How India’s Leading Private Bank Is Leveraging the Power of FinTech

Innovation in financial services is critical to meet the growing demands of new-age customers. The new generation of customers are well aware of their needs and prefer a solution that is not only user-friendly and intuitive, but efficient.

The focus on banking innovation with an emphasis on digitization has been at the forefront ever since the advent of smartphones and Internet. According to McKinsey, banks who adopt a strong digitization strategy are able to increase their sales and revenues by 4% to 16% through enhanced customer relationship management and increased product cross-selling. Changing consumer behavior and preferences forced financial institutions to adjust the delivery of services across channels to ensure seamless experiences.

HDFC Bank, India’s largest private bank, has embraced all of these trends and has emerged as a customer-centric organization with personalized offers and innovative products and services to the market. HDFC Bank’s Digital Innovation Summit (DIS) offers an opportunity for FinTech startups to engage with banks and integrate their solutions with the bank’s product offering.

The 3rd Digital Innovation Summit is currently underway and interested startups are invited to present their solutions to the leadership team and for exploring potential partnerships. The winners of the summit will get the opportunity to integrate their solutions within the bank’s system and reach their extensive customer base.

Digital Innovation Summit

With its annual Digital Innovation Summit, HDFC Bank aims to create a platform to encourage innovation in the FinTech space. This initiative is a part of the bank’s strategic focus on leveraging technology to simplify the lives of customers, and its vision to embrace the wave of disruptive innovation in the FinTech space in the country and create a platform to nurture the spirit of innovation and enterprise. The main objective of the event is to engage with FinTech startups in the BFSI domain, whilst exploring new and disruptive ideas that fit into the overall objective of simplifying their customer’s lives.

The first two editions of the summit were a huge success and saw a total of 72 startups present their solutions to a jury comprising of the bank’s and its Group companies’ senior management team from across businesses. Companies were shortlisted based on uniqueness and innovation, business potential, usability & scalability, and compatibility with the bank’s business & technology platforms. HDFC Bank collaborated with these startups to deploy their products within its infrastructure.

Feedback from some of the startup founders who have benefited from the association with HDFC speaks for itself:

HDFC Bank Innovation Summit has been a great opportunity for us to work on real-world problems and deploy our products at (the) massive scale of the bank. The bank has been extremely supportive and encouraging at every step, making it a pleasure to innovate and grow along with the bank – Ritesh Radhakrishnan, Co-founder & CTO of Senseforth AI Research Private Limited.

We gained some really valuable press exposure as a result of winning HDFC’s Digital Innovation Summit. Additionally, our participation was great for networking and developing a lasting and fruitful relationship with HDFC, and a strategic entrance to the Indian market – Daniel Peled & Offer Markovich, Co-founders PayKey.

From L to R: Rajnish Khare(Head– Digital Transformation & Mobility Banking, HDFC Bank), Subrat Mohanty(Senior Executive VP, HDFC Standard Life Insurance), C V Ganesh(COO & Business Head- Digital Channels, HDFC Securities Ltd.), Michael Andrade(Head– Agri Business, HDFC Bank), Nitin Chugh(Country Head– Digital Banking, HDFC Bank)‎, Thomson Thomas(Head Business Systems & Technology,‎ HDFC Life), ‎Ashish Sharma(Head– Innovations, ‎HDFC ERGO General Insurance)

Innovations at HDFC Bank

At HDFC Bank, innovative processes and programs are a priority. The bank has been continuously focusing on launching customer-centric products & services. HDFC firmly believes and encourages new ideas and brainwaves from individuals and startups.

In keeping with the bank’s ‘Go Digital’ proposition, the Digital Transformation & Mobility Banking (DTMB) unit was founded in July 2014 with a view to positioning HDFC Bank at the forefront of digital innovations. The DTH team is headed by Rajnish Khare, under the leadership of Nitin Chugh, Country Head of Digital Banking. The team is working on advancing HDFC Bank’s digital innovations in the digital, mobile, new-age technologies and social space. The key to this is the constant evaluation of global best practices in the banking domain and the feasibility of their use in the bank.

With DTMB team at the forefront, HDFC Bank has launched a host of highly successful digital banking products. These include 30-minute paperless auto loans using biometric technology, 10-second personal loans on net banking, PayZapp, Chillr, LITE App, missed call recharge, instant loans at ATM, and the recently introduced Robotic Assistant (IRA) at HDFC Bank branches.

HDFC’s third Digital Innovation Summit is currently inviting startups to share innovative solutions in the BFSI space. MEDICI is a proud partner of the event and highly encourages startups to take full advantage of a unique opportunity to partner up with HDFC and receive valuable support and enhance their product fit for banks.

Registrations are open until February 25. More information on the Summit can be found on HDFC website.