PSB Alliance Private Limited (PSBA) has selected AWS as a cloud service provider to deliver cloud computing services to India’s public sector banks, according to a statement released by Amazon Web Services (AWS) India Private Limited. Twelve public sector banks came together to form PSBA, an umbrella organization that serves as a nodal agency for providing them with end-to-end technology-enabled banking services. It makes use of the strength and expertise of its member banks to create a cohesive and successful value offering for banking operations and to quickly and easily offer clients safe financial and non-financial banking services. In addition to promoting innovation in the financial ecosystem, PSBA backs the Government of India’s financial reforms and the Enhanced Access and Service Excellence (EASE) initiative.
With the help of PSBA’s Community Cloud Services and this empanelment, public sector banks will be able to easily utilize AWS, the most extensive and widely used cloud, without having to establish different procurement procedures for each of their cloud computing needs. Through Orient Technologies and Hitachi Systems, two AWS Managed Service Providers (MSPs), the empanelment will enable AWS to offer its services to member banks.
By utilizing AWS’s established security, compliance, and governance capabilities, banks will be able to create a safe environment in which they may develop and experiment at reduced cost, ultimately improving banking services and features. The banks will be able to take advantage of the MSPs’ technological know-how as they transition to the cloud and implement a more flexible IT infrastructure in accordance with their digital transformation plans and business objectives. Banks will also be able to offer services like doorstep banking and subscribe to eBKray, an innovative end-to-end listing and auction platform for managing non-performing asset (NPA) loans, thanks to PSBA’s access to software-as-a-service (SaaS)-based financial service marketplaces.
“Over the next few years, we expect several public sector banks to shift their non-core banking workloads to the cloud. Our endeavor to empanel AWS allows public sector banks to draw on the experience of their peers, establish and reinforce industry best practices, and take advantage of the combined scale of operations. Our member banks can secure better pricing structures and enhanced value from cloud services,” said Eric Anklesaria, Senior Advisor, PSBA. “We are confident that the banks will benefit greatly from AWS’s world-class security and best practices in driving digital transformation, depth of understanding, and wide range of cloud services to transform banking services for their customers.”
“Driving digital transformation in banking, achieving financial inclusion, and delivering better customer service are core priorities laid out by the Indian government’s Department of Financial Services. In line with this, public sector banks are exploring more agile infrastructure and technologies to provide enhanced experiences through frontline customer-facing applications, create process efficiencies, drive data-based decisions, and build a stronger revenue growth path,” said Pankaj Gupta, Leader, Public Sector, AWS India Private Limited*. “Building on AWS enables public sector banks not only to derive the benefits of reliable application performance, scalability, and cost performance but also prepares them to quickly adopt artificial intelligence and machine learning to create more personalized experiences for customers and build differentiated services. AWS is excited to work with PSBA to strengthen public sector banks with the power of the cloud and help them meet the changing demands of the banking landscape.”
The MSPs will assist each of the public sector banks in creating a migration roadmap by conducting readiness studies and assessments of cloud migration. Cloud services will initially be used by the banks for non-core banking applications, including contact center systems, supply chain finance, customer relationship management, development and user acceptance test environments, data lakes and analytics, microfinance credit management, loan origination, loan management, cash management, WhatsApp banking, and IVR systems.
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