HDFC Bank launches XpressWay Digital Platform for Swift Loans

HDFC Bank launches XpressWay

HDFC Bank unveiled a digital banking platform called XpressWay, aiming to provide a quick, paperless, and self-service banking experience for its customers.

Encompassing over 30 banking products and more than 14 services, XpressWay offers a comprehensive range of financial solutions, including personal loans, credit cards, and savings accounts. Parag Rao, the Country Head for payments, liability products, consumer finance, and marketing at HDFC Bank, emphasized that the platform's launch during the festive season marks the introduction of a faster, more convenient, and enjoyable banking experience.

HDFC Bank XpressWay About

XpressWay is an integral part of HDFC Bank's digital ecosystem, known as 'HDFC Bank NOW.' The platform's services cover a broad spectrum of digital offerings, from Netbanking to facilitating updates like Permanent Account Number (PAN) and instant address changes through Aadhaar. Users can manage nominees, update demographic details, request cheque books, explore various loan options, and even apply for personal loans up to Rs 40 lakh with no paperwork required.

The platform caters to both existing and new HDFC Bank customers, offering a personalized view of pre-approved banking offers on loans, cards, and accounts. XpressWay introduces a variety of services related to different types of loans, such as Xpress Loan on cards, Xpress Credit Card, Xpress Savings Accounts, and service journeys.

The release from HDFC Bank highlights that these products and services are thoughtfully designed to provide a fast, seamless, paperless, and do-it-yourself customer journey. Moreover, XpressWay features the DigiSathi Support Centre, offering expert assistance for digital payment services. Customers can request changes to their savings account type and seamlessly manage transfers between branches, according to HDFC Bank.

HDFC Bank XpressWay Services

The XpressWay is aimed at simplifying and accelerating its array of banking products and services. This groundbreaking innovation is designed to provide customers with a swifter and more hassle-free banking experience.

Comprehensive Product Portfolio

XpressWay offers a diverse array of banking services, catering to the varied needs of its customers. The services encompass:

• Xpress Personal Loan: Swift and convenient personal loans.
• Xpress Business Loans: Rapid financing solutions tailored for businesses.
• Xpress Car Loan: Efficient and prompt car loan facilities.
• Xpress Home Loan: Expedited processes for home loan applications and approvals.
• Xpress Loan on Cards: Instant loan options linked to credit cards.
• Xpress Credit Card: Accelerated credit card services.
• Xpress Savings Accounts: Streamlined processes for account opening and management.
• Service Journeys and More: Additional services crafted for a seamless banking experience.

HDFC Bank XpressWay Key Features

XpressWay is designed with several key features to enhance efficiency and prioritize a customer-centric approach to banking:

• Speedy and Seamless: Customers can anticipate faster processing times and a smooth banking journey.
• Paperless Transactions: Reducing environmental impact and simplifying processes.
• DIY Customer Experience: Empowering customers with self-service options for added convenience.
• Accessibility for All: Available to both existing and new customers.

Part of HDFC Bank ‘NOW’: XpressWay is an integral element of HDFC Bank’s overarching digital brand, ‘NOW,’ which encompasses the bank’s digital products and services. This strategic initiative underscores the bank's commitment to embracing digital solutions for the benefit of its customers.

HDFC Bank About

• HDFC Bank Limited, also known as HDB, is an Indian banking and financial services company headquartered in Mumbai. It stands as India's largest private sector bank in terms of assets and the world's fourth-largest bank by market capitalization as of July 2023, following its acquisition of the parent company HDFC.
• As of September 6, 2023, it ranks as the third-largest company on Indian stock exchanges, boasting a market capitalization of $150 billion. Additionally, HDFC Bank holds the sixteenth position among India's largest employers, with a workforce of nearly 1.73 lakh employees.

HDFC Bank History

• HDFC Bank was incorporated in 1994 as a subsidiary of the Housing Development Finance Corporation, HDFC Bank has its registered office in Mumbai, Maharashtra.
• The first corporate office and a full-service branch were inaugurated at Sandoz House, Worli, by the then Union Finance Minister, Manmohan Singh.
• As of June 1, 2023, HDFC Bank's extensive distribution network comprises 8,344 branches and 19,727 ATMs across 3,811 cities.
• The bank has installed 4,30,000 POS terminals and issued 23.5 million debit cards and 12 million credit cards in FY 2017. Its workforce consists of 1,77,000 permanent employees as of June 1, 2023.

HDFC Bank Products and Services

HDFC Bank offers a diverse range of products and services, including wholesale banking, retail banking, treasury, auto loans, two-wheeler loans, personal loans, loans against property, consumer durable loans, lifestyle loans, and credit cards. It also provides digital products such as Payzapp and SmartBUY.

HDFC Bank Mergers and Acquisitions

• HDFC Bank has a history of strategic mergers and acquisitions. In February 2000, it merged with Times Bank, marking the first merger of two private banks in the New Generation private sector banks category. In 2008, HDFC Bank acquired Centurion Bank of Punjab (CBoP) for ₹9,510 crore, constituting one of the largest mergers in the Indian financial sector.
• In 2021, the bank acquired a 9.99% stake in FERBINE, a Tata Group-promoted entity for operating a Pan-India umbrella entity for retail payment systems. The bank also collaborated with Paytm in September 2021 to launch a range of credit cards powered by Visa.
• On April 4, 2022, HDFC Bank announced a merger with the Housing Development Finance Corporation, becoming the fourth-largest bank globally by market capitalization upon completion on July 1, 2023.