Amazon Web Services selected as Edelweiss’s preferred cloud provider
By Leandra Monteiro
Edelweiss, a diversified financial services company in India has selected Amazon Web Services (AWS), an Amazon.com Inc. company as its preferred cloud provider, running most of its workloads to further drive its digital transformation efforts.
To date, Edelweiss has migrated over 210 mission-critical applications from multiple business lines to AWS, including stock recommendations, public websites, and data models, to reduce cost and create new services.
Using Amazon Web Services’s portfolio of cloud capabilities, including compute, machine learning, management and governance, serverless, and database, Edelweiss is building a digital ecosystem of applications and systems using application programming interfaces (APIs), which enable Edelweiss’s wealth, asset, credit, and insurance entities to securely exchange information and launch joint customer services.
Previously Edelweiss’s multiple business groups previously ran their on-premises infrastructure in silos, this made upgrading infrastructure and building new customer services quite a challenge. It also took time away from engineers who need to focus on creating innovative new services for the company’s 1.45 million customers.
Running the on-premises infrastructure also increased costs, consuming 80% of Edelweiss’s IT budget. As the company started transforming into an agile, data-driven enterprise by moving to Amazon Web Services, it focused on dramatically reducing the costs associated with the undifferentiated heavy lifting of managing infrastructure. Edelweiss now spends 50% of its IT budget on driving digital innovation initiatives aimed at providing richer customer experiences at much lower costs, including a data mart which creates a unified view of the customer across Edelweiss’s business groups and an artificial intelligence (AI) stock simulation which provides predictions on stock performance to traders in real time.
With AWS, Edelweiss has been able to scale up its infrastructure for five days to process investments of more than US $2B during the launch of the Bharat Bond exchange Traded fund (ETF)—at 10% of the cost of a comparable on-premises system. By leveraging Amazon Elastic Compute Cloud (Amazon EC2), Edelweiss eliminated service downtime and minimised response times when customers invested into the ETF.
“AWS is integral to Edelweiss’s strategy as we digitally transform from a traditional financial services organization to an agile, data driven enterprise,” said Nitin Agarwal, President and Group CIO, CTO, and Chief Digital Officer, Edelweiss. “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.”
“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,” said Puneet Chandok, President, Commercial Business, India and South Asia, Amazon Internet Services Private Limited. “By selecting AWS as its preferred cloud provider, Edelweiss gains access to the broadest and deepest portfolio of cloud services to deliver new financial services faster and interact with customers and partners in a more seamless and secure way.”
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