The technology-driven innovation in financial services industry is largely attributed to the rise of FinTech. Various segments of the financial services industry are now booming with new innovative products and services offered by exciting startups. Be it lending, payments, InsurTech, banking or so on, the list of FinTech players disrupting the FS ecosystem keeps growing every day.
Customer experience is the focus in the new-generation financial services industry. It is the key differentiator as the tech-savvy, new-gen millennials form the crux of the customer base of any organization. With CX as a strategic priority, FinTech startups lead the way.
Looking at this as an opportunity, banks have a lot to gain from this wave of disruption as they look forward to enhancing their technological capabilities and customer experience by means of partnership with these new-age FinTech startups. Thus, coopetition is the key in this day and age.
HDFC Bank, one of the pioneers in Indian banking industry, has always been at the forefront of innovation and has lowered the entry barrier for various startups operating in the FinTech space by recognizing their work and giving them a platform. One such platform is the Digital Innovation Summit, where many startups across various BFSI sectors showcase their ideas and products.
Nitin Chugh, Country Head of Digital Banking, HDFC Bank with the winners of Digital Innovation Summit, 2016.
Digital Innovation Summit is an initiative to bring together Indian FinTech startups and encourage their innovation by giving them a stage to present their ideas and products in front of a distinguished panel, consisting of HDFC Bank's leadership team. The shortlisted startups get an opportunity to deploy their products with HDFC Bank. The winners will also be able to post further evaluation on technical, business, security and compliance parameters.
Through this initiative, HDFC bank has created a win-win situation where both the bank and the FinTech startup stand a chance to gain momentum by leveraging one another’s strength. By evaluating and understanding the ideas and unique product offerings of these players, HDFC bank has the chance to accelerate its digital transformation by engaging with the most exciting startups (the winners) and leverage their technology and product to enhance its customer experience. On the other hand, the startups have a great opportunity in the form of association with one of the largest banks in India, which gives them just the right platform, scale and customer reach that is essential for them to boost their business.
The first edition of Digital Innovation Summit in 2016 saw enrollment from more than 100 startups across various industry segments, i.e., Payments, Mobile Innovations, Analytics, Social, Cloud and Operational Efficiency. Out of them, 30 startups were shortlisted and were given the opportunity to present their ideas and solutions to the evaluation panel, comprising senior management from digital banking, branch banking, marketing, IT, e-commerce and cards. After evaluation by the panel, the five startups selected as the winners were:
- Senseforth Technologies: AI-based customer response system
- Tagnpin Marketing: Customer engagement solution for an enterprise
- Net Vigil Software: QR code-based mobile payment system
- Bugclipper Technologies: In-app feedback and bug reporting tool
- Tapits Technologies: Aadhaar-based biometric payments
All of these startups have worked on a number of pilot projects with the bank, and are in process of going live with their applications. Senseforth Tech is working on an AI-based chatbot for HDFC's website. Also, Tapits Tech. is working on developing an Aadhaar-based biometric ATM transaction system with HDFC Bank.
After the success of the first edition, HDFC bank is bringing back the second iteration of its flagship initiative, i.e. Digital Innovation Summit 2017. The event will commence on February 1 and 2, 2017. Entries are invited from FinTech startups from the following industry segments: Payments, Mobile Innovation, Customer Service & Experience, Analytics, Social, Cloud Solutions, Cybersecurity, Marketing & Communications, Blockchain and Operational Efficiency.
LTP, along with its MEDICI platform, is a partner for the event and is acting as a bridge between HDFC Bank and FinTech startups. We strongly believe that the summit will showcase some of the best-emerging ideas from the Indian FinTech scene and foster innovation.
You can APPLY for the summit here and showcase your startup to the HDFC bank top brass. The last date for accepting entries is January 15, 2017. Venue: Rise, 19th floor - Tower B, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai, Maharashtra - 400013.
For more information, click here.