Making NextGen Banking Secure, Scalable, and Cloud-Agnostic
- By CDOTrends editors
- March 27, 2023
Changing customer expectations and new regulatory requirements are transforming how financial institutions operate, particularly in digital banking. Banks worldwide are leveraging platform technologies to enhance customer experience and improve efficiencies.
HDFC Bank, India’s largest private sector bank with over 70 million customers, has partnered with Backbase to deliver a next-gen retail banking platform that offers seamless digital banking for HDFC’s customers.
Backbase’s platform aims to offer a unified solution for frictionless customer experiences across retail banking, business banking, digital lending, and wealth management. The move aligns with HDFC Bank’s continued investment in platform technologies to improve customer experience and enhance efficiencies.
The bank’s next-gen customer-first internet banking architecture will be run and managed on the Backbase Engagement Banking Platform. Backbase provides 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). It frees financial institutions to focus on delivering hyper-personalized experiences and support as well as generating new revenue streams.
Since 2016, HDFC Bank has been a Backbase customer, and the renewed agreement aligns with its technical design principles of security, horizontal scalability, and remaining cloud agnostic.
According to Ramesh Lakshminarayanan, chief information officer and group IT head at HDFC Bank, “Indian consumers expect digital banking to match the seamless experience of their favorite e-commerce and social media platforms. 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.”
Jouk Pleiter, chief executive officer of Backbase, said, “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.”
In addition, for banks with hybrid or pure cloud implementation, Backbase provides local support via its data centers within 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, regional vice president, Customer Success, Asia, Backbase.
Backbase's platform aims to meet Indian money transfer regulations and offers enhanced, configurable local security features on par with local industry standards. The local engineering, implementation, and customer support services provided by Backbase are expected to provide instant digital execution power to Indian financial institutions as they move to a unified banking platform architecture.
Image credit: iStockphoto/peshkov