Following the collaboration, the bank is looking to unlock business value by having the application portfolio transformed, the data landscape modernised, and the enterprise secured with Microsoft Cloud. As per information provided in the press release, HDFC Bank is developing in-house IPs and partnering with several companies, including fintechs, to co-create technology IPs as part of its ‘Future Ready’ strategy.
By having the solution built on Microsoft Azure stack, the bank will be enabled to democratise and monetise its data landscape that caters to various business units, spanning a multitude of systems, reports, and processes. Furthermore, the solution is powered by its unified architecture, collaborative engineering environment as well as its security and ecosystem of AI/ML-based deep learning capabilities.
Additionally, leveraging Microsoft Power Platform’s low code, no code capabilities, the Bank will set up an App Innovation and Automation Factory, with the App Factory being believed to enable the bank to have its application portfolio migrated, modernised, and transformed. What is more, making use of the Microsoft Power Platform is thought to also help enhance employee productivity and customer experience.
When speaking on the announcement, HDFC Bank representatives have stated that the Microsoft partnership is part of the company’s technology transformation agenda of investing in running the bank, as well as building the bank of the future. With the bank having a focus on the ability to offer to their customers an improved neo-banking experience, officials believe this can be achieved by investing in proprietary IP, as well as in collaborations of the likes of the one with Microsoft.
Microsoft India spokespersons stated that they are looking forward to working with HDFC Bank towards its digital transformation journey, and to collaborate in creating products and services. As per their statement, said products and services are set to adhere to strict security and compliance standards for customers by taking advantage of Microsoft Cloud Platform and technologies.
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