HDFC Bank is collaborating with Microsoft to further its digital transformation journey and create business value by modernizing the data landscape, altering the application portfolio, and protecting the enterprise with Microsoft Cloud.
HDFC Bank is developing in-house IPs as part of its Future Ready strategy, as well as cooperating with several companies, including FinTechs, to co-create technology IPs.
The bank will use Microsoft Azure to consolidate and modernize its business data environment via a Federated Data Lake, enabling it to expand its information management capabilities through enterprise reporting and advanced analytics using artificial intelligence.
The solution, built on the Microsoft Azure stack, will allow the bank to democratize and monetize its data landscape, which serves numerous business units and spans multiple systems, reports, and processes.
In addition, the bank will set up an App Innovation and Automation Factory using Microsoft Power Platform’s industry-leading low-code and no-code capabilities. The bank will be able to move, upgrade, and alter its application portfolio thanks to the App Factory.
“Our partnership with Microsoft is a part of our technology transformation agenda by investing in running the bank as well as building the bank of the future. At the heart of this is the ability to offer a neo-banking experience to our customers that is second to none. We are doing this by investing in proprietary IP as well through tie-ups like these,” said the Group Head – Information Technology and Chief Information Officer of HDFC Bank, Ramesh Lakshminarayanan.
“We are delighted to be part of HDFC Bank’s digital transformation journey and to partner with them to create best-in-class products and services. These products and services will adhere to strict security and compliance standards for customers by leveraging Microsoft Cloud Platform and technologies. The partnership will also advance the bank’s digital workplace transformation with Microsoft 365 and will significantly enhance customer and employee experience,” said Sashi Sreedharan, Managing Director of Microsoft India.
HDFC Bank will also use Microsoft 365 to implement a contemporary, integrated, and secure Digital Workplace that will address three crucial areas of transformation: employee collaboration, app modernization, and secure remote work. HDFC Bank has also implemented Microsoft Security solutions to enable secure hybrid work for its employees.
Similarly, Yes Bank announced a partnership with Microsoft to develop a new generation mobile application to provide consumers with a personalized banking experience.
Yes bank will use Microsoft’s Azure platform to develop the app, which will provide consumers with a variety of services, including online payments, shopping, rewards, and offers, as well as personalized dashboards, in addition to typical banking activities, according to a statement.
The new software, according to the release, would run on Microsoft’s enterprise-grade cloud platform.
Yes bank intends to expand numerous services with the help of the app by integrating merchants and ecosystem partners onto a shared platform.
According to the bank, this will enable it to meet customers’ different financial demands in areas such as loans, payments, deposits, investments, cards, and more.
“Our partnership with Microsoft is a testament to this effort, as we look forward to co-creating a proposition that will offer customers with the benefit of transacting, as well as undertaking a host of other activities on a common platform,” said Prashant Kumar, MD & CEO of Yes Bank.
He added, “We believe, the proposition will bring in the right mix of convenience and flexibility while being within the realms of a highly secured network of both Yes Bank and Microsoft.”
“Yes bank has been embracing the shift from traditional banking to creating personalized technology-driven customer experiences. Microsoft Azure enables Yes Bank with secure and resilient architecture that helps them build new experiences for their customers,” said Anant Maheshwari, President of Microsoft India, commenting on the collaboration.