Tuesday, 30 December 2014

Improved Mobile Banking Technology to Drive Financial Inclusion

On 16th Dec 2014, a new milestone in banking structure of HDFC Bank was unfolded. The day saw the inauguration of 'Bank Aapki Muthi Mein' - an endeavor by the HDFC Bank to project technology adoption that offers convenience and unique experience to all its customers. The inauguration took place in our PM's very own constituency - Varanasi - that is one of the envisioned smart cities of India. 

HDFC Bank mobile banking now offers a seamless and free-of-cost experience to its customers, allowing more than 75 transactions via mobile phones of all kinds. Through the new HDFC Bank App , the user can personalize the transactions in My Menu section which offers up to 10 such favorite transactions. The app uses the same credentials as net banking and offers the same level of security of a secured session.

Most importantly, HDFC Mobile Banking also allows language choice to its users, making transactions understandable and easier for the users. Other than mobile banking, HDFC Bank is also available on two other mobile tech platforms for non hi-tech mobile users - i.e. SMS & Toll Free number. 

 HDFC Bank mobile banking is one of the first banks in India to use MEAP architecture. Their offering runs on IBM Work light platform which is rated as best mobility platform in Gartner magic quadrant. This implementation uses unique combination of Native and HTML 5. This current app thus leverages best native performance at the same time giving us reach across 10 different mobile and tablet operating systems. The HDFC Banking apps have very broad reach across the country with millions of users using hundreds of different models of phones & across all platforms ( iOS , Android, Windows, etc).

At present in India , there are over 900 Million mobile users. The mobile device  is no longer just a device to connect and communicate, but is also an enabler to bring millions into the organized banking fold. Through digital banking progress, HDFC Bank is looking to pro-actively partner in the Government of India's Digital India plan. 

The Indian banking sector today is challenged with the issue of financial inclusion. Operating cost of providing financial inclusion and charges levied on the users are important considerations towards effective financial inclusion. Technology innovation could play an important role in reducing operating cost of providing banking services, particularly in the rural and unbanked areas. HDFC Bank's recent tech advancement is a step forward towards driving the growth in financial inclusion. 

1 comment:

  1. Thank you for sharing such great information. It is informative, can you help me in finding out more detail on Mobile Banking , i am interested and would like to know more about this field and wanted to understand the basics of Banking Services.