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

HDFC Bank is planning to launch its products and services including a new payments platform under Digital 2.0 in the next few quarters. The bank is partnering with a new-age start-up for moving out from its existing core banking platform and to co-create new core banking modules. HDFC Bank MD and CEO Sashidhar Jagdishan in the annual report FY22 said the bank is creating new-age solutions through Digital Factory.

In the annual report, Jagdishan said, "rebuilding of our acquisition journeys in partnership with a global technology leader in user experience. We have already built 10 new journeys and will be rapidly rolling out new journeys every 3 weeks."

This includes journeys across account opening, loans and cards, covering both individual/MSME customers and both existing and new-to-bank customers, the CEO said.

Highlighting the ‘Xpress Car Loans’, Jagdishan said this is a first in the Indian industry and the Bank has integrated its lending application with automobile dealers across the country.

Xpress Car Loans is an end-to-end digital car loan journey for existing customers as well as non-customers, that allows them to avail disbursement in 30 mins, with credit decisions based on speedy data analysis.

Going forward, the CEO said, "In the next few quarters, we will launch more of our products and services under Digital 2.0 including a new payments platform for our customers, a payments platform for our merchants, and a wealth platform — all in partnerships with new-age tech companies."

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

The bank has taken two strategic initiatives for revamping core banking.

HDFC Bank, in partnership with a new-age startup, is co-creating new core banking modules. He said, "This project will enable the moving out of payments module from existing core banking platform and help in creating a fully resilient active-active payments architecture that will ensure minimal payments downtime, even if core banking is not available."

This 15-month project will be followed by hollowing the customer master modules from its existing core systems and will ensure a single system of record for customers across various products, the CEO added.

Further, the bank has set up a new centre in Bengaluru and the team here is re-writing the Mobile and NetBanking platforms.

Jagdishan said, "The entire project will be completed in a 2-year time frame and will allow the Bank to own a modern cloud-enabled Mobile/NetBanking platform. Enabling a new age experience for customers, we will roll out new features every 3 to 4 weeks, in line with digital fintech companies."

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

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout