A couple of years ago, HDFC Bank found itself at the intersection of technological disruptions, changing customer behavior and the emergence of unconventional competition. It was a situation faced by many Indian banks because of the regulatory and technological changes occurring in the country. Customers’ appetite for new technology was altering the way they consumed banking services, making way for digital banking and payments. Increased adoption of technology was raising the bar of customer expectations from their banks in terms of speed and accessibility across all digital channels. Around the same time, the market saw the advent of fintech and non-bank players that soon started to encroach upon the market share of banks for certain services, such as payment and personal finance management.

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