Building Trust with Bespoke Engagement
At Federal Bank, we employ a methodical approach to stakeholder engagement to identify stakeholders’ current and emerging needs and expectations. We acknowledge that fostering meaningful engagements with stakeholders is vital for building relationships based on transparency, trust and respect. In this direction, our streamlined exercise allows our Bank to formulate business strategies, risk management processes and operational procedures, keeping in mind the needs of each stakeholder group. Furthermore, we take proactive initiatives to develop a framework to apprise stakeholders of key developments. Our Bank understands that each stakeholder group has a unique set of needs and expectations and therefore adopts a customised and structured approach to engage with each one of them.
| Stakeholder Group | Importance | What Matters to Them (Materiality) | Stakeholder Engagement |
|---|---|---|---|
Shareholders and Investors |
Shareholders and investors play a vital role in the success of our Bank, providing essential capital and financial stability. Their investments enable our Bank to fund operations, expand our services, and pursue growth opportunities. Shareholders and investors also contribute to our Bank’s reputation, attracting potential clients and partners. |
|
To update on developments, business activity, new initiatives, schemes, quarterly and annual audited results, and shareholders’ approvals |
Customers |
Customers are paramount to our Bank, serving as the foundation for our success. Satisfied customers foster long-term relationships, instil trust, attract referrals, and enable banks to thrive in a competitive market. |
|
To conduct business-related discussions, product and service awareness, safe banking practices, and grievance redressal |
Employees |
Our employees’ expertise, dedication, and commitment drive efficient operations, exceptional customer service, and sustained growth of our Bank. Through their diverse skill sets and knowledge, our employees facilitate financial transactions, mitigate risks, ensure regulatory compliance, and foster strong client relationships. Empowered employees form the cornerstone of our Bank, enabling us to thrive in a competitive landscape while upholding the highest standards of integrity and professionalism. |
|
To exchange ideas and suggestions, provide merit-based opportunities for professional growth, and create an inclusive workplace |
Government and Regulatory Bodies |
Regulators play a pivotal role in the banking industry by ensuring financial institutions’ stability, integrity, and transparency. Through oversight and enforcement of regulations, they promote sound governance, risk management, and consumer protection, safeguarding the overall health of the economy and fostering public trust in the banking system. |
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To carry out discussions regarding various regulations and amendments, policies and processes, corporate governance and compliance standards |
Vendors and Service Providers |
Our Bank’s vendors and service providers provide specialised expertise, resources, and synergistic collaborations. These partnerships enable our Bank to enhance customer offerings, expand market reach, improve operational efficiency, and foster innovation. Working in tandem, our business partners contribute to our Bank’s sustained growth, competitiveness, and value creation. |
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To conduct business-related discussions, techno-commercial discussions, and grievance redressal |
Ecosystem and Society |
Communities are platforms for engagement, knowledge-sharing, and addressing societal concerns. By actively engaging with our NGO partners, our Bank aims to establish a stronger presence, gain valuable insights, and build lasting connections that contribute to sustainable growth and success. |
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To support CSR projects, financial inclusion, and other relevant matters affecting the communities |
