HDFC: HDFC Bank partners with Microsoft, agreement to make digital services modern and secure.
HDFC Bank is the largest private sector bank in India. The bank has partnered with Microsoft for the next phase of transformation of its digital services. The tie-up has been done to modernize the application portfolio and data landscape of the bank. Also, the purpose of this agreement is to make its services more secure with the use of Microsoft Cloud.
# HDFC Bank working on developing inhouse IP
HDFC Bank has been told that it is developing inhouse IP as a part of its future ready strategy. Along with this, the bank has said that it has partnered with several companies including fintech for co-creation of technology IP.
According to the information given by the bank, it will expand its information management capabilities in enterprise reporting and advanced analytics using artificial intelligence. For this, the bank will take the help of Microsoft Azure platform to consolidate and modernize the enterprise data landscape.
# Microsoft Azure based technology will be used
By adopting banking systems built on Microsoft Azure Stack, the bank will be able to democratize and monetize its operations. These solutions will be powered by integrated architecture, collaborative engineering environment, industry-leading security and AI/ML based ecosystem.
In addition, the bank will leverage the capabilities of the Microsoft Power Platform to set up an App Innovation and Automation Factory. The App Factory will enable the bank to migrate, modernize and transform its application portfolio.
Bank’s IT head said – work is being done on the agenda of making the bank of the future
HDFC Bank Group Head (Information Technology) and Chief Information Officer Ramesh Lakshminarayanan said, “This partnership with Microsoft is a part of our agenda of investment in building the bank of the future. At the heart of this is developing our ability to provide our customers with a Neo Banking experience that will not fall short in any case. We are doing this through investments in proprietary IP as well as through other similar collaborations.
# Microsoft India MD said – We are happy with the partnership, aim to create the best products and services
Shashi Sreedharan, Managing Director, Microsoft India, said, “We are delighted to be a part of HDFC Bank’s digital transformation journey and partner with them to build best-in-class products and services. The standards will be secured with the help of Microsoft cloud platform and other technologies. The partnership will also drive the bank’s digital workplace transformation plans with Microsoft 365. This will give a new experience to customers and employees.
