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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

HDFC Twitter handle

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.

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Marketing

The One Mistake Is Putting Your Brand Reputation at Risk — and Most Startups Still Make It

Many businesses pour resources into branding and marketing but overlook PR — yet it's PR that builds the trust, credibility, and reputation that turn attention into lasting revenue in a crowded market.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

What's Open on Easter Sunday? Costco and Target Will Close, But One Major Retailer Will Be Open. Here's What To Know.

The stock market was closed for Good Friday on April 18. Here's what's closed for Easter Sunday, April 20.

Side Hustle

This Couple Started a Side Hustle to Improve a 'Terribly Made' Bathroom Essential. Now the Business Earns More Than $3 Million a Year.

Michael Fine and Lisa Schulner-Fine launched lifestyle brand Quiet Town in 2016 and have been growing it ever since.

News and Trends

Kolkata-Based Lab-Grown Diamond Brand Jewelbox Secures USD 3.2 Mn

The startup will primarily use the funds to expand its retail footprint, growing from eight stores to 30 locations by the end of this year.

Branding

Creating a Brand: How To Build a Brand From Scratch

Every business needs good branding to succeed. Discover the basics and key tips to building a successful brand in this detailed guide.