Private lender HDFC Bank's Managing Director and Chief Executive Officer (CEO) Sashidhar Jagdishan in an email to the bank's employees said it will be aggressive and "come back with a bang" as it seeks to win back lost market share in the credit card segment.
"With the lifting of the restriction on cards acquisition, all the preparations and strategising that we have put in place to 'come back with a bang' will now be rolled out," Jagdishan said in an email to its over 1.2 lakh employees, reported news agency PTI.
The private lender on Wednesday said that the Reserve Bank of India (RBI) has relaxed the restriction placed on sourcing of new credit cards. Though, the curbs on launching new digital initiatives continue. HDFC Bank is the largest credit card issuer in the country with a card base of 14.8 million as on June 2021. However, the bank has lost around 0.6 million cards since the embargo.
Conceding that the bank has lost customer market share in the over nine months of the ban, Jagdishan said it will go aggressively to the market with its existing products and also launch new ones in the form of co-brands and partnerships. "I am confident that we will regain and grow our customer market share and revenue market share in the time to come. We have the resources and plans in place to further reinforce our pole position in the credit card segment," he said.
The bank has started building an architecture that will ensure its systems bounce back quickly while ensuring minimal inconvenience to our customers in the case of a challenge, Jagdishan said, acknowledging that there can be issues with technology.
"This rap has opened our eyes to the world of possibilities, re-imagine our IT systems & processes and turbo-charge the speed of technology transformation," he said. The bank is now truly on its way to enhance customer experience by harnessing the power of technology and digital, he said, acknowledging the efforts of the IT teams.
The bank will demonstrate the technology transformation that it has embarked on in the coming months and the agenda will help it drive ambitious future growth plans, he said.
"We will not just 'run the bank' but also 'build the bank' as we go ahead, riding on digital and enterprise factory with infrastructure scalability, disaster recovery resilience, enhanced monitoring capabilities and security enhancements as the key pillars," he vowed.
The central bank in December had barred HDFC Bank from launching new digital banking initiatives and issuing new credit cards until it addressed lapses that sparked multiple glitches in its internet and mobile banking systems over the previous two years.
(With inputs from PTI)
