HDFC Bank building its own platform

It is interesting to see how the banking technology is rediscovering itself after being behind the curve for the better part of three decades, said HDFC Bank chief information officer and group information technology head Ramesh Lakshminarayanan.

“The financial services sector has been a late adopter of technology. This has changed after demonetisation and Covid with there being an explosion in technology adoption. What is interesting now is how this industry is catching up and catching up very fast,” he said on the sidelines of a recent event organised by payments technology provider Mindgate Solutions.

“Today we are seeing a lot of new platforms coming through, whether it is cloud native services, new way of looking at payments platform, new technologies coming through in terms of database technology and micro services platform. What is happening is that the technology that was largely being used by start-ups, fintechs and Big Tech has started coming into banking.”

In recent times, various financial services entities, including banks, have been forced to hasten the pace of digital adoption, with online transactions on the rise. Digital transactions through the Unified Payments Interface rose to nearly 783 crore in December, from 457 crore a year ago, NPCI data showed. Value of transactions rose to ₹12.8 trillion from ₹8.3 trillion.