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Federal Bank to focus on digital transformation

Bank intends to adopt the digital transformation way rather that expansion of branch network in order to increase business, the bank’s MD and CEO Shyam Srinivasan said. The bank has a network of 1252 branches and it is not giving priority to increase brick and mortar branches, Srinivasan said. The bank would rather deploy more customer relationship managers at its existing branches to acquire business, he added. The bank has introduced 3 digital initiatives – instant account opening using Aadhaar, e-payment system without a physical POS machine, and UPI-based merchant transactions. Srinivasan said the bank is expected to garner 1% of the country’s credit book by the end of March 2017.

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