HDFC Bank enters into a technology collaboration with Microsoft
- ByStartupStory | January 3, 2023
On January 3, private sector lender HDFC Bank announced a partnership with Microsoft in the next stage of its digital transformation journey to unlock business value by transforming the application portfolio, modernising the data landscape, and protecting the company with Microsoft Cloud.
The collaboration will assist HDFC Bank in leveraging the Microsoft Azure stack to consolidate and modernize its enterprise data landscape, improve employee productivity and customer experience through the use of Microsoft Power Platform, and embed Microsoft Security solutions to enable secure hybrid work for employees.
In a press release, the bank explained further that it “will leverage Microsoft Azure to consolidate and modernize its enterprise data landscape through a Federated Data Lake to scale its information management capabilities across enterprise reporting, and advanced analytics using artificial intelligence.”
“Built on Microsoft Azure stack, the solution will enable the bank to democratize and monetize its data landscape catering to several business units, spanning multiple systems, reports, and processes. The solution is powered by its unified architecture, collaborative engineering environment, industry-leading security, and ecosystem of AI/ML-based deep learning capabilities,” it added.
The low code and no code features of the Microsoft Power Platform will assist HDFC Bank in establishing an app innovation and automation factory. The app factory will assist the bank in migrating, modernizing, and transforming its application portfolio.
HDFC Bank will also use Microsoft 365 to implement a “modern, integrated and secure digital workplace covering three critical areas of transformation – employee collaboration, app modernization and secure remote work”. To enable secure hybrid work for its staff effortlessly, the bank has integrated Microsoft Security products.
Ramesh Lakshminarayanan, Group Head – Information Technology and Chief Information Officer, HDFC Bank said, “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.
“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.
Notably, HDFC Bank is creating internal intellectual property in addition to collaborating with various businesses, including fintechs, to co-create technology IPs as part of its future-ready strategy.
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