HDFC Bank Announces Winners of Digital Innovation Summit

By 121 News

Chandigarh 10^th March:- HDFC Bank Ltd., today announced five winners of the Digital Innovation Summit. The winners are from artificial intelligence, marketing, quality assurance, and payments (both mobile and biometric) domains.These start-ups get a chance to deploy their products in the Bank, post further evaluation on technical, business, security, and compliance parameters.  

Nitin Chugh, Country Head, Digital Banking, HDFC Bank said that we are not just encouraging but also embracing disruptive innovation in the FinTech space in the country. The Digital Innovation Summit is a platform to nurture the spirit of innovation and enterprise. He added that the Innovation Summit has thus created a win-win situation for the Bank as well as the FinTech startups. The engagement with these companies gives the Bank access to the latest technologies & products to further enhance customer experience. For the startups, it's an opportunity to deploy their products and services at such a large scale.

In the first-of-its-kind event in the BFSI space in the country, HDFC Bank's Digital Innovation Summit received more than 100 entries from start-ups from all over India. 30 start-ups were shortlisted to make presentation to the jury comprising senior management from digital banking, branch banking, marketing, IT, e-commerce and cards. The short listed start-ups were from diverse domains: payments, mobile innovation, analytics, cloud and compliance. These start-ups presented their ideas to the jury on March 2016 and were evaluated on following parameters: 1) Uniqueness and innovation  2) Business Potential, 3) Usability and Scalability, 4) Compatibility with HDFC Bank's business and technology platforms.

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 net banking, 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.

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