Faster Money

DQI Bureau
New Update

HDFC has proved that innovation never stops. It is one of the first banks to

engage in an outsourcing deal with Wipro for a Rs 360 crore contract till 2016.

One of the latest examples of innovation which is very interesting and

convenient from the point of view of an average ATM user is the capability it

has developed which helps dispense cash 40% faster. This has been made possible

by the use of BI tools. The bank has close to 20 mn customers and adding 2.5

lakh new ones per month. Add 4,000 ATMs to that and it becomes a Herculean task

for HDFC. Thanks to the foresightedness of the bank and its IT enablement, HDFC

clearly has become one of the fastest adopters of new technologies, giving some

of the leading MNC banks good competition. One of the recent innovation which

HDFC has widely publicized through advertisements, and which directly impacts an

average HDFC ATM user is the technology it has put behind the ATM. This

intelligence HDFC built inside the ATM thanks to implementation of a BI



Tech Works

The way it works is that once someone withdraws money from an HDFC Bank ATM

one is prompted to set the last withdrawal amount as "MyFavorite" (ie, ones

preferred cash amount). If one agrees, the cash withdrawal amount, account (in

case of multiple accounts) and preferred language are registered for future

transactions. Apart from this, one has the freedom to change the amount or the

account from which the cash is debited by following the regular withdrawal

steps. The new amount and account number can be registered as "MyFavorite"

overriding the earlier favorite transaction.

Reduced phishing attacks by 60% has

resulted in increased usage of online banking by the customers

Anil Jaggia, CIO, HDFC Bank

On how prepared is the bank to scale the IT infrastructure, Anil Jaggia, CIO,

HDFC Bank says, "We are building 60,000 square feet of server space to manage

the 30% annual transaction growth that we are experiencing currently."

Considering increase in threat of identify theft, HDFC bank has also implemented

layered components of the RSA Identity Protection and Verification Suite which

would help it provide a comprehensive fraud prevention platform for its online

customers. This has resulted in reduction of phishing attacks by 60% resulting

in increased usage of online banking by its customers. RSAs solution includes

Adaptive Authentication feature which helps verify the banks site as


Going Forward

Talking about HDFCs agenda in the next two years, Jaggia says, "Our

strategy would revolve around initiatives to utilize BI tools, work on risk

management, regulatory compliance, and above all financial inclusion. All these

efforts, according to him, will take the customer experience to the next level

and improve the quality of service delivery. Financial inclusion is something

HDFC bank is bullish about, with mobile phone banking being an important element

of its strategy. This is in light of the fact that around 8 mn new connections

are getting added every month and customers are showing an increased tendency

towards accessing banking information on their mobile device.

Sudesh Prasad