HDFC Bank to Partner With Sartups; Set To Launch New Payment Platform

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 new age start-ups to diversify out of its existing core banking platform and create new core banking modules. HDFC Bank MD and CEO Shashidhar Jagadeesan in the FY22 Annual Report said that the bank is creating new age solutions through Digital Factory.

In the annual report, Jagadeesan said, “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/MSME customers and existing and new-to-bank customers, the CEO said.

‘Express’ highlights car loan’, Jagadishan said, adding that this is a first in the Indian industry and the bank has integrated its loan application with automobile dealers across the country.

Express Car Loan is an end-to-end digital car loan journey for existing customers as well as non-customers, allowing them to avail disbursement in 30 minutes along with credit decisions based on instant data analysis.

Going forward, the CEO said, “Over the next few quarters, we will be launching our products and services under Digital 2.0, which includes a new payment platform for our customers, a payment platform for our merchants and a wealth platform – All in partnership with new age tech companies.”