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HDFC Bank picks 5 startup winners at Digital Innovation Summit

Press Trust of India  |  Mumbai 

In a bid to promote startup culture at the bank, private lender HDFC Bank has selected five ideas from a pool of 30 startups at its first Digital Innovation Summit here.

The startups work in the areas of artificial intelligence, marketing, quality assurance, and payments (both mobile and biometric) domains, and will get a chance to deploy their products in the bank, after further evaluation on technical, business, security and compliance parameters, HDFC said in a statement here.

"Digital Innovation Summit has created a win-win situation for the bank as well as the FinTech startups. The engagement with these companies gives the bank access to the latest technologies and products to further enhance customer experience. For the startups, it's an opportunity to deploy their products and services at such a large scale," Nitin Chugh, Country Head of Digital Banking, HDFC Bank said.

Digital Innovation Summit received more than 100 entries, of which 30 startups were shortlisted to make presentation before the jury comprising senior management from digital banking, branch banking, marketing, IT, e-commerce and cards.

The winners are - Senseforth Technologies which works in artificial intelligence, Tagnpin Marketing, Net Vigil Software that works in mobile payments, Bugclipper Technologies which works in quality assurance, and Tapits Technologies that deals in biometric payments.

In its drive to go digital, the bank has launched a host of products, including a 30 minute paperless auto loans using biometrics, 10 second personal loan through netbanking, instant loans at ATMs, online payments and money transfer app PayZapp and Chillr.

This is in addition to HDFC Bank's netbanking portal and official mobile banking app, which allows customers to perform over 205 and 85 different types of transactions, respectively.

HDFC Bank is the second-largest private lender in the country and as of December 31, had 4,281 branches and 11,843 ATMs across 2,505 cities.

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First Published: Thu, March 10 2016. 16:43 IST