The penetration levels of the home loan product in its customer base and the extent the distribution has been leveraged, is quite low. The Bank is a leader in all the products, in all the customer segments with a large customer and distribution franchise. It is this bond with the customer that the Bank would like to harness. Their excellence in execution is demonstrated in the lowest ever cost to revenue of any housing finance institution globally, and a life to date credit losses of 4 basis points! Truly an amazing achievement. “You think of a home, you think of HDFC”. Which is why the company’s name is synonymous with a home loan. HDFC Ltd has excelled in nurturing trust in their customer engagement over four decades of operation. Typically a great bond is established between the customer and the entity providing the home loan. The home loan product is a very emotional product for the customer and his/ her family. Our work starts from today, in realising the potential of what this merger holds for us. The decision for the merger was spurred by the right timing, both, from an ‘Economics’ and a regulatory perspective. I have spoken many times about the advantages of this merger to all stakeholders. and the Bank reviewed the expert’s work and did a management overlay wherever corrections were needed,” he noted. “To ensure there is fairness, we elected an independent external expert to arrive at formulae. While welcoming over 4,000 employees of HDFC Ltd who have joined the bank, he assured them that their job and pay will be protected. “The Bank with its superior digital platform and digital journeys will have the propensity to upsell to the home loan customer with a complete bouquet of the Bank’s and subsidiaries products across pay, save, borrow, invest, insure, and trade,” Sashidhar noted. Sashidhar said the penetration levels of the home loan product in the bank’s customer base are quite low and the merger gives an opportunity to improve it. The bank wants to harness the bond which the erstwhile HDFC Ltd created with customers through its over four decades of operations, he said. He further added that the decision for the merger was spurred by the right timing, both, from an ‘economics’ and a regulatory perspective.
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