HDFC Bank plans to maneuver out the funds module from the core banking platform and arrange round 6,000 new branches within the subsequent three to 5 years.
According to MD & CEO Sashidhar Jagdishan, the financial institution, in partnership with a new-age startup (with deep expertise in core banking expertise), 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 payments downtime, even if core banking is not available,” he mentioned in his message to shareholders. “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 mentioned.
Jagdishan mentioned the financial institution has arrange a brand new centre in Bengaluru and the workforce right here is rewriting the cellular and internet banking platforms. The total challenge can be accomplished in a 2-year timeframe and permit the financial institution to personal a contemporary cloud enabled cellular/ internet 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.”
On enlargement, he mentioned, “We have 6,000 plus branches across India, and we plan to nearly double our network in the next three to five years by opening 1,500 to 2,000 branches every year.”
The branches can be digital from a buyer on-boarding and transaction and servicing perspective, he mentioned. “It will provide the emotional connect and relationship management necessary for offering financial solutions to our customers. These branches will be small in size and will be phygital relationship centres. This will enable us to go after the catchment more aggressively and build the required liability franchise that we are known for, and we are confident that we would execute well.”
“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,” the HDFC Bank MD-CEO mentioned. “We have made rapid strides in creating the foundation and enabling new digital assets over the last one year. Needless to say, the pace will only pick up from here. Firmly committed to this transformation, the bank will continue to invest in modern technology and talent.”
“We are working on several strategic initiatives (like the wrapper technology I mentioned earlier) to tackle complaints pertaining to ‘Disputed Transactions’ (where the customer succumbs to phishing attacks by fraudsters),” he added.
As a part of its expertise transformation agenda, the financial institution can be investing in an omni-channel buyer expertise platform. “This will enable our customers to reach out to us through their preferred channel for service i.e., social, email, texts, voice, etc. It would also provide us a single source of customer truth across channels and would enable our frontline staff to solve customer queries and act on customer instructions in a straight through manner,” Jagdishan mentioned.