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HDFC Bank identifies 5 startups to work with

HDFC Bank has selected five startups with whom it will work in areas like internet and mobile banking and payment systems. The bank has identified these five from 30 applications it has received for its first even Digital Innovation Summit. The five startups are Senseforth Technologies (working in AI customer response), Tagnpin (a marketing and customer engagement company), Safe 2 Pay (into POS-free payment system), Bugclipper (in-app feedback tool), and Taptis Technology (a biometric payment company). Nitin Chug, country head, Digital Banking at the bank, said currently, investment is not on the agenda and the bank is working with the companies if it wants an exclusive deal with them or use as white-label products. The bank had earlier aligned with Chillr, which had raised $6 million from Sequoia Capital, and developed a system which helped customers pay without a wallet. Some of these companies are in the process of securing Series- A funding. Chugh said these startups get a chance to deploy their products in the bank, post further evaluation on technical, business, security, and compliance parameters. The Digital Innovation Summit received more than 100 entries from companies from all over India. 30 companies were shortlisted to make presentation to a jury panel comprising senior management from digital banking, branch banking, marketing, IT, e-commerce and cards. These 30 companies were from diverse domains: payments, mobile innovation, analytics, cloud and compliance. The initiative is part of the bank’s strategic focus on customer convenience, access and delight, using technology as an enabler. In line with this, post the launch of ‘Go Digital’ campaign in 2014, with the ‘Bank aapki mutthi mein’ offering, HDFC Bank has launched a host of new and very successful digital banking products.

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