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Federal Bank, India’s one of the most progressive and innovative banks, is a pioneer in digital banking space. Bank has launched numerous digital initiatives in recent years, including FedBook, India’s first mobile app for account opening, and the innovative online portals, FedNet and FedMobile. The bank has seen good progress in the digital space and it is virtually doubling its digital transactions every quarter. The bank expects to retain the momentum and come out with more number of services through its digital strategy.
As part of their digital journey for further transformation Federal Bank has recently selected Intellect Design Arena Ltd, to implement its Digital Transaction Banking (DTB) platform from iGTB – powered by an integrated frontend omni-channel Corporate Banking eXchange (CBX) portal with backend processors for Collections & Receivables, Payables, Account Services and Supply Chain Finance and also augmenting the front end portal of their existing Trade Finance. Bank is looking to significantly grow its transaction banking business and take leadership in driving the Indian Government’s “Digital India” vision through the implementation of DTB.
Federal Bank has been a pioneer in path-breaking digital innovations. Some of the offerings are
The UPI app With Lotza, just use a simple, easy to remember nickname to do money transfers. Through Lotza, a customer can bundle all the accounts in his / her name in different banks and do transactions seamlessly. Lotza is the single payment window through which customers can view their balance, send and collect funds, register for mobile banking and effect QR code based payments.
Lotza MPos is a mobile app that works on the UPI platform. Customers can simply scan the QR Code and pay.
Lotza UPos machine is a POS device that enables merchants to collect their payments at their outlets. This handheld machine is an alternative to the normal POS machines, in which the merchant enters the bill amount and a QR code for the corresponding amount is generated instantaneously. The customer scans the QR code thus generated with any UPI app and completes the payment. The payment is instantly credited to the merchant’s account.
In a merchant store, the cashier keys in the transaction amount in Merchant’s ‘Scan n Pay’ app and generate a dynamic QR code. The customer just has to scan the QR code using the ‘Scan n Pay’ app installed in his/her mobile phone, feed in his/her MPIN and complete the payment.
Fed-E-Credit, is a thoroughbred, hands free digital loan. Fed-E-Credit is an online loan against deposit, and is the first in the series of online loan products offered by the Bank under its Digital initiative ‘BYOM’ (Be Your Own Master- the Do-It-Yourself series).
FedBook Selfie has revolutionized the way customers open their savings Bank accounts now. The Bank pioneered the unique facility of Mobile based Bank Account Opening as an upgrade to FedBook, the e-passbook, in 2015 thus making it India’s first Mobile App for Account opening. With the added feature, anyone having an Aadhaar Card and PAN Card, be it from rural or urban centres, can now open a Savings Bank Account and get their Account Number instantly using a mobile from anywhere at any time.
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