HDFC Bank announced that it is partnering with Microsoft in the next phase of its digital transformation journey and aims to unlock business value by transforming the application portfolio, modernising the data landscape, and securing the enterprise with Microsoft Cloud.
The bank, as a part of its ‘future ready’ strategy, is developing in-house intellectual properties (IP) as well as partnering with several companies, including fintechs, to co-create technology IPs.
The bank will leverage Microsoft Azure to consolidate and modernise its enterprise data landscape through a Federated Data Lake to scale its information management capabilities across enterprise reporting, and advanced analytics using artificial intelligence, it said.
“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,” said Ramesh Lakshminarayanan, Group Head - Information Technology, and Chief Information Officer, at HDFC Bank.
Built on the Microsoft Azure stack, the solution will enable the bank to democratise and monetise its data landscape catering to several business units, and spanning multiple systems, reports and processes. The solution is powered by its unified architecture, collaborative engineering environment, industry-leading security, and ecosystem of AI/ML-based deep learning capabilities, said the company.
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, modernise and transform its application portfolio.
HDFC Bank said it will also leverage Microsoft 365, to adopt a modern, integrated, and secure digital workplace covering three areas of transformation - employee collaboration, app modernisation, and secure remote work.