HDFC Bank: A Tryst with FinTech for Digital Transformation

Abstract

The digital era is threatening the Indian banking industry and this has made traditional banks hone for more technological products. The FinTech companies are aggressive in their approach in bringing newer solutions that have disrupted the financial space. HDFC bank has always been quick enough to leverage any changes needed for its customers and in turn gaining competitive advantage for itself. It has partnered with FinTech companies in a number of ways to develop innovative products over the years. The dilemma for HDFC Bank is whether it should collaborate with the FinTech firms in future and white label the products or create its own solutions in-house? Should it focus more on digital disruptions or concentrate on cyber security through artificial intelligence? How should HDFC deal with the serious threats it faces from the platform providers like Amazon, Google, and Facebook that may soon enter the banking space in India. What should HDFC bank do to sustain its leadership as it moves towards a digital future?