Federal Bank To Leverage Behavioral Biometrics, IoT, Blockchain, ML & NLP To Reshape Banking

Digital transformation at the bank has been highly fulfilling.

- Mohan

Federal Bank has a 2-pronged strategy for digital transformation and engagement and the bank looks to leverage its existing digital capabilities to enhance customer satisfaction, reduce cost of operations and provide a smooth and enriching customer experience. At the same time, it continually tries to innovate and experiment with new technologies that can provide better service to the customers in future.

Elaborating this strategy further, Shalini Warrier, chief operations officer of the bank, says: “Take our product BYOM (Be Your Own Master) for instance. With this offering, existing customers of the bank, who are eligible for pre-approved personal loans can avail of these loans with the click of a button. This has enabled us to build a large personal loan book. Similarly, on the innovation front, we have recently launched our new cross-border remittance product, which is based on blockchain technology.”

She points out that the bank takes to its our vision statement - ‘To be the Most Admired Bank’ - with inspiration. “We’re now digitally enabled with a sharp focus on micro, medium and mid-size enterprises. This is the central theme around which all our strategies are developed. To be the most admired bank in a highly competitive environment, we believe in speed and impeccable quality of service to customers,” she explains.

2 HITS WITH ONE STONE

“For us, digital transformation is the stone that allows us to target two birds at the same time – operational/service efficiency and customer engagement,” says she.

With 43% increase in share of digital transactions yoy, a digital loan book of Ì€ 5.15 billion and initial strides in applications of blockchain technology to name a few, the bank’s digital transformation has been highly fulfilling.