AWS’s generative artificial intelligence (generative AI) offerings, will be employed to improve customer onboarding and serving experiences.
Infrastructure Benefits
Leveraging AWS’s Mumbai and Hyderabad infrastructure regions, HDFC Securities gains increased performance, security, reliability and scale. This ensures businesses continuity, disaster recovery and compliance with data residency preferences in the financial services sector.
Quotes and Insights
Sandeep Bhardwaj, Chief Operating and Digital Officer at HDFC Securities, expressed, “AWS helped us to create a culture of builders within HDFC Securities by enabling us to rapidly experiment at a lower cost so that we can innovate on behalf of our customer.”
Vaishali Kasture, Director and Country Leader, Commercial Sales at AWS India and South Asia, highlighted the rapid adoption of cloud technology and AI in the South Asian financial services industry, emphasizing HDFC Securities’ ability to scale resources and innovate with AWS.
AWS’s Ongoing Commitment to India
AWS has invested USD 3.7 billion in India from 2016 to 2022 and plans to increase this investment to USD 12.7 billion by 2030, contributing significantly to India’s GDP and fostering innovation in the region. The company has also played a pivotal role in upskilling over 4 million individuals in India with cloud skills since 2017.
Important Questions Related to Exams
Q1. Which mobile trading app was recently launched by HDFC Securities to enhance its technological capabilities?
Sol. HDFC Securities, a leading investment service provider in India, has successfully launched its mobile trading app, HDFC SKY, on Amazon Web Services (AWS) cloud.
Q2. How much cost reduction is HDFC Securities aiming for by leveraging AWS Cloud Services?
Sol. HDFC Securities aims for a significant 50% reduction in annual IT costs through AWS cloud services.
Q3. What is AWS’s planned investment in cloud infrastructure in India by 2030?
Sol. AWS plans to invest USD 12.7 billion in cloud infrastructure in India by 2030.
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