Technology Transforming Indian Banking Sector: Is HDFC Bank Well Positioned for New Challenges?
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Case Code: BSTR515 Case Length: 12 Pages Period: 2014 - 2016 Pub Date: 2017 Teaching Note: Available |
Price: Rs.400 Organization: HDFC Bank Industry: Banking Countries: India Themes: Business Strategy |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
In June 2015, HDFC Bank, one of the largest private sector banks in India, launched PayZapp, a digital wallet. A mobile application used as a payment and purchase solution, PayZapp was available to customers as well as non customers of HDFC Bank. Aditya Puri (Puri), MD of the HDFC Bank, said through PayZapp the company wanted to offer its customers a payment system which would be convenient and have features like Near Field Communication (NFC) technology , reflect credit card balance, and offer one click payment.
HDFC Bank’s new mobile application came in response to the payment services offered by digital wallet companies like Paytm and MobiKwik. The mobile wallet launched by Paytm in 2014 became the largest mobile payment service with more than 150 million users compared to 19 million credit card and 350 million debit card users in India in 2015. According to industry experts, the unprecedented success of digital wallets in such a short span of time was a global phenomenon fuelled by technological giants and thousands of financial technology startups (Fintech). Puri said big technology firms had used network and information created around their customers to build a new paradigm and a new operating model which the existing banks had failed to invent. He opined that conventional banks could lose a share of revenue to digital wallet companies if they did not adapt soon....
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