HDFC Bank`s Digital Transformational Journey

HDFC Bank`s Digital Transformational Journey
Case Code: BSTR638
Case Length: 11 Pages
Period: 2018- 2021
Pub Date: 2022
Teaching Note: Available
Price: Rs.300
Organization : HDFC Bank
Industry : Banking
Countries : India
Themes: Digital Transformation, Digital Marketing, Banks and Banking,Technology in Banking
HDFC Bank`s Digital Transformational Journey
Abstract Case Intro 1 Case Intro 2 Excerpts


HDFC’S Digital Journey

In 1999, HDFC Bank entered the digital arena by launching its online, real-time net banking. The bank then introduced its first SMS-based mobile banking in 2000. In October 2015, HDFC Bank launched a campaign called ‘Go Digital’ to strengthen its position in the digital banking segment. The bank observed that as a result of this initiative, around 63% transactions were happening through digital channels. In 2015, the Government of India observed a decrease in credit growth to 9% as compared to 14% in 2014 and announced banking reforms in the country..

The Need for Technology Transformation

In November 2018, after the launch of its Mobile App, HDFC Bank observed an unexpected delay in the downloading of the app by customers. Even though the bank tried to upgrade the App many times, it failed to reduce the downtime and the Mobile App crashed. Again, in December 2019, HDFC Bank experienced issues with its Mobile App..

Technology Transformation Agenda

To overcome the technical issues that occurred during 2018 to 2021, HDFC Bank announced a plan to implement a strategy and in June 2021, the bank adopted a dual approach, which included setting up of a Digital Factory and an Enterprise Factory. Both the factories were focused on the use of Application Programming Interface (APIs) , Cloud, and data. In order to enhance the proficiencies of these factories, HDFC Bank also planned to recruit more than 500 people from different fields like data analytics, artificial intelligence (AI) , Machine Learning (ML) , Design Thinking , Cloud , and DevOps by 2023..

Road Ahead

In August 2021, the RBI allowed HDFC Bank to issue new credit cards eight months after it had banned the issuing of new cards. After getting partial clearance, the bank re-launched its three credit card products, i.e. Millennia, Money back+, and Freedom card. To further its presence in the digital payments space, HDFC Bank partnered with Paytm in August 2021. Along with Paytm, HDFC Bank was also negotiating with Visa , Mastercard, and RuPay to revamp its existing range of cards. The bank also planned to tie up with companies from different sectors (like pharma, travel, FMCG, hospitality, telecom, and fintech) and launch more than 20 initiatives by May 2022..

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