HDFC Bank is now offering mobile banking solutions for the corporate banking customers of the bank. These customers can now use Trade Finance on Mobile, a mobile banking application, for carrying out operations such as bank guarantee, letter of credit, remittances and bills processing, among others. Bhavesh Zaveri, country head, Operations and Cash Management Products of the bank, said Trade Finance on Mobile will provide end-to-end digitization of trade finance transactions, including last mile authorization of these transactions. He said the facility will provide ease to customers and increase the speed of transactions. He added that the facility allows bank’s wholesale customers to authorize and complete the transaction online. The bank claims this is the first time in the country that any lender has moved its trade finance operations to the mobile. With this, the bank expects the operation time for a transaction to be cut from up to one day to only 30 minutes. This is in line with the bank’s overall strategy to move towards being a digital bank. With the increased focus on digital, as of end-March, 63% of the bank’s transactions is via the internet (including mobiles) compared to 55% a year ago.
