HDFC BANK: In tune with a tech-savvy community

HDFC Bank increases focus on Internet and mobile banking channels

As people lead a fast-paced busy life, customers expect access and convenience from brands, even in the financial services space. Young and tech-savvy customers identify banks they want to be associated with by evaluating the ease of access and flexibility it offers.
Today, various digital platforms like Internet banking and mobile banking complement branches and ATMs, enabling customers to do banking transactions at their time and convenience.
HDFC Bank, India's most valuable brand for the 3rd consecutive year according to a report by Millward Brown and WPP, is sensitive to customer's requirements. Since the launch of the GoDigital campaign in 2014, with the tagline, Bank Aap Ki Muthhi Mein, HDFC Bank has launched various new initiatives in digital banking.
Adoption of these channels has grown rapidly. As per latest data, over 71 per cent of transactions conducted by HDFC Bank customers are initiated on Internet and mobile banking channels.
The bank, which has identified customer focus as a core value, notes the changing consumer landscape and has been on a transformational path. For the bank's non-resident (NR) customers in the Middle East, it offers IndiaLink, which is a quick, reliable and convenient solution to send money to their HDFC Bank NR account in India.
Customers can simply walk into a partner exchange house and share necessary details for remitting money through IndiaLink. The remitter and beneficiary will receive an SMS alert about the transaction after it is completed.
Several initiatives launched by HDFC Bank over the past year have transformed it into a digital bank. It has introduced personal loans for its customers that can be availed directly from an ATM and the facility is available 24/7.
This is in addition to the paperless personal loans in 10 seconds introduced earlier. The 10-second personal loan can be availed 24/7 through HDFC Bank's netbanking portal, where customers can ?also perform more than 200 different types of transactions.
HDFC Bank has expanded its mobile banking product offerings, as the use of smartphones has grown exponentially in the country. It recently launched PayZapp, a payment solution that could revolutionise the way payments and purchases are done on-the-go using smartphones.
Customers can use it to pay for mobile phone top-ups, groceries, movie tickets, utility bills, instant money transfer as well as high-value purchases such as foreign holidays. Mobile banking channels allow customers to perform 85 different types ?of transactions.
Even as digital banking initiatives are introduced, HDFC Bank's brick and mortar branches are increasing their footprint to help the country achieve financial inclusion. Nationally, around 54 per cent of HDFC Bank branches are located in semi-urban and rural areas.
The bank's stated goal is to become India's premier full-service digital bank. With a deep understanding of customer's requirements, new digital banking initiatives tailored to meet those requirements and solid financial performance, it is surely on its way to success.

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