Amazon Web Services (AWS) announced that Edelweiss, a leading financial services company in India, has selected AWS as its cloud provider.
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, improve agility, and create innovative new services.
Each of Edelweiss’s multiple business groups previously ran their on-premises infrastructure in silos, which meant upgrading infrastructure and building new customer services was challenging and took engineers away from creating innovative new services for the company’s 1.45 million customers located across more than 100 cities in India and internationally.
Running the on-premises infrastructure also meant high costs, consuming 80 percent of Edelweiss’s IT budget. As the company started transforming into an agile, data-driven enterprise by moving to AWS, it focused on dramatically reducing the costs associated with the undifferentiated heavy lifting of managing infrastructure.
Edelweiss spends 50 percent 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.
AWS enabled Edelweiss to seamlessly scale up its infrastructure for five days to process investments of more than US $2 billion during the launch of the Bharat Bond exchange Traded fund (ETF)—at 10 percent of the cost of a comparable on-premises system.
Since adopting Amazon SageMaker, Edelweiss has reduced the time to launch new machine learning models from six months to only three weeks, and increased cross-sell rates by 300 percent and fraud detection rates by 35 percent.
Nitin Agarwal, group CIO, CTO, and chief digital officer of Edelweiss, said: “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.”