HDFC bank announced that it is partnering with Microsoft in the next phase of its digital transformation journey and unlocking business value by transforming the application portfolio, modernizing the data landscape and securing the enterprise with Microsoft Cloud.
As part of its Future Ready strategy, HDFC Bank is developing its own IPs and partnering with a number of companies, such as FinTechs, to co-create technology IPs.
The bank 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.
According to Ramesh Lakshminarayanan, Group Head – Information Technology and Chief Information Officer at HDFC Bank,
“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.”
Sashi Sreedharan, Managing Director at Microsoft India said:
“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.”
Built on the 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 powered by its unified architecture, collaborative engineering environment, industry-leading security and ecosystem of AI/ML based deep learning capabilities.
In addition, the Bank will also leverage Microsoft Power Platform’s industry-leading low code, no code capabilities to set up an App Innovation and Automation Factory. The App Factory will enable the Bank to migrate, modernize and transform its application portfolio.
HDFC Bank will also leverage Microsoft 365, to adopt a modern, integrated, and secure Digital Workplace covering three critical areas of transformation – employee collaboration, app modernization and secure remote work.
Further, HDFC Bank has embedded Microsoft Security solutions to enable secure hybrid work for its employees seamlessly.
