HDFC Bank has tapped Backbase to power the Mumbai-based bank’s next-gen retail banking, and enable a more seamless customer experience across digital touchpoints in response to changing consumer expectations and new regulatory requirements.
HDFC Bank provides innovative products and smart banking solutions to over 70 million customers across India.
A Backbase customer since 2016, HDFC Bank has renewed its agreement in line with its technical design principles of security, horizontal scalability, and remaining cloud agnostic.
“Indian consumers expect digital banking to match the seamless experience of their favourite e-commerce and social media platforms,” said Ramesh Lakshminarayanan, CIO and head of the IT Group at HDFC.
“In addition to savvy UI, from savings to loans to payments and beyond, customers want to effortlessly complete transactions, easily and quickly, anytime and anywhere,” said Ramesh. “Backbase’s banking platform has been assessed to be what we need and we are confident that it will help us develop new services faster.”
HDFC Bank’s next-gen customer-first internet banking architecture will be run and managed on the Backbase Engagement Banking Platform.
The digital banking platform meets Indian money transfer regulations, via seamless integrations with Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), and UPI Payments, and encompasses enhanced, configurable local security features on par with local industry standards.
HDFC Bank continues to invest in technologies to improve customer experience and enhance efficiencies by providing a seamless experience to their customers across all platforms, on the back of a resilient infrastructure, building on the HDFC Bank Enterprise and Digital Factory established in June 2021.
Backbase provides seamless local engineering, implementation and customer support, for banks in India, including HDFC Bank, through its Asia Customer Success hub and Hyderabad Backbase Development Center (BDC), freeing financial institutions to focus on delivering hyper-personalised experiences and support as well as generating new revenue streams.
In addition, for banks with hybrid or pure cloud implementation, Backbase provides local support via our data centers within Mumbai and Hyderabad.
“Our engineering investment in India and customer success hub provides instant digital execution power to Indian financial institutions as they move to a unified banking platform architecture,” Abhijit Chavan, Backbase regional VP for Customer Success in Asia.