<p>India’s second largest private sector lender, HDFC Bank, on Thursday debuted its latest offering — a watch banking solution running on the Apple Watch — in a bid to consolidate its position in digital banking.<br /><br /></p>.<p>The watch banking app will enable customers to access their bank account and conduct transactions from their Apple Watch, for which the bank has claimed first-mover advantage among lenders.<br /><br />According to HDFC Bank Senior Executive Vice President and Head (Digital Banking) Nitin Chugh, currently the app provides servicing of only ten types of transactions, which include viewing all transactions like savings bank, current account, fixed deposit, demat, mutual funds, and credit card details. It also aids customers in requesting for account statements and cheque books, among others.<br /><br />“One can also locate the nearest HDFC Bank ATM and branch through GPS, view discount offers, call the bank and hotlist debit card, along with being able to view view messages from the bank. Besides, one can also recharge mobile and DTH packs through the app. The plan is to keep the interface compatible with screen size,” Chugh told reporters in Bengaluru, demonstrating the solution via video conferencing from Mumbai.<br /><br />In future, the app will be made ready to help pay bills of pre-dated billers and bills through active notifications, and customers can get notified about offers based on location too.<br /><br />“The solution boasts of good security features. User information flows from the mobile app to the bank’s secure servers, while the watch is merely a projection device. Users set a customised watch banking PIN for accessing their account using their Apple Watch,” he said. <br /><br />HDFC Bank is also considering developing similar wearable solutions for Android platforms.<br />Currently, the Apple Watch is available in 16 countries, but is yet to retail in India, although the company’s India website says it will be made available this year. Apple Watch requires the iPhone 5 or later versions to function.</p>
<p>India’s second largest private sector lender, HDFC Bank, on Thursday debuted its latest offering — a watch banking solution running on the Apple Watch — in a bid to consolidate its position in digital banking.<br /><br /></p>.<p>The watch banking app will enable customers to access their bank account and conduct transactions from their Apple Watch, for which the bank has claimed first-mover advantage among lenders.<br /><br />According to HDFC Bank Senior Executive Vice President and Head (Digital Banking) Nitin Chugh, currently the app provides servicing of only ten types of transactions, which include viewing all transactions like savings bank, current account, fixed deposit, demat, mutual funds, and credit card details. It also aids customers in requesting for account statements and cheque books, among others.<br /><br />“One can also locate the nearest HDFC Bank ATM and branch through GPS, view discount offers, call the bank and hotlist debit card, along with being able to view view messages from the bank. Besides, one can also recharge mobile and DTH packs through the app. The plan is to keep the interface compatible with screen size,” Chugh told reporters in Bengaluru, demonstrating the solution via video conferencing from Mumbai.<br /><br />In future, the app will be made ready to help pay bills of pre-dated billers and bills through active notifications, and customers can get notified about offers based on location too.<br /><br />“The solution boasts of good security features. User information flows from the mobile app to the bank’s secure servers, while the watch is merely a projection device. Users set a customised watch banking PIN for accessing their account using their Apple Watch,” he said. <br /><br />HDFC Bank is also considering developing similar wearable solutions for Android platforms.<br />Currently, the Apple Watch is available in 16 countries, but is yet to retail in India, although the company’s India website says it will be made available this year. Apple Watch requires the iPhone 5 or later versions to function.</p>
