Mumbai-based HDFC Bank has collaborated with Backbase, a leading provider of digital banking solutions, to improve its retail banking operations and provide a comprehensive customer experience across all digital touchpoints. This partnership addresses evolving customer expectations and meets new regulatory requirements.
HDFC Bank has been a Backbase customer since 2016 and has renewed its deal with the enterprise to align with its technical design principles, focusing on security, horizontal scalability, and cloud-agnostic solutions.
“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,” said Ramesh Lakshminarayanan, CIO and head of the IT Group at HDFC. “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.”
HDFC Bank’s next-generation customer-centric internet banking architecture will be powered and managed by the Backbase Engagement Banking Platform. This platform complies with Indian money transfer regulations through integrations with Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), and UPI Payments. It also includes improved, configurable local security features in line with industry standards.
Backbase offers comprehensive local engineering, implementation, and customer support to Indian banks, including HDFC Bank, through its Asia Customer Success hub and Hyderabad Backbase Development Center (BDC).
This allows financial institutions to focus on delivering hyper-personalised experiences and support while generating new revenue streams. For banks with hybrid or pure cloud implementation, Backbase also aids through its data centers in Mumbai and Hyderabad.
“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,” said Abhijit Chavan, Backbase Regional VP for Customer Success in Asia.
