A NEW WAVE of technology transformation and product strategy is sweeping through the corridors of the country's second-largest bank. Under Managing Director and Chief Executive Officer Sashi Jagdishan, who took up the top job in October 2020, HDFC Bank is determined to evolve into more than just a banking institution. The first big step towards realising that dream was finalised on July 1 when the bank's parent, HDFC Limited, merged with it to create a financial sector giant.
The bank does not see the merger as just a consolidation; it aspires instead to become a dynamic "technology company” that is into banking. To do this, it is banking on the power of bundling-integrating home loans with its bouquet of banking products. But that's not all. The private sector bank is setting its sights on creating a brand new HDFC Bank every four years.
In an internal communication to employees after the merger, Jagdishan said the runway for growth would be large for a long time to come. "The bank, with its superior digital platform and digital journeys, will have the propensity to upsell to the home loan customer with a complete bouquet of the group's products across payments, savings, borrowings, investing, insurance, and trading," he said.
Providing a glimpse of the possibilities, Jagdishan said the bank could now offer an array of products like a savings account for all banking needs, a personal loan for upfront contribution to the builder, a consumer durables loan, life insurance to protect the family in case of any eventuality, home insurance to safeguard against fire and structural damage, a credit card, a systematic investment plan, and EMI payments to create wealth, which can all be accessed with a single click.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.
