HDFC Bank Ltd has appointed Backbase in order “to deliver their vision for a market-leading digital banking experience in India.”
Backbase powers HDFC Bank’s retail banking, “enabling a more seamless customer experience across digital touchpoints in response to changing consumer expectations and new regulatory requirements.”
HDFC Bank is reportedly India’s largest private sector bank, “providing 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.”
Built as one unified platform to engage and orchestrate frictionless experiences across all touchpoints at every stage of the customer lifecycle across retail banking, business banking, digital lending, and wealth management, Backbase has “helped 150+ banks and credit unions around the globe re-architect banking around their customers.”
Indian consumers”expect digital banking “to match the seamless experience of their favourite e-commerce and social media platforms.”
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.”
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.”
As noted in the update:
“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.”
Jouk Pleiter, CEO, Backbase, said:
“I’m delighted to continue partnering with HDFC Bank to bring platform-era banking to its millions of customers. We’ve worked tirelessly to earn the trust of HDFC Bank, and we’re excited to deliver a next-generation banking experience in one of the most important and innovative banking markets in the world.”
As mentioned in the announcement, Backbase says it “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-personalized experiences and support as well as generating new revenue streams.”
In addition, for banks with hybrid or pure cloud implementation, Backbase explains that it provides local support via their data centers within Mumbai and Hyderabad.
Abhijit Chavan, Regional Vice President, Customer Success, Asia, Backbase, said:
“Our strong local technology and engineering resources allow us to do it right the first time, and to do more with less. 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.”