Payments not part of new HDFC Bank platform
Premium- The bank plans to launch new products and services, including a payments platform for its customers and merchants
HDFC Bank is creating a core banking platform that will enable moving its payments platform out of its core banking module to enable minimal payments downtime, even if core banking is not available.
The bank also plans to launch new products and services, including payments platforms for its customers and merchants, along with a wealth platform, all in partnerships with new-age tech companies.
The bank has embarked on a few strategic initiatives in partnership with a new-age startups to co-create new core banking modules, the bank’s managing director Sashidhar Jagdishan told shareholders as part of the annual report.
“This project will enable moving the payments module out of the existing core banking platform and help create a fully resilient active payments architecture that will ensure minimal payments downtime, even if core banking is not available," Jagdishan said.
“This 15-month project will be followed by hollowing the customer master modules from its existing core systems and will ensure a single system of record for customers across various products," he said. The bank has set up a centre in Bengaluru and the team here is revamping the mobile and net banking platforms, Jagdishan said.
The entire project will be completed in two years and will allow the bank to own a modern cloud-enabled mobile and net banking platform. “Enabling a new-age experience for customers, we will roll out new features every 3 to 4 weeks, in line with digital fintech companies," Jagdishan said.
“Our entire technology and digital strategy adopts a 360-degree approach that ensures resilience and modernisation of existing legacy systems and enables new-age consumer experiences by partnering with modern neotechs," he said.
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In March, the Reserve Bank of India (RBI) had lifted all restrictions on the private sector lenders’ digital initiatives planned under the Digital 2.0 programme.
This came after RBI had directed HDFC Bank to temporarily halt all digital launches and sourcing of credit card customers, following various outages the bank faced because of technical glitches in the past two years.