HDFC Bank To Launch New Payment Platform In Partnership With Startups

This includes the account opening journey, loan and cards, covering both individual or MSME customers and existing and new-to-bank customers

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HDFC bank, reportedly, said that it is planning to launch its products and services, including a new payments platform, under Digital 2.0 in the next few quarters. It has partnered with new-age startups to set up new core banking modules.

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Shashidhar Jagadeeshan, MD and CEO, HDFC bank, said in the FY22 annual report, the bank is creating new age solutions through digital factory. In his words, "Rebuilding our acquisition journey in partnership with a global technology leader in user experience. We have already made 10 new trips and will rapidly launch new trips every 3 weeks. This includes the account opening journey, loan and cards, covering both individual or MSME customers and existing and new-to-bank customers."

He also added that the bank has embarked on a few strategic initiatives in partnership with a new-age startup to co-create new core banking modules.

"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 of customers across various products. Our entire technology and digital strategy adopt a 360-degree approach that ensures resilience and modernization of existing legacy systems and enable new-age customer experiences by partnering with modern neo-techs. We have made rapid strides in creating the foundation and enabling new digital assets over the last one year. Needless to say, the pace will only pick up from here," Jagadeeshan added in statement.

As per earlier reports available, in March this year, RBI lifted all the restrictions on the private lender's digital business generating activities, a year after the sanctions were imposed. In December 2020, RBI directed HDFC bank, which issued more than 200,000 credit cards a month, to stop issuing fresh cards until its technological problems get sorted and also stopped it from launching any new digital initiatives.

The private lender, as per data available, has over 6000 branches across the country and plans to nearly double its network in the next three to five years by opening 1500 to 2000 branches every year.