We are the app generation. Things that would take people minutes are accomplished by us in seconds and this is all thanks to the revolutionary change in technology. But, when it comes to certain sectors, we are quite traditional. Take banking for example. I have always been too scared to try and complete any transaction on an app because I live in the perpetual fear that I would lose my phone and then with it my sanity.
But what if I were to tell you that some of the country’s finest brains were working hard to bring in dramatic change in the way we bank. Have I piqued your curiosity a little? Let’s get to know the Digital Innovation Summit by HDFC Bank better.
HDFC Bank Ltd hosted its first Digital Innovation Summit and recently announced 5 start up winners who had come up with some brilliant ideas on artificial intelligence, marketing, quality assurance, and payments (both mobile and biometric) domains. It is definitely not surprising that HDFC Bank has spearheaded this change, after all, they have been famous for ushering in new innovations in the banking sector
Take for example the ‘Go Digital’ campaign in 2014, with the ‘Bank aapki mutthi mein’ offering, and in the recent past it has launched a host of new and very successful digital banking products.
Taking this a step further, this bank decided to host a first-of-its-kind event in the BFSI space in the country, the HDFC Bank’s Digital Innovation Summit which received more than 100 entries from companies from all over India. 30 companies were shortlisted to make presentation to a jury panel comprising of senior management from digital banking, branch banking, marketing, IT, e-commerce and cards. These 30 companies were from diverse domains: payments, mobile innovation, analytics, cloud and compliance.
So who were these winners and what were their innovations?
Bugclipper: An android, iOS and Web compatible app that created segmentation to provide personalized messages. It believes in hyper localization and focuses on contest rather than content.
Tapits Technology: These guys aim to introduce a cashless, mobileless and cardless transaction using biometrics.
FingPay: A 3 factor payment method that can complete a transaction in 2 seconds on a 2G network.
Senseforth technology: Text communication with customers through artificial intelligence.
Net Vigil Software: They have QR code based offline mobile payments!
Aren’t these ideas simply amazing? One thing I know for sure that the entire banking sector is going to get revamped once these ideas are implemented and I was absolutely glad to be a part of the Digital Innovation Summit where I got an opportunity to interact with these brilliant minds. I look forward to these wonderful changes ushering in a new era in banking.
I am a 25 year old blogger who believes in the power of story telling and using personal experiences to blog about things close to my heart. I started Munni of all Trades 4 years back to share my ideas, thoughts and views on things that I am passionate about. I blog about things that make me happy and by extension my readers, too..
I don't really understand about these things actually but seems interesting to look for 😀
Thanks for sharing ^^
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Good to know that your back is working for your people. Great.
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Amazing initiative. I love such innovative ideas & developments!
Banking stuff are really not my stuff! I'm just so bad at this! Hahah =)
Not really into banking stuff, but this sounds interesting and educational information.
Sounds pretty interesting, I'm not a big fan of the new card less payments though
i dont really get into the economic issues nowadays.
it's really interesting discussion about the banking opportunity.
great information.
Those are some fantastic innovations, I'm gonna go read up on each of those you mentioned. Not sure How I missed this summit.
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Biometric transaction sounds really cool, never experienced that before. I apprised that HDFC keeping it up with the fast world banking.
much love… GreenStory
wooo nice one thanks for sharing about this…
the one from fingpay sounds extremely promising! 2 secs on a 2g network sounds almost impossible to me. the biometrics one is good too! when security is the number 1 concern with going cashless on payment, adding biometrics totally up the security.
Definitely hands down to digital evolution. While I have done transactions using an app ie PayPal & using the bank's own app, I'm still a little bit hesitant at times hehe.
internet and mobile banking is so convenient here i use them all the time
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