HDFC Bank to launch new payments platform, products under Digital 2.0 in next few quarters: MD and CEO

HDFC Bank plans to launch its products and services in the coming quarters, including a new payment platform under Digital 2.0. The bank is partnering with a new-age start-up to move away from the existing core banking platform and create new core banking modules together. HDFC Bank MD and CEO Sashidhar Jagdishan said in the FY22 annual report that the bank is creating new-age solutions through Digital Factory.

In the annual report, Jagdishan said, “Rebuilding our acquisition trajectories in collaboration with a global technology leader in user experience. We have already built 10 new trajectories and will quickly roll out new ones every 3 weeks.”

This includes account opening travel, loans and cards, both for individual/MSME customers as well as for existing and new customers, the CEO said.

Highlighting the ‘Xpress Car Loans’, Jagdishan said this is a first in the Indian industry and that the bank has integrated its loan application with car dealers across the country.

Xpress Car Loans is an end-to-end digital car loan journey for both existing and non-customers, enabling them to benefit from payout in under 30 minutes, with credit decisions based on rapid data analysis.

Going forward, the CEO said: “In the coming quarters, we will be launching more of our products and services under Digital 2.0, including a new payment platform for our customers, a payment platform for our merchants and an equity platform – all in partnerships with new-age technology companies. .”

According to Jagdishan, the digital collaboration strategy will help us quickly modernize existing experiences without changing the legacy core. It is imperative that the Bank has a long-term vision for innovating its core banking and mobile channel experiences.

The bank has taken two strategic initiatives to renew core banking.

HDFC Bank is co-creating new core banking modules with a new-age startup. He said: “This project allows for the exit from the payment module of the existing core banking platform and helps create a fully resilient active-active payment architecture that ensures minimal downtime of payments even if core banking is not available.”

This 15-month project will be followed by eroding the customer’s master modules from the existing core systems and will provide a single system of registration for customers for different products, the CEO added.

Furthermore, the bank has set up a new center in Bengaluru and the team here is rewriting the mobile and NetBanking platforms.

Jagdishan said: “The entire project will be completed in a time frame of 2 years and will enable the bank to own a modern mobile/NetBanking platform in the cloud. To enable a new experience for customers, we will roll out new features every 3 up to 4 weeks, in line with digital fintech companies.”

As of March 31, 2022, HDFC Bank has a total of 21,683 bank branches, more than 6,342 branches and a total of 15,341 business correspondents. The lender has a total of 18,130 ATMs, cash deposits, and cash withdrawal machines.

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