HDFC Bank Ltd is planning to launch an upgraded and new mobile app along with the Internet banking website by March 2024. According to a Mint report, the decision comes after the largest private sector lender rolled back its upgraded mobile app due to technical glitches five years ago.
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Reportedly, the bank will be conducting a closed user group trial this December before rolling out the new mobile app. Following the trial, the revamped mobile app will be made available for users by the end of March next year.
“We have taken feedback from the customers. It will be a lot more intuitive and simpler to use,” Anjani Rathor, the chief digital officer of HDFC Bank, was quoted as saying.
In December 2018, HDFC Bank received several complaints from customers after launching a new version of its app. Many customers were not able to use the internet banking features on the app due to technical glitches. The bank suggested the customers use other HDFC Bank services such as PayZapp and missed call banking.
Later, in December 2020, the Reserve Bank of India (RBI) imposed a temporary restriction on the new digital banking launches and also proposed a business-generating IT application till the bank resolves the technological glitch. In addition to that, the RBI also barred the bank from issuing any new credit cards to the customers.
While directing HDFC Bank’s board to evaluate the lapses and fix them soon, the bank regulator said that it would consider lifting the restrictions thereafter. However, in regards to the restrictions, the bank responded and said that it has taken several measures to resolve the problem and will be continuing to do the same to get through it.
Moreover, in March 2022, the Reserve Bank of India lifted the restrictions on HDFC Bank and permitted it to introduce new digital initiatives. However, after the remedial actions by the bank, RBI first lifted the ban on issuing credit cards in August 2021 and then the complete ban was withdrawn in 2022. The bank then informed their customers about the removal of the bans and said that the bank regulator has lifted the restrictions on the business generating activities, which have been planned under the bank’s Digital 2.0 programme.
The Digital 2.0 programme of HDFC Bank was designed in a way that would provide products to their customers for a frictionless financial experience. This programme was introduced with the aim of helping customers to move from a single transaction to a complete financial solution journey such as loan disbursement, payments and investment.
(Edited by : Sudarsanan Mani)
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