HDFC Bank poised for fintech boost
HDFC Bank announced that it plans to tap into fintech innovations created not by just one accelator, but a number of them thanks to its latest programme in conjunction with the Department of International Trade (DIT).
Head of Digital Banking Nitin Chugh released his positive statement only yesterday.
“We are excited to take our engagements with fintech start-ups global with the Accelerator Engagement Programme. At HDFC Bank, we are looking for disruptive, global first innovations. This enables us to be in sync with our customers’needs and desires and become part of their lifestyle. We believe that to tap into this vast pool of innovative ideas, we need to work as a partner in the digital eco-system and encourage the spirit of innovation in the country. This is a win-win for all of us.”
Thanks to its partnering with start-up accelerators 91Springboard and IvyCamp in the first phase of the programme, the Indian bank has given itself exclusive access to their collective pool of 30,000 fintech startups.
Industry competitors can expect to see innovation using AI, analytics, machine and robotics process automation in the near future.
HDFC Bank, which stands for Housing Development Finance Corporation Limited, is first corporation to receive approval from the Reserve Bank of India (RBI) to set up a bank in the private sector as part of RBI’s liberalisation of the Indian Banking Industry in 1994. HDFC Bank today boasts a nationwide distribution network of 4,804 branches and 12,808 ATM’s located in 2,666 villages and towns. This year, HDFC Bank was awarded Bank of the Year, Best in Innovation, Best Large Bank, and Fastest Growing Large Bank by Business Today Bank Awards.
IvyCamp is a Bangalore-based accelerator focused on bringing US and Europe investment to the burgeoning tech startups. In addition to its own platform, IvyCamp supports a network of other accelerator programs such as InsureNxt and HDFC ERGO network.