HDFC Bank MD said the bank will launch new products and services under its Digital 2.0 programme, including new payment platforms, in partnership with new age technology companies. The Enterprise Factory policy was created to build a longterm vision on renewing core banking and mobile channel experiences Jagdishan said in the bank’s annual report for FY22. The move to create a new digital payments platform comes at a time when the bank has been plagued by a series of technical glitches for more than two years.
HDFC Bank Payments Platforms
HDFC Bank, the country largest private lender, plans to overhaul its digital services. As part of this, the company will partner with new age technology companies to launch a host of services, including a new payments platform for their customers.
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In the coming quarters, we will launch more of our products and services under Digital 2.0, including a new payments platform for our customers, a payments platform for our merchants, and a wealth platform, all in partnership with new-age technology companies. HDFC Bank MD and CEO Sashidhar Jagdishan said in the bank’s annual report for the year 2021 to 22.
As part of this, the bank will create a separate payments module from its existing core banking platform to ensure minimal downtime.
This project will enable the payments module to exit the existing core banking platform and help create a fully resilient active payments architecture that will ensure minimal payment downtime, even if core banking is unavailable, he said. Jagdishan.
The bank said the project will continue for a 15-month period, which will continue to empty customer master modules from its existing core systems and ensure a single system of registration for customers across multiple products.
Jagdishan also said that the bank has created its Enterprise Factory to build a long-term vision on revamping its core banking and mobile channel experiences. (HDFC Bank)
we have created our Enterprise Factory in which the bank’s technology and digital teams work in a new-age-like environment and co-create deep tech IP intellectual property capabilities, he said.
The move has been conceptualized to reduce dependency on external players and build internal technological capabilities to drive the bank forward. The move to create a new digital payments platform comes at a time when the bank has been plagued by a series of technical glitches for more than two years.(HDFC Bank)
Early last month, a technical glitch at the bank reportedly made many customers millionaires after INR 13 Cr was deposited into each of 100 bank accounts at a Chennai branch over a short period of time. The bank has also been in the line of fire for multiple outages preventing customers from accessing mobile banking app services.
Such was the furor that even the Reserve Bank of India RBI had to intervene. In December 2020, the central bank ordered the bank to temporarily halt all digital business generation activities under its Digital 2.0 program, as well as the onboarding of new credit card customers following multiple disruptions at the bank.
The restrictions were partially lifted in August last year after RBI allowed the private bank to issue new credit cards. The ban on launching new digital activities was lifted in March this year.