Financial services company Edelweiss has selected Amazon Web Services (AWS) as its preferred cloud provider to further drive its digital transformation.
Edelweiss has migrated over 210 mission critical applications from multiple business lines to AWS so far, according to a statement. These include stock recommendations, public websites, and data models which will help the company reduce cost, improve agility, and create new services.
Using AWS’s portfolio of cloud capabilities, Edelweiss is building a digital ecosystem of applications and systems using application programming interfaces (APIs) to exchange information and launch joint customer services across its wealth, asset, credit, and insurance entities.
The company expects that the new initiative will enable it to gain greater customer insights, accelerate the speed to market of new customer services, and improve customer experience.
“Edelweiss is using AWS to digitally connect its entities and radically change how they develop innovative services that help customers make better investment and financial decisions,” Puneet Chandok, president, commercial business, India and South Asia, Amazon Internet Services Private Limited, said.
According to AWS, the cloud solution has helped Edelweiss to scale its infrastructure to process investments worth more than $2 billion during the launch of the Bharat Bond exchange traded fund (ETF), India's corporate bond exchange traded fund, at 10% of the cost of a comparable on-premise system.
The partnership enables Edelweiss to centralize and analyse previously siloed customer data and using its machine learning service Amazon SageMaker, Edelweiss’s life insurance group has trained machine learning models to deliver personalized service and support to over 370,000 customers.
Since adopting Amazon SageMaker, the company has reduced the time-to-launch new machine learning models from six months to three weeks and increased cross-sell rates by 300% and fraud detection rates by 35%, the statement added.
“AWS is integral to Edelweiss’s strategy as we digitally transform from a traditional financial services organization to an agile, data driven enterprise. We benefit from AWS technologies such as machine learning to create a digital ecosystem that connects our entities and enables them to co-deliver customer personalization at scale, all while maintaining the highest levels of regulatory compliance,” Nitin Agarwal, president and Group CIO, CTO, and chief digital officer, Edelweiss, said.