HDFC Bank to hold Digital Innovation Summit on March 3-4

– 30 FinTech start-ups to showcase ideas
 – To create platform for nurturing spirit of innovation and enterprise

HDFC Bank Ltd., is organizing a Digital Innovation Summit in Mumbai on March 3-4, 2016. In this first-of-its-kind event in the BFSI space in the country, the jury will select the best solutions from the 30 shortlisted start-ups over the next two days. The 30 have been chosen from over 100 entries received.

The winners will get a chance to offer their solutions to the customers of HDFC Bank. The jury comprises senior management of HDFC Bank. Entries were invited from FinTech start-ups under 6 categories namely, Payments, Mobile Innovation, Analytics, Social, Cloud, and Operational Efficiency. Evaluation is done on the following four parameters:

1) Uniqueness
2) Business Potential
3) Usability and Scalability
4) Compatibility with HDFC Bank’s business and technology platforms.

In all, over 100 entries were evaluated to shortlist the best 30. The initiative is part of the bank’s strategic focus on customer convenience, access and delight, using technology as an enabler. In line with this, post the launch of ‘Go Digital’ campaign in 2014, with the ‘Bank aapki mutthi mein’ offering, HDFC Bank has launched a host of new and very successful digital banking products.

These include 30 minute paperless auto loan using Biometric technology, 10 seconds personal loan on netbanking, PayZapp, Chillr, and the recently introduced instant loans at ATM. This is in addition to HDFC Bank’s powerful Netbanking portal and official mobile banking app, which allows customers to perform over 205 and 85 different types of transactions, respectively.

These innovations received recognition at the prestigious IBA Banking Technology Awards held last month. HDFC Bank has won the Technology Bank of the year, Best use of Digital and Channels Technology, and Best Payment Initiatives awards in the large banks category at the IBA Awards.

In addition to the digital initiatives, HDFC Bank is also reaching to out to people through its nation-wide distribution network. As of December 31, 2015, the Bank had 4,281 branches and 11,843 ATMs across 2,505 cities.

“Our objective is to encourage innovation in the FinTech space in the country, discover the best and adopt it to constantly enhance customer experience and delight. We believe, it’s the customer experience that would be the only differentiator going forward. We have seen some very exciting work happening in the FinTech start up space. As a leader in adopting innovation, it’s only fair that we tap into the best and cement our leadership position.”