Federal Bank’s Digital Innovations – Creating New Benchmarks for Industry

KOCHI:
Federal Bank, guided by its philosophy of ‘Digital at the Fore, Human at the Core’ has continuously come out with highly innovative and extremely user-friendly facilities such as: FedSelfie – under which individuals can open their accounts by merely taking a selfie; Federal 24 7 – which makes possible the opening of accounts through a video call to the bank; etc.

The latest innovation in this line is “FEDDY”, an Artificial Intelligence (AI) powered Virtual Assistant. The AI is backed by state-of-the-art machine learning algorithms to help customers with banking related queries 24×7. While most similar AI powered Virtual assistants are available only on the website, FEDDY can be accessed via Alexa, Google Assistant and WhatsApp.

FEDDY is also integrated into Google Business Messaging, a first-of-its-kind feat by an Indian Bank. On Google Search, FEDDY can be accessed by clicking the ‘Message / Chat’ option available against the searched bank branch. By sending an SMS ‘FEDDY’ to 8108030845 FEDDY can be reached on WhatsApp too.

Recently, the Bank released FEDDY assisted – and therefore, easily navigable and interactive – microsite to showcase the Bank’s Annual Report for FY 21. The site has been well accepted by the shareholders and customers alike. The link to the site is https://www.federalbank.co.in/annual-report-2020-21/

It is also worth mentioning that Federal Bank has become the 1st Bank in the country to live-stream its Annual General Meeting on social media platforms like FaceBook, YouTube, Twitter and Clubhouse.

In the bank’s recently held Annual General Meeting – the theme of which was “Future of Digital is Human” – Shyam Srinivasan, MD & CEO of the Bank remarked that the Bank’s digital innovations of today are at the cusp of redefining the banking paradigm of tomorrow and that the Bank would harness technology to serve the society better.