- Five FinTech start-ups in Artificial Intelligence, Quality Assurance, Mobile, and Biometric Payments domains selected
Mumbai, March 10, 2016: 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. The winners are:
| Name | Domain | Offering | Location |
| Senseforth Technologies | Artificial Intelligence | Customer Response System powered by Artificial Intelligence | Bengaluru |
| NotifyVisitors | Marketing | Customer Engagement | Gurgaon |
| Net Vigil Software | Mobile Payments | QR code based Mobile Payments | Mumbai |
| Bugclipper | Quality Assurance | In-app feedback and reporting tool | Mumbai |
| Tapits Technologies | Biometric Payments | Biometric Payments | Indore |
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 companies from all over India. 30 companies were shortlisted to make presentation to a jury panel comprising of senior management from digital banking, branch banking, marketing, IT, e-commerce and cards. These 30 companies were from diverse domains: payments, mobile innovation, analytics, cloud and compliance.
Shortlisted companies presented their ideas to the jury on March 3-4, 2016, in Mumbai 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.
“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,” says Mr. Nitin Chugh, Country Head, Digital Banking, HDFC Bank. “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.”
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 netbanking, 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.
In addition to the digital initiatives, HDFC Bank is also reaching to out to people through its nation-wide distribution network. As of December 31, 2015, the Bank had 4,281 branches and 11,843 ATMs across 2,505 cities.
About HDFC BANK
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India’s leading housing finance company, HDFC Bank is one of India’s premier banks providing a wide range of financial products and services to its 32.6 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.
The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 20 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.
As of December 31, 2015, the Bank’s distribution network was at 4,281 branches and 11,843 ATMs across 2,505 cities.
For the quarter ended December 31, 2015, the Bank’s total income was INR 18,283.3 crores, up from INR 14,930.7 crores for the quarter ended December 31, 2014. Net revenues (net interest income plus other income) increased by 20.7% to INR 9,940.7 crores for the quarter ended December 31, 2015 as against INR 8,234.8 crores for the corresponding quarter of the previous year. Net Profit for the quarter ended December 31, 2015, was INR 33.56 billion (INR 3,356.8 crore), up by 20.1% over the corresponding quarter ended December 31, 2014.
Total income for the year ended March 31, 2015, was INR 574.66 billion (`57,466.3 crore).
Leading Indian and international publications have recognised the bank for its performance and quality.
For more information please log on to: www.hdfcbank.com