The bank will digitize submission of Form 15H which presently has to be physically submitted by senior citizens to the branch to avoid tax deduction at source. Speaking to Times of India, Nitin Cough, head of the bank's digital banking said that the bank was moving to a system where customers would be required to use physical forms only where there is a legal requirement for the customer to sign such as on an account opening form. Besides this, other digital initiatives are aimed at migrating more customers to transacting through mobile phones. The bank mobile banking application has seen a sharp increase in usage after it improved the utility of the platform facilitating as many as 75 operations through the mobile interface. The value of transactions on the mobile platform increased five-fold between June and October 2014 to Rs 3540 making it the market leader in terms of value. “ They are seeing very quick adoption of mobile banking. Although many senior citizens still continue to use only branches, those in their 40s are using the internet and ATM. Those in their 30s use both mobile and internet while those born earlier use only the mobile. He added that mobile banking already had more functionality as compared to the website as customers now get location-based offers coupled with directions to the nearest ATM or branch using the map feature. The other big trend that the bank is riding according to Chug is tie-ups where it provides third-parties, often start-ups, space on its online platform. The bank shares its application programming interfaces (APIs) allowing accountholders to seamlessly buy third party products. Users of social media are already experiencing such partnerships where social media platforms tie-up with other service providers. The advantage is that the customer need not provide any of his details and need not authenticate himself. For instance, if one chooses to buy a health insurance policy from HDFC Bank online the personal details are automatically captured and the customer has to only select the cover. "IT Customers Web Access Call Centre Direct sales E mail Usage Refined Business Action
32 | P a g e experts describe this trend as API-fiction, where we provide secured access to third-parties. According to Cough expectations from customers are changing and it not necessarily to do with what competition is offering on banking. "This is why we are reworking our net banking site in a way that makes it as intuitive as using an iPad without a manual. HDFC Bank Goes Digital with Some Awesome Digital Banking Innovations . HDFC Bank has transformed itself from a brick-and-mortar entity into a virtual bank . With digitization providing a quantum leap in the field of banking, it has revolutionized the way today’s generation transacts. HDFC Bank, one of the leading private sector lenders in India, has launched its “integrated, nationwide brand campaign”, ‘ Har Zaroorat Poori Ho Chutki Mein, Bank Aapki Mutthi Mein ‘ - Bank’s largest brand campaign across print, outdoor, digital and radio.
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- Winter '20
- HDFC Bank, HDFC BANK LIMITED