HDFC Bank partners with startup to launch new payments platform

This includes the account opening process, loans and cards, covering individual or MSME customers as well as existing and new banking customers.

HDFC Bank reportedly said it plans to launch its products and services under Digital 2.0 in the coming quarters, including a new payments platform. It has partnered with new-age startups to build a new core banking module.

Shashidhar Jagadeeshan, managing director and chief executive officer of HDFC Bank, said in its FY22 annual report that the bank is creating new-age solutions through digital factories. In his words, “Working with the global UX technology leader to rebuild our customer acquisition journey. We’ve launched 10 new tours and will be rapidly rolling out new tours every 3 weeks. This includes account opening tours, Loans and cards, covering both individual or MSME customers as well as existing and new banking customers.”

hdfc-bank-partners-with-startup-to-launch-new-payments-platform

“Following this 15-month project, the customer master module will be removed from the existing core system and will ensure a single system of customer records across various products. Our entire technology and digital strategy takes a 360-degree approach, To ensure resiliency and to modernize existing legacy systems and enable a new age customer experience by working with modern new technologies. Over the past year, we have made great strides in creating the foundation and enabling new digital assets Needless to say, the pace will only pick up from here,” Jagadeeshan added in the statement.

According to earlier reports, in March, a year after the sanctions were imposed, the RBI lifted all restrictions on private lenders’ digital business-generating activities. In December 2020, the RBI instructed HDFC Bank, which issues more than 200,000 credit cards per month, to stop issuing new cards until its technical issues were resolved, preventing it from launching any new digital plans.

The private lender has more than 6,000 branches across the country and plans to nearly double its network over the next three to five years, opening 1,500 to 2,000 branches a year, according to available data.

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