HDFC Bank is organising a two-day Digital Innovation Summit to get 30 fintech companies to make presentations to its top management with innovative banking and payment solutions. The winner of this summit, which would be held over March 3 and 4, would have his solution adopted by the second largest private sector lender.
“We have been engaging with fintech companies, many of whom are startups, but this is the first time that we are doing it officially through a platform. We had received 105 applications from which we have shortlisted 30 and have given them various time slots. They would be making presentations to us and even giving demonstrations of their products,” said Nitin Chugh, country head, digital banking at HDFC Bank.
Chugh said that they are looking for solutions across branch automation, payments, security, location-based solutions, analytics where they would be looking at finding solutions. However, he clarified that the bank would not be funding or even incubating the startups.
“We would be integrating their systems into our platform, then adopt and customise to our requirements. There could be solutions where we would feel the need to participate or enter into a unique contract. We are looking at 3 winners now, but the number is not restrictive. All depends on the kind of value addition that the product can do,” he said.