HDFC Bank to partner with startups
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MUMBAI: HDFC Bank plans to partner a slew of financial technology startups that will innovate in various areas such as payments, security and analytics. Through such partnerships, the bank expects that it can roll out pilot projects within weeks.
The most valuable private bank has already succeeded in migrating 63% of customer-initiated transaction onto internet and mobile banking platforms. The share of these low-cost channels was only 13% a decade ago. ATMs, which accounted for 53% of transactions in 2005, are 21% of total transactions today. Additionally, only 12% of transactions are conducted through branches today as against 27% in 2005.
To take its 'Go Digital' strategy further, the bank has decided to host a digital innovation summit where 30 startups have been shortlisted from 105 firms invited to partner the bank. The bank will further shortlist from this 30, based on uniqueness and innovation. Nitin Chugh, country head (digital banking), HDFC Bank, said there were successes from earlier partnerships such as the one with Chillr for peer-to-peer payments and Zumigo for location-based fraud control. Zumigo's software prevents the use of stolen cards as it identifies cards that are not in the same location as the cardholder's mobile.
"Chillr was like a gateway to the Startup Village in Kochi. We are looking at what people are doing there," said Chugh. Startup Village is a telecom and internet incubator in Kochi. Besides, the bank is also looking at startups in T-hub - a startup enclave promoted by the Telengana government in Hyderabad.
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