HDFC Bank news update:
HDFC Bank allocates 5-7% of its overall expenses to technology, according to Parag Rao, Country Head of Payments, Liability Products, Consumer Finance, and Marketing. He emphasized that this level of investment is a “good figure” for a stable organization, noting that much of their technology investment has already been made, allowing them to start capitalizing on these expenditures.
Approximately 50% of thehttps://paisajournal.com/category/news/bank/ bank’s technology budget is dedicated to core banking infrastructure, with the remainder covering employee costs. This focus on technology follows the Reserve Bank of India (RBI) recently reprimanding Kotak Mahindra Bank for IT system lapses. In 2020, the RBI had also directed HDFC Bank to halt all new digital business initiatives and credit card sourcing due to repeated data center outages, restrictions lifted in March 2022.
On Tuesday, HDFC Bank launched ‘PIXEL,’ a customizable, mobile application-based credit card available through the bank’s PayZapp app. Customers can earn 5% cashback on categories such as dining, entertainment, travel, fashion, electronics, and grocery, and 3% cashback on platforms like Zomato, Myntra, and BookMyShow. The PIXEL card comes in two variants: PIXEL Play, offering customizable benefits such as merchant selection, card color, and billing date, and PIXEL GO, designed for beginners. Initially launched on the Visa network, the card will be available on additional networks within a few months. The bank has partnered with technology provider Zeta for this initiative.
