cxo voice
  • Home
  • Technology
    • AI
    • Cloud
    • Telecom
    • Data Center
    • BPM
    • Blockchain
  • Finance
    • Banking
  • Cyber Security
  • View Points
  • Leaders Talk
  • News
  • Press Release
    • Submit Press Release
No Result
View All Result
  • Home
  • Technology
    • AI
    • Cloud
    • Telecom
    • Data Center
    • BPM
    • Blockchain
  • Finance
    • Banking
  • Cyber Security
  • View Points
  • Leaders Talk
  • News
  • Press Release
    • Submit Press Release
No Result
View All Result
Leaders Talk and Latest Tech News | CXO VOICE
No Result
View All Result
Home News Banking

Axis Bank doubles down on cloud based digital banking solutions

IANS by IANS
January 20, 2023
Axis Bank's Cloud-driven digital banking solutions

Digital transformation in banking and the use of the cloud help banks enhance their products and solutions, and customer experience. Customers can easily access their banking accounts and perform transactions from anywhere, using devices such as smartphones or computers. Cloud-based digital banking also allows for more efficient and cost-effective management of banking systems and data.

Indian banks are future-proofing their businesses by embracing a cloud-based digital ecosystem to improve their products and services and enhance customer experience.

At Axis Bank, India’s third largest private sector bank, digital leadership and technological-driven transformation are key pillars of their growth, profitability, and sustainability (GPS) strategy. In an exclusive interview with IANS, Sameer Shetty, President and Head of Digital Business and Transformation at Axis Bank, spoke about the bank’s relentless focus on making Axis digital.

Shetty noted that the bank continually invests in technological capabilities to deliver on its transformation plans and foster a culture of innovation.

For example, Axis Bank is kicking off a two-day hackathon titled “Bankathon 2.0 – Open to Possibilities”, on January 20 in Mumbai in partnership with Amazon Web Services to give builders a platform to develop and demonstrate the working prototype of their transformational ideas, which have the potential to disrupt the banking industry.

“Purpose of this hackathon is to identify the talent and engage with them to co-learn and co-create technology and business applications in a collaborative and fun way. We have identified themes such as Super App, Lending, Introduce & scale new digital customer-facing propositions, new age technologies, Fraud Management, etc.,” said Shetty.

ADVERTISEMENT

“We leverage mechanisms like Amazon’s Working Backwards’ approach in our Bankathons to focus on the customer while leveraging digital technology to build solutions.”

According to Shetty, some highly innovative solutions emerged in the previous edition of this two-day mega event which was also conducted in partnership with AWS. For instance, ‘My Money-Personal Finance Manager’, the first version designed by Axis Bank’s in-house design team, is already live on their mobile app.

“Such services are helping us derive valuable insights and guide our customers in better managing and analyzing their investments and spends, credit score-dropping or improving, etc.,” said Shetty

Axis is working on more than 30 initiatives to execute its digital strategy.

“The OPEN philosophy underpins everything we do,” said Shetty

“O: 0-based redesign; customer centric, design led and 0-operations; P: Proprietary in-house capabilities; E: Ecosystems capable; built for all Axis and partner channels & N: Numbers (impact led and metrics driven).”

With digital lending being pegged as a $1.3 trillion market opportunity by 2030 in India, Axis’s vision is to underwrite every Indian: whether known to bank customers or new to bank customers.

“If any citizen of India comes to us, we should be able make an offer. Some may not have a good credit score. We are building an alternate scoring model. For Digital Lending you can think of purpose specific lending where you need new age Loan Management System to handle Small ticket, small tenor, limit/loan, multiple interest rate/fee structures, 100 per cent digital journeys — no manual intervention,” said Shetty.

When it comes to the bank’s new age loan management systems, buy now pay later (BNPL) products, underwriting capabilities and onboarding facilities such as KYC vital for seamless customer acquisition, Axis leverage the power of Amazon Web Services (AWS), Amazon’s cloud computing arm to build, scale and innovate.

“AWS is one of our preferred cloud providers to help us build digital products & services, and reimagine customer experience. We started our journey with AWS in January 2020. It’s a partnership which has benefitted us immensely. AWS has also partnered with us on training and skilling initiatives and collaborated with us on bankathons”, said Shetty

“We believe in a cloud-first approach. Earlier we used to ask ourselves: why cloud? Today, for all new initiatives, we say: why not the Cloud?”.

‘Jarvis’, Axis Bank’s in-house, cloud-native and API-oriented lending platform, has been built on AWS.

According to Shetty, Axis’s Buy Now Pay Later product, built on AWS, clearly demonstrates its OPEN principles. The instant onboarding, decisioning & activation — all in 3 steps in less than 3 minutes is also available for new-to-Bank customers. The BNPL product was launched on the Bank’s proprietary Jarvis loan management platform built in partnership with Freecharge (it can be plugged into other platforms too). 

“We have 1 million daily active Credit Card users. The Credit Card application is handling 90-95 million API requests at the peak. Nearly 65 per cent of services are digitally serviceable which are all hosted on AWS,” said Shetty.

Source: IANS

Also Read: Technology remains the main driver for insurance companies to scale and grow in 2023

IANS

IANS

For any query, [email protected]

Related Posts

Tech Mahindra and Aduna
Business

Tech Mahindra and Aduna Forge Strategic Partnership to Transform Telecom Networks through Standardized APIs

July 5, 2025
HCLTech and Equinor
Business

HCLTech and Equinor Strengthen Partnership to Propel Digital Transformation

July 3, 2025
Enterprise Software
Business

The Future of Enterprise Software: Embracing Multimodality

July 3, 2025
Juniper Networks
Business

Hewlett Packard Enterprise Acquires Juniper Networks to offer a comprehensive, cloud-native, AI-driven portfolio

July 3, 2025
Technology

Samsung Launches Skill Development Center at the Government Polytechnic in KGF

July 2, 2025
Premier League
Technology

Premier League Teams Up with Microsoft for Innovative Fan Experience

July 2, 2025
mimik and Tech Mahindra
AI

mimik and Tech Mahindra Launch Agentic AI Production Center to Revolutionize Autonomous AI Development

July 2, 2025
Hinshaw
People

Genpact Welcomes John M. Hinshaw to Board of Directors

July 2, 2025
Load More
ADVERTISEMENT

Latest Updates

Tech Mahindra and Aduna

Tech Mahindra and Aduna Forge Strategic Partnership to Transform Telecom Networks through Standardized APIs

by News Desk
16 hours ago

HCLTech and Equinor

HCLTech and Equinor Strengthen Partnership to Propel Digital Transformation

by News Desk
3 days ago

Enterprise Software

The Future of Enterprise Software: Embracing Multimodality

by Deepa Sharma
3 days ago

Juniper Networks

Hewlett Packard Enterprise Acquires Juniper Networks to offer a comprehensive, cloud-native, AI-driven portfolio

by News Desk
3 days ago

Samsung Launches Skill Development Center at the Government Polytechnic in KGF

by News Desk
4 days ago

Premier League

Premier League Teams Up with Microsoft for Innovative Fan Experience

by News Desk
4 days ago

Expert Views

Opinion

When AI Empowers Both Networks and Hackers: The New Battlefield for India’s Telecoms

May 20, 2025
Molly Sands AI
AI

AI RIP: 5 Things Knowledge Workers Will Say ‘Sayonara’ to in the Next Decade

March 8, 2025
multi cloud
Cloud

Multi-Cloud Made Simple: Strategies for Smart Business Management

March 5, 2025
Soft Skills
Opinion

Soft Skills and Technical Know-How: A Winning Combination in the Tech Industry

March 4, 2025
Digital Freedom
Cyber Security

Your Data, Their Gold: The Silent Battle for Digital Freedom

February 25, 2025

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Interviews

Steve Wilson, GenAI Cybersecurity LLMs
Cyber Security

How effective is GenAI in cybersecurity? The role of LLMs and AI in security solutions. [Interview with Steve Wilson]

-
Interview on Counterfeit products with Nikhil Narayan
Leaders Talk

Advancements in ML & AI made it possible to detect counterfeit products in real-time, says Nikhil Narayan

-
Newgenone bridges the gap between business users and IT teams with its low code capability: Varun Goswami
Leaders Talk

Newgenone bridges the gap between business users and IT teams with its low code capability: Varun Goswami

-
AI chatbots, Prasanna-Kumar
Leaders Talk

Can AI chatbots enhance customer experience and reduce the cost of serving customers?

-

Entrepreneur

Samsung Electronics appoints its first female president

Inspiring Women Entrepreneurs in India (2022)

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

CXOVoice.com is a leading online publication for CXOs, entrepreneurs, senior leaders, developers, and industry professionals. Our coverage spans key sectors, including IT, technology, banking, finance, cybersecurity, engineering, and automobiles.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

[email protected]
  • Home
  • About Us
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

Copyright © 2025 CXOVoice - All Right Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/

No Result
View All Result
  • Home
  • Technology
    • AI
    • Cloud
    • Telecom
    • Data Center
    • BPM
    • Blockchain
  • Finance
    • Banking
  • Cyber Security
  • View Points
  • Leaders Talk
  • News
  • Press Release
    • Submit Press Release

Copyright © 2025 CXOVoice - All Right Reserved