Intro: Babu K A, head – Digital Banking, Federal Bank, speaks about the whole gamut of digital initiatives in the bank:
Banking industry has been witnessing an avalanche of disruptive innovations backed by disruptive technology. Federal Bank meets this challenge boldly by truly adopting disruptive innovations, improved processes and a holistic vision – digital at the fore, human at the core. The bank is connecting more to its customers and move with them at the speed the customer wants by user centred design, design thinking and customer journey mapping. The bank’s digital journey is not only to create outcomes but also to create experiences.
“One of our top apps is Fedbook Selfie,’ Says Babu K.A., head, Digital Banking at the bank. “With Fedbook Selfie, a mobile based app, any resident Indian individual can open a savings bank account with the bank, taking a selfie and scanning Aadhaar and PAN. Once the account is opened, the app converts itself into digital or electronic passbook. With more than 4 lakh downloads, the app is well received by the banking public. It has revolutionalized the way India opens bank accounts. For existing customers, the bank’s e-passbook, aka Fedbook, is convenient and useful.”
FED MOBILE
FedMobile Transaction Volume Trend
FedMobile is an app that provides services like funds transfer, mobile recharge, cheque book requests, bill payment, etc. Navigation is joyful. Customers enjoy the colour, look and feel of the app. Mobile banking customers have grown manifold during the year. Says Babu: “Transactions witnessed 5 times increase. This will hit 10 times by the year end. We are placed at the 12th position as per the RBI data for the month of September 15, in terms of number of transactions done through the mobile platform. Considering the proportion of the customer base to the mobile banking transactions, we stand at the 5th position in the country. It is simpler, faster and friendly.”
FEDNET
FedNet, another platform throught which the bank provides funds transfer, IMPS, mobile / DTH recharge, term deposits and recurring deposit opening, loan against term deposit, tax payment, utility bill payments and a host of other value added services “We have been able to register a 50% increase in net banking transactions during the year. At present, FedNet transaction volume exceeds Rs 28 billion per month. We expect to onboard 10-15% of the transactions to the netbankig by the year end,” says Babu.
SCAN N PAY
A mobile app developed by the bank, Scan N Pay, works on the IMPS platform. It is a QR based payment solution, allowing instant P2P fund transfer and payments at eCommerce portals, which are more secured than the conventional transaction methods. “More than 1000 merchants have on-boarded into this payment solution,” says Babu.
Customers with basic mobile phones can also avail digital convenience. The bank has introduced missed call service for mobile phone top-ups and funds transfers. This is the first of its kind in the country. Missed call service is available for balance enquiry and mini statements also. SMS service is available for funds transfer, mobile recharge, balance enquiry, mini statement, request for cheque books, status updates on various requests, recharge of metro cards (namma metro), blocking of lost or misplaced debit cards etc. Babu reveals that within 3 month the bank could on-board more than 65000 customers into missed call banking.More services like utility bill payments will be added shortly, he adds.
MORE THROUGH ATM
Federal Bank ATM provides a host of services apart from cash withdrawals, balance enquiry and mini statement. Customers can generate or change PIN for debit cards (Soft PIN). Thus, delay or inconvenience of waiting for printed PIN mailers can be avoided. Mobile recharge, fund transfer between owns accounts, card to card funds transfer (C2C), call back services, etc, are also provided through ATMs. As much as 50% of new customers are using soft PIN at present and the bank expects to take this to 75% by the year end.
DIGITAL FOCUS
“When we discuss digital, we do not limit the program to shifting a part of banking transactions from manual mode to electronic mode. It aims at creating enough opportunities for customers to do transactions digitally and more importantly at their convenience, not to forget the human element. It encompasses all touch points, connects and accelerates the cogwheel. To the customer, it is joy, convenience and unparalleled omni channel experience. Our digital strategy, plan and engagements are aligned with this digital goal. Digital convenience is not for smartphone customers alone. Bank does not see digital a part of our business, it is the business.At the same time we pledge to continue to serve our customers with warmth of personal relationship and the spirit of partnership in business,” emphasizes Babu.