These 5 innovative start-up get HDFC Bank boost

HDFC Bank, which joined hands with Startup India in its endeavor to harness the start-up space and use it to boost its own systems, has announced winners of 3rd edition of its Digital Innovation Summit 2018. Among the winners, four are from Bengaluru, while one is based in Ra'anana in Israel. 

Apart from the awards, these start-ups will get a chance to deploy their innovations in HDFC Bank, after further evaluation on technical, business, security, and compliance parameters.

The winners belong to variegated background including artificial intelligence, machine learning, credit risk assessment, and rural fin-tech domains, said a bank statement, adding that the FinTech start-up from Israel was one of the 24 overseas entries.

Congratulating the winners, Nitin Chugh, Country Head, Digital Banking, HDFC Bank, said, “Digital Innovation Summit gives the bank access to a pool of cutting-edge global technology solutions. We believe that #DigitalBanking to provide an experience to customers is well utilized only when we play a mutually beneficial role in the start-up and fin-tech eco system.” 

Notably, the Bank received more than 135 entries including 24 applications from companies based in global technology hubs such as Israel, Singapore, Germany, and the US in the 3rd edition of the summit. Out of 138, 40 applications were shortlisted to make presentation to a jury panel comprising senior management from digital banking, branch banking, marketing, IT, e-commerce, and group companies, it said. 

These 40 shortlisted companies were from diverse domains: payments, mobile innovation, analytics, cloud, and compliance.

Shortlisted companies presented their ideas to the jury on November 28-29, 2018, in Gurugram and were evaluated on following parameters: 1) Uniqueness and Innovation; 2) Business Potential; 3) Usability and Scalability; 4) Value addition to business; and 5) Compatibility with HDFC Bank’s business and technology platforms.

HDFC Bank stated that the initiative is part of its strategic focus on customer convenience, access and delight, using technology as an enabler.