After 8 months of anonymity, HDFC is finally ready with its strategies to make a powerful comeback in the Indian credit card market and to regain its position.
About 8 months ago RBI imposed a ban upon hdfc credit card for some frequent technical glitch in the hdfc credit card online banking system(Including hdfc credit card net banking and hdfc credit card app). The hdfc credit card ban of RBI restricted the ability of HDFC to accept new hdfc credit card application as well as publishing other digital products. But now HDFC has said that they are more than ready with their improved banking system (which HDFC calls Digital 2.0) to make a powerful comeback.
How the ban impacted HDFC’s credit card business?
The uncrowned king of the Indian credit card market has lost some of its base points, due to the embargo. HDFC’s total base points have dropped from 15.38 million to 14.82 million in eight months and the bank has lost about 160 basis points. But despite this, the figurehead of the Indian credit card market has managed to hold its position.
However, during the same period, HDFC’s main contenders have gained a good amount of points and made their positions a bit stronger.
1 basis point is equal to 0.01% market share, and it shows the value of a financial product/company.
Table of Comparison
|Ranking||Name of the Company||Points earned/lost||Market Share|
|3.||ICICI Bank LTD||+108||17.57%|
How HDFC is going to regain its position?
HDFC has taken some good initiatives to reclaim its position.
- Digital 2.0:
Digital 2.0 is the brand new digital platform of HDFC bank, which according to HDFC is going to offer a flawless online banking experience to its users, especially in the hdfc credit card department.
And hdfc credit card restructuring does not end here. They are also going to bring new technologies like Machine Learning, Artificial Intelligence, Robotic Process Automation, BlockChain, etc. to improve the security of your credit card transactions.
HDFC has also teamed up with Zeta to build up a Digital banking system named ‘Plutus’ which according to HDFC is going to serve its 25 million customers and can also contribute to double the growth of the company in the next five years.
- Pre-approved credit card offers:
HDFC is also going to offer pre-approved credit cards with a good amount of hdfc credit card offers to some of its selected customers.
HDFC may also make the hdfc credit card eligibility criteria a bit tender although they have not mentioned this anywhere.
Click here for the complete hdfc credit card application process.
- New partnerships with digital payments:
To attract more customers and offer more value-added benefits, HDFC has made an alliance with the leading fintech and online players such as Amazon, Flipkart, PhonePe, Paytm, etc. That means we are going to see some good co-branded credit cards from HDFC.
The road map of HDFC’s comeback seems very clear. They have upgraded their banking system and forged some new partnerships and are about to build a virtual banking system. That means the future is very bright for HDFC. Subscribe to our notification service to get regular updates like this.