“As a leader in the cards space, we promised, we’d be back with a bang. We are now pushing the pedal not only to acquire new customers, but also to enhance offerings of our existing cards,” said Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank.
“Our strategy to re-invent, create and co-create has been crafted based on the analysis of customers’ buying behaviour, the categories they spend on and the spend patterns. The months that we have spent readying and sharpening our strategy are now bearing fruit. We are ready to unveil best in class offerings and experience to our customers, just in time for festive season.”
The Reserve Bank of India had last year banned HDFC Bank from issuing new credit cards and launching new digital offerings following some glitches on its platform. A partial reprieve was given last month, after the RBI lifted the ban from issuing credit cards.
The bank aims to recover lost ground in credit card market over the next three-four quarters. HDFC Bank had hit the milestone of sourcing 300,000 new cards every month in November last year. It targets onboarding 500,000 credit card customer every month over the next two quarters.
The bank has charted an aggressive growth path to co-create its credit cards portfolio with strong products and partnerships. The private lender recently partnered with India’s largest fintech company Paytm for payments, lending and point-of-sale solutions and are likely to get into more such partnerships with many fintech’s in future.
The bank also announced the relaunch of 3 cards, the HDFC Bank’s Millennia, MoneyBack+ and Freedom cards. The new card variants will be available to customers from October 2021.
