PSB Alliance (PSBA) has selected Amazon Web Services (AWS) India as a cloud service provider to deliver cloud computing services to Indian public sector banks.
Established by 12 public sector banks, PSBA is an umbrella organisation that serves as a central body, offering end-to-end technology-enabled banking services to its members.
The alliance supports the Indian government’s financial reforms, including the Enhanced Access and Service Excellence (EASE) agenda, aimed at driving innovation within the financial sector.
The empanelment of AWS will allow the cloud service provider to deliver solutions via two AWS managed service providers (MSPs), namely Orient Technologies and Hitachi Systems.
Besides, the public sector banks will be able to easily leverage secure, compliant, and cost-effective cloud infrastructure through PSBA’s Community Cloud Services. This will simplify the adoption process for member banks without the need for separate procurement procedures.
Furthermore, it will help banks in developing a secure environment that will allow them to innovate and experiment at a low-cost and improve banking services and features.
Besides, the public sector banks will be able to migrate to the cloud and deploy a more agile technology infrastructure that aligns with their business goals and digital transformation strategy.
PSBA will also offer banks access to software-as-a-service (SaaS) based financial service marketplaces. This will facilitate them in providing services such as doorstep banking and subscribe to eBKray.
eBKray is a new end-to-end listing and auction platform to manage non-performing asset (NPA) loans.
PSBA senior adviser Eric Anklesaria said: “Over the next few years, we expect several public sector banks to shift their non-core banking workloads to the cloud. Our endeavour 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.”
In line with the alliance, the MSPs will carry out a cloud migration assessment and readiness study for each bank, creating customised migration roadmaps.
Initially, cloud services will be implemented for non-core banking applications, including loan origination and management systems, IVR system, cash management, WhatsApp banking, data analytics, and microfinance credit management.
AWS India public sector leader Pankaj Gupta said: “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.”
