HDFC Bank Partners With Refinitiv For Digital Transformation, Cut Costs

HDFC Bank has entered into a long-term partnership with London Stock Exchange group's Refinitiv for digital transformation, new customer acquisition and reduces costs. Refinitiv is one of the world's largest providers of financial markets data & infrastructure. The long term strategic agreement with HDFC Bank, India's largest private sector bank, will support digital transformation and innovation programmes across the whole business in India, said a release on.

Under the multi year agreement, comprehensive access to Refinitiv's data and products will enable HDFC Bank to realise new customer opportunities and fast track its innovation agenda while reducing total cost, said the release. It will foster innovation and boost cost savings across multiple bank divisions such as wealth management, capital markets and global markets, risk, compliance and customer on-boarding.

“Our agreement with Refinitiv is an exciting step to support our digitalization and innovation journey in India. Refinitiv has been at the forefront of data and analytics and is one of the largest reservoirs of financial markets data. With this partnership we will get comprehensive access to Refinitiv's content and capabilities across our whole business which will enable us to achieve further efficiency and growth”, said Ashish Parthasarthy, Treasurer, HDFC Bank. Ranjit Pawar, Managing Director, Data & Analytics at LSEG South Asia, said the partnership will help the bank unlock substantial value and growth opportunities in India. It will provide access to comprehensive content sets, workflow solutions and capabilities and a range of delivery mechanisms from desktop to APIs.