HDFC Bank has launched a three-month-long campaign offering best deals on transactions through its platform. The bank has tied up with more than 1,000 brands including Reliance Digital, Samsung, Apple to offer discounts. Discounts are also available on its banking products. The bank stated that the discounts could be availed through both its debit and credit cards.
HDFC's aggressive approach comes amid a downturn in consumption which is being blamed for the ongoing economic slowdown.
He said the bank will aggregate offers from across merchants and present its users with the best offers. It is targeting to have a complete omni-channel presence which will help a user do banking transactions, loans and shopping across channels like net banking and mobile app by March, he said.
The bank is adding 1 million merchant touchpoints this fiscal and aiming up to 5 million merchant touchpoints by 2021.
This is possible largely through digital solutions like QR codes and smartphone-based apps ,Puri said.
Through a variety of initiatives pivoted around digitisation, the bank is targeting to decrease its cost to income ratio by 5 percentage points to the 35 per cent in the next five years, Puri said. He added that the bank would continue to hire people and open branches, which would be smaller in size and act primarily like a sales and service outlet for customers.