HDFC Bank Looks to Fintech for Innovative Solutions

17 Sep 2024 , 12:51 PM

As part of its efforts to expand its business across categories, a senior official at HDFC Bank, the biggest private sector lender in India, revealed that the bank is investigating several fintech partnerships to jointly develop tech solutions for loan products (mortgages), payments, customer service, liabilities, small business banking, and supply chain financing.

Group head of payments and consumer finance at HDFC Bank Parag Rao told ET, “We have no choice but to really look at partnership with like-minded fintechs wherein both the entities bring in their own strengths and we co-create.” “It’s a very important part of our growth strategy.”

Fintech companies Zeta and Mintoak are responsible for two of HDFC Bank’s most popular products, PayzApp and the Vyapaar platform, he noted.

“Fintechs bring significant amount of value in modular thought processes, in having simple digital journeys and turnaround times,” Rao stated.

According to him, the bank is always searching for fintech partners that share its values in the following areas: payments, liabilities, assets (such as mortgages), customer service, customer onboarding, and KYC (know your customer). “We are also looking at tie-ups in small-business banking, and we have started looking also in the corporate space, especially supply chain financing,” he stated.

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