HDFC Bank has lined up a 15-month project where the private lender will work with start-ups to create new core banking modules and minimise payments downtime.
“The bank, in partnership with new-age start-ups, is co-creating new core banking modules. This project will enable the moving out of payments module from existing core banking platform and help in creating a fully resilient active payments architecture that will ensure minimal downtime, even if core banking is not available,” HDFC Bank managing director and CEO Sashidhar Jagdishan said in the bank’s annual financial statement.
“The 15-month project will be followed by hollowing the customer master modules from its existing core system and will ensure a single system of record for customers across various products,” said Jagdishan.
He further said that the bank has set up a new centre in Bangalore which will focus on re-writing the mobile and net banking platforms.
“The entire project will be completed in a two-year time frame and will allow the bank to own a modern cloud-enabled mobile/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,” he said.
The bank has been looking to upgrade its digital framework in a major way after the Reserve Bank had lifted the restriction on business generating plans under the bank’s Digital 2.0 programme in March this year.
“In the next few quarters, we will launch more of our products and services under Digital 2.0 including a new payments platform for our customers, payments platform for our merchants and a wealth platform — all in partnership with new-age tech companies,” Jagdishan said.
HDFC Bank has shifted its data centres to new facilities in Mumbai and Bangalore to support higher uptimes.
The payments and fintech services are growing at a rapid pace with start-ups looking to create solutions for customers. This has prompted the banks to invest in strengthening their digital banking and seek out partnerships.
