In order to create a platform for encouraging innovation in the FinTech space, HDFC is organising a Digital Innovation Summit on March 3-4, 2016. About 30 Fintech startups have been shortlisted to showcase their ideas from the 105 applicants. The final top three startups will be announced next week after evaluation by the internal team at HDFC. Entries were invited from FinTech startups under six categories namely Payments, Mobile Innovation, Analytics, Social, Cloud and Operational Efficiency.
Speaking on the launch of the summit, Nitin Chugh, Country Head, Digital Banking, HDFC Bank stated, “Our objective is to encourage innovation in the FinTech space in the country, discover the best, and adopt it to constantly enhance customer experience and delight. We believe it is the customer experience that would be the only differentiator going forward. We have seen some very exciting work happening in the FinTech startup space. As a leader in adopting innovation, it’s only fair that we tap into the best and cement our leadership position.”
The 30 startups that made the cut are-
- Net Vigil Software Private Limited
- Getmyloan Processing Hubs
- Godcast Messenger
- Irins Technologies
- Alphabricks Technologies Pvt Ltd
- Norox Solutions
- Noroc Solutions
- Tarsense Technolgies
- Stealth Mode
- Senseforth Technologies
- Vphrase Analytics
- Nethram India innovation Center
- Micro ATM
- Wingage Wifi
Out of the 105 entries, about 30 were in the Payments vertical, 36 in Mobile Innovation, 16 in Analytics, 11 in Cloud, 2 in Social Banking Business, and 2 in Branch Automation among others. The bank would select the top 3 or more to partner and indulge in a pure market linked relation with the selected startups. Evaluation is being done on the parameters of uniqueness, business potential, usability and scalability, and compatibility with HDFC bank’s business and technology platforms. The top 3 or more winners will get a chance to partner with HDFC to offer their solutions to its customers. The jury comprises of senior management of HDFC bank.
Nitin added that the bank is not looking to invest in these startups but could be a possibility in the future, and will depend on a case to case basis. He also added that the bank would be looking to integrate with the chosen startups as early as possible this year.
Major milestones in HDFC bank’s digital journey include the launch of the mobile banking site in 2011 and setting up a digital transformation team to lead efforts in digital innovation in 2014. It the same year, the bank also got into the category of wearables, launching watch banking, and became the first bank to introduce the Apple watch application in July 2015. In 2015, the bank entered into a partnership with FinTech Startup Chillr and also launched the mobile payment wallet PayZapp, which has seen downloads to the tune of 1.5 Mn. This year, the bank would launch the HDFC Lite app for customers who are in places where there is no good data connectivity.
These efforts to simplify and innovate transaction in the digital platform come on the back of the rapid change in the way people are transacting with the bank. As per data revealed by HDFC bank, in 2005, internet and mobile based transactions constituted only 13% of its total transactions. In 2013, it stood at 44% and moved to 55% in 2014. Come 2015, and the share of internet and mobile transactions has risen to a whopping 63%. No wonder, the bank is strategically focusing on customer convenience, access and delight, using technology as an enabler.
Recently, Yes Bank had collaborated with Software product think tank iSPIRT to launch a FinTech App store for Indian startups in the financial technology space. The store will hold a governance structure, making it easy for any startup in the fin-tech domain to access it and enable Yes Bank to establish an online app store that can be leveraged by such startups.
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