HDFC Bank, India’s leading private bank is one of the pioneering users of enabling technology, with numerous firsts in terms of product introduction to its credit. The bank has seen tremendous growth in almost all areas of business in the last two years. The dynamics of the business have been changing and so have the aspirations and expectations of the customers. Versatility and adaptability were turning out to be key elements to succeed in the market. For an IT driven Bank this necessitated a new solution to address the needs of product innovation and dynamic relationship pricing. The Bank started looking out for an enterprise software solution that could handle the complex business requirements and enhance operational efficiency. After a thorough evaluation of the products in the market globally, HDFC Bank selected Zafin Labs’ miRevenue Solution Suite. The value proposition offered by miRevenue was its ability to enable the bank to generate and recognize new revenues.
After this judicious selection it set itself and the vendor on an ambitious task of going live with the product within six months. With dedication from both teams HDFC Bank fulfilled its stringent timelines by going live on time and budget after a satisfactory and fulfilling set of test/ trial runs. Currently the system is implemented for it’s retail liabilities business area and the Bank is planning to extend the scope of implementation to other business areas.
Commenting on the success Mr G V Gopalakrishnan, Senior Vice President (IT), HDFC Bank said, “miRevenue gives us a competitive edge by allowing the bank to launch new and innovative product and relationship pricing with minimal time to market. We have also seen very good operational efficiency post implementation of the solution resulting in a reduction in the time for charging the customers. The success of the implementation is also due to the domain knowledge and commitment from the team in Zafin Labs.”
Zafin Labs’ Managing Director (India & Asia Pacific) Mr R. Chandran said, “All of us at Zafin Labs are extremely delighted at the success of the implementation. It has been a tremendous journey from agreement to completion stage. We couldn’t have achieved this without the support of HDFC Bank. The relationship has been mutually rewarding. The Bank has ambitious plans to move forward to other businesses with miRevenue. They have a clearly drawn priority of needs and we will be happy to support their plans.”
Mr Al-Karim Somji, Chairman & CEO, Zafin Labs commented “HDFC Bank Team has a clear vision on how they would like to evolve their business and supporting systems. We will continue to partner and innovate with them on achieving the end objective of enhanced value creation for the shareholders.”
About HDFC Bank:
Incorporated in August 1994 as HDFC Bank Limited, the bank now has a wide network of over 531 branches across 228 cities in India, and over a thousand networked ATM’s.
The Bank’s single-minded focus on product quality and service excellence has helped it garner the appreciation of both national and international organizations.
The Bank has made substantial efforts and investments in acquiring the best technology available internationally, to build the infrastructure for a world class bank. In each of its businesses, the Bank has succeeded in leveraging its market position, expertise and technology to create a competitive advantage and build market share.
For more information, please visit our website at www.hdfcbank.com