HDFC Bank Ltd., announced winners of 3rd edition of its Digital Innovation Summit 2018. The winners are from artificial intelligence, machine learning, credit risk assessment, and rural fin-tech domains. While four winners are from Bengaluru, one is based in Ra’anana in Israel. The FinTech start-up from Israel was one of the 24 overseas entries.
This year, the Bank has joined hands with Startup India in its endeavor to harness the start-up and fintech ecosystem and get access to innovative ideas for potential application and deployment.
These start-ups will get a chance to deploy their innovations in the Bank, after further evaluation on technical, business, security, and compliance parameters.
“Digital Innovation Summit gives the bank access to a pool of cutting-edge global technology solutions. We believe t
hat for Digital Banking to provide an experience to customers is well utilized only when we play a mutually beneficial role in the start-up and fintech ecosystem. As a Bank, we get access to technologies and platforms and the start-ups and fin-techs get access to a large customer base for potential deployment. It’s gratifying that this year, we had as many as 24 overseas companies participating in the Summit. This is only going to grow bigger as we are committed to giving an experience that our customers value,” said Nitin Chugh, Country Head, Digital Banking, HDFC Bank.
In the 3rd edition of the summit, the Bank received more than 135 entries including 24 applications from companies based in global technology hubs such as Israel, Singapore, Germany, and the US. Out of 138, 40 applications were shortlisted to make presentation to a jury panel comprising senior management from digital banking, branch banking, marketing, IT, e-commerce, and group companies These 40 companies were from diverse domains: payments, mobile innovation, analytics, cloud, and compliance.
|CropIn Technology Solutions
|Agri-tech solution for better credit assessment
|Predictive and Prescriptive solution for Risk Monitoring, Mitigation and Forecasting Intelligence to assist in agri-lending and agri-insurance based on cropping patterns and predicts the future of the crop.
|AI, ML based platform for IT system
|Autonomous Analytics based on AI and ML to constantly analyze & correlate every business parameter, providing real-time alerts and prediction.
|AML, KYC credit risk assessment solution
|Integrated web based business monitoring, compliance analytics and reporting solutions for KYC, AML , credit risk assessment etc.
|Workforce management messaging platform
|Secure Mobile First Messaging Platform for Distributed Workforce Management and to measure the productivity of the distributed workforce in a “Whats-up” way maintaining absolute confidentiality of information shared
|AI based Personalized social media marketing tool
|AI based highly targeted and personalized social Media communication tool for customers for better targeting and customer acquisition.
Shortlisted companies presented their ideas to the jury on November 28-29, 2018, in Gurugram and were evaluated on following parameters:
1) Uniqueness and Innovation
2) Business Potential,
3) Usability and Scalability,
4) Value addition to business
5) Compatibility with HDFC Bank’s business and technology platforms
The initiative is part of the bank’s strategic focus on customer convenience, access and delight, using technology as an enabler. This journey began in 2014 in Varanasi with the launch of the #GoDigital ‘Bank aapki mutthi mein’ campaign.