Both ICICI Bank and HDFC Bank have displayed poor performance in transaction performance. New Delhi: Private sector lender HDFC Bank on Thursday said the Reserve Bank of India (RBI) has asked it temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data centre which impacted operations last month. Have you read these stories? We use cookies to ensure the best experience for you on our website.If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. That compares with a 1.98% gain in the Nifty 50. HDFC Bank was the slowest at 4.9 seconds. Copyright © 2021 ETBFSI.com. WEB Mobile banking apps are complex since they integrate with large enterprise applications such as core banking systems, CRM, ERP systems and credit profiling among others. HDFC Bank's digital payment services were down over for at least 2-3 days then, with net-banking, debit card payments, UPI, IMPS, and NEFT remaining inoperative for its 5.4 crore customers. Do banks have an advanced IT infrastructure? The 'Time to Log In' was measured to provide a view on the time taken to load the landing page after entering login credentials; 'Time to Open Statement' was measured to assess the time taken to view the statement after entering and confirming all required details. In the same statement, HDFC Bank adds that it has “been taking conscious, concrete steps to remedy the recent outages on its digital banking channels”. But are they ready? The game of digital lending and recovery... Why is RBI scanning FinTechs in digital lending? In line with its Digital Strategy, the Bank has gone digital, eventually reducing the consumption of paper. How did you hear about us? “The bank has endeavoured to provide seamless banking services to its … It was followed by State Bank at 4.2 seconds, and ICICI Bank at 4.3 seconds. It means availability of all banking activities online. Customers of HDFC Bank had a harrowing time on Monday (March 1), with intermittent issues in accessing the net and mobile banking services once again. HDFC Bank was the slowest at 4.9 seconds. Wait for Ides of March, Budget has loaded bullets in the BFSI, but need strategy to hit the target. High digital banking volume Most HDFC Bank customers prefer to bank digitally. Digital 2.0 is part of HDFC’s strategy to digitise customer experience through initiatives like virtual banking and analytics. digital banking hdfc bank Blogs, Comments and Archive News on Economictimes.com. Avalanche of IPOs this month, but is the system ready? PMC Bank depositors may get higher payout as it turns into SFB, Five of top 10 Indian IPOs of 2020 from BFSI sector: Report, SBI Card plans to raise Rs 2,000 crore via debt securities. In the fiscal year that ended in March 2020, about 95% of the bank's retail transactions were conducted digitally, up from about 85% in fiscal 2018, Moodys said. Several processes have been automated and made paperless. “Many of you may have read or heard about the RBI order asking us to temporarily stop any new digital banking launches and sourcing of new credit card customers. In the recent episode of HDFC Bank, RBI governor said banks should strengthen their IT infrastructure. RBI ordered HDFC Bank in December to halt its digital banking initiatives and freeze credit card issuances until it addresses the lapses that led to a series of glitches. In Time to Open Statement it came in second, a whisker behind HDFC Bank. In the Time to Open Statement, HDFC Bank at 1.4 seconds and Axis Bank at 1.5 seconds were neck-to-neck. A merchant using the bank's merchant App, QR code, PoS or Payment gateways, across all segments, including electronics, apparel, grocery, stand … HDFC Bank offers sops to push digital banking. FRIENDS. It measured the three key performance indicators (KPIs) - Time to Log In, Time to Open Statement and Time to Transfer Money in the four banks. The RBI has asked private lender HDFC Bank to temporarily stop all launches of its digital business generating activities under ‘Digital 2.0’ programme and sourcing of new credit card customers. HDFC Bank is the most digital of all Indian lenders and sees over 90% of transactions through non-branch channels. Over the past year, there has been a surge in mobile and digital banking transactions in India. Over 95 percent of all transactions made through HDFC Bank Limited were digital transactions during financial year 2020. According to monthly data available with the RBI, HDFC Bank is the highest issuer of credit cards in the country, with 1.5 crore cards in force as on Sept. 30. HDFC Bank has envisaged two legs to its action plan for remedying its digital strategy on the Reserve Bank of India’s directions. cnbctv18.com - CNBCTV18.com • 20h. To understand the performance of the largest banks, Mozark, a digital connected experience platform studied various parameters of the digital experience on India's largest bank, State Bank of India (SBI), and three largest private banks - HDFC Bank, ICICI Bank and Axis Bank. PRINT Is the worst yet to over for Indian Banks? Previously the bank had notified that with recent events of outages in the bank's digital channels over the past two years in the bank's internet banking and payment system on November 21, 2020 was due to power failure in the primary data centre. Features: I. The Digital Banking definition is banking done through the digital platform, doing away with all the paperwork like cheques, pay-in slips, Demand Drafts, and so on. Dear user, ET BFSI privacy and cookie policy has been updated to align with the new data regulations in European Union. HDFC Bank being the leader in private sector aiming at providing ‘World Class banking’, has come up with various digital banking facilities like net banking, payzapp, chillr, etc. SBI was the slowest at … The book has been shortlisted for the annual Gaja Capital … What bank app developers need to understand is which backend system is impacting the performance of the app. Please review and accept these changes below to continue using the website.You can see our privacy policy & our cookie policy. As more account holders get online to transact, there are problems on user experience on commonly used banking applications. Budget has loaded bullets in the BFSI, but need strategy to hit the target Axis Bank emerged as the fastest in average Time to Log In and Transfer Money. We have updated our terms and conditions and privacy policy The Reserve Bank of India (RBI) has asked private sector lender HDFC Bank to temporarily stop all launches of its digital business generating activities under “Digital 2.0” programme, and sourcing of new credit card customers. Does this mean banks are compromising there? HDFC Bank said the RBI order "has advised the bank to temporarily stop all launches of the digital business-generating activities planned under its program Digital 2.0 … On the other hand, SBI was below the KPI threshold of 2.72 seconds with an average time of 2.6 seconds. All Rights Reserved. PDF | On Nov 15, 2018, Manisha Verma published A RISE OF DIGITAL BANKING IN INDIA- A CASE STUDY OF HDFC BANK | Find, read and cite all the research you need on ResearchGate HDFC Bank, the second-largest bank in India by deposits and is the market leader by value of digital transactions processed for April to September 2020 with a 20% share ahead of SBI according to RBI data analysed by Moodys. Is the worst over for banks? The Reserve Bank of India (RBI) has directed HDFC Bank to stop issuing new credit cards and halt the launch of any new digital businesses. This was an increase from the previous financial year. The bank has over 5.6 crore customers. HDFC Bank is transforming itself from a brick-and-mortar entity into a full-scale digital bank. We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. HDFC Bank has an overwhelming presence in the digital payment segment, in the internet banking segment. Tamal Bandyopadhyay is the author of six books, including HDFC Bank 2.0: From Dawn to Digital. Covid: India reports 11,610 new cases, 100 deaths. Get ETBFSI's top stories every morning in your email inbox. Banks want customers to shop, order food and do everything possible on the mobile App. 1 like • 1 share. Kinara Capital Secures INR 52 crores via Bond Series. Sustainability Post Pandemic: Encashing Digital. HDFC Bank, India's leading private sector bank, offers Online NetBanking Services & Personal Banking Services like Accounts & Deposits, Cards, Loans, Investment & Insurance products to meet all your banking … About 91.5% of the total transactions it recorded came from digital channels, according to the bank’s annual report for the year ended March 31, 2020. digital banking hdfc bank Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. What prompted the RBI to take action against HDFC Bank? Shares of HDFC Bank gained as much as 6.9% in early trade on Tuesday to an all-time high of Rs 1,578.5 apiece. Updated: Feb 17, 2021, 11.58 AM IST . Similarly, HDFC Bank’s digital banking channels faced an outage in December 2019, which caused its customers to be locked out of their net and … Transfer money between your bank accounts. As of December 2020, there were 2.23 billion transactions worth Rs 4.16 lakh crore ($57 billion) on UPI, a 105 per cent increase over the Rs 2.02 lakh crore transacted in December 2019. I think the real challenge is the return on the IT investments. When we are expecting exponential volumes on UPI transactions, going live 24x7 with NEFT and RTGS, are banks prepared to handle such big changes? And, 'Time to Transfer Money' was recorded to compare the time taken to receive the success or failure message after confirming the required information on the transaction. RBI on Thursday asked HDFC Bank to temporarily halt new digital offerings and stop sourcing credit card customers. While the average time to log in was 3.8 seconds, Axis Bank led the group at a mere 1.6 seconds. We can request money, slip bills amongst friends and can also recharge mobile phone, DTH and data cards. Click "Continue" to accept and continue with ET BFSI. The Bank has set up systems to reduce paper consumption in all its offices, where a centralised stationery desk manages most requirements. Therefore, app owners need to be ahead of the curve and monitor the experience before customers start complaining. DIGITAL APPLICATIONS BY HDFC  Chillr – Chillr is a revolutionary new app that lets you to send money immediately to anyone in your phonebook, 24 hours a day, 7 days a week. In 'Average Time to Transfer Money, Axis Bank's performance at 1.2 seconds was almost five times faster than HDFC Bank at 5.7 seconds. In the months that have followed, HDFC Bank has been fixing the IT infrastructure that supports its digital banking offering. As per the Union Health Ministry, India currently has 1,36,549 … SBI was the slowest at 4.1 seconds. HDFC Bank in an exchange filing has said that the regulator has appointed an external IT firm to carry out entire audit of the bank's IT infrastructure. Digital transactions were 95.1 per cent of the total retail transactions as of March 2020, up from 85.1 per cent from March 2018. HDFC Bank digital banking services feel the Monday blues. HDFC Bank is a pioneer in digital transactions and probably wants to be at the top of the game with new aggressive digital initiatives. People were also unable to withdraw money from ATMs. Follow @ETBFSI for the latest news, insider access to events and more. Here is my view on what is going wrong with digital banking? Data released by NPCI in November 2020, shows that more than half of the top 30 banks had a UPI technical failure rate more than 1 per cent. NPS schemes Likely to give 2X returns compared to FD, Arcil appoints Pallav Mohapatra as its CEO & MD, Low bad loans may help Utkarsh Small Fin Bank look good on IPO Charts. In the Time to Open Statement, HDFC Bank at 1.4 seconds and Axis Bank at 1.5 seconds were neck-to-neck. But, as more people get online to transact, there are problems on user experience on commonly used banking applications. … But to capture the interest of the market, there is a requirement to establish a strong digital footprint in the market, on which this research paper focuses on. 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