Our Priorities
Making customers the priority is a fundamental principle that underpins all the initiatives of Federal Bank. Every employee, from the frontline staff to senior management, is aligned to prioritise customer needs and deliver exceptional service. For us, banking is more than just transactions; it is a way to build lasting relationships.
We offer priority banking services, providing customers with exclusive products, dedicated relationship managers, and access to priority banking lounges for a personalised banking experience. We provide excellent customer service, aiming to be the first choice for customers across India.
RELATIONSHIP MANAGERS AND SECTOR SPECIALISTS OFFERING OPTIMUM ADVICE
Our Relationship Managers (RMs) forge connections with the clients and listen to them to identify the requirements and business opportunities and offer best-suited financial products. We also employ product specialists who step into action wherever required. The relationship team coordinates with the products specialist to provide customised solutions and advisory. Our corporate client service centres ensure prompt, efficient and standard service delivery.
We also have sectoral specialists in Credit and Business who regularly engage with the customers and keep themselves abreast of the industry trends by attending industry-specific seminars, and webinars. This helps the Relationship team in scoping the possible business opportunities and challenges.
The relationship value and profitability of a client relationship are reviewed and monitored regularly.
Beyond Banking: Long-standing Melody
Federal Bank is proud to celebrate one of our heritage customers, Ms. Usha Uthup, on being awarded the prestigious Padma Bhushan from the Government of India. Ms. Uthup, a resident of Kolkata, is a shining example of artistic excellence and embodies the spirit of our city. We felicitated her for this remarkable achievement, recognising her immense contribution to Indian music. She shared fond memories of her banking experience with Federal Bank and wished us all the very best for the coming days. This association is a testament to our commitment to supporting and honoring the achievements of our valued customers.
CONTINUOUS PROCESS IMPROVEMENT
Federal Bank is committed to continuously enhancing processes to provide premium customer experiences. We regularly review and refine internal procedures, streamline operations, and reduce friction points to enhance the overall customer satisfaction. Some of the process improvements include:
- Federal Bank offers customers a fully digital KYC renewal process, if there are no changes in profile details. This eliminates the need for a Bank visit.
- We are focused on rapid delivery of welcome materials (kit, cards, chequebook) to customers’ doorstep, faster than the industry standards. We use real-time tracking and easy access to delivery status for both customers and our frontline staff, mirroring the best practices in e-commerce and logistics.
- With our new IVR system, the customer can activate their debit cards instantly, skipping the ATM and OTP wait. This results in fewer complaints and a positive customer experience.
GRIEVANCE REDRESSAL MECHANISM
We have developed a transparent and responsive grievance redressal system supported by a welldocumented Customer Grievance Redressal Policy. This Board-approved policy is based on the principles of fairness, courtesy, and efficiency. This ensures effective handling and prompt resolution of complaints. Additionally, the introduction of an Internal Ombudsman has enhanced the independence and authority of the grievance redressal mechanism, providing customers with a higher level of trust in our Bank’s commitment to resolving issues. We regularly train our staff to handle complaints empathetically and professionally, and review and update the grievance redressal process based on customer feedback. This has further strengthened the relationship between our Bank and our customers.
OTHER INITIATIVES
- We are at the forefront of providing innovative solutions to the client’s requirements. We are amongst the first Banks to offer cross-border trade transactions using electronic bills of lading over the blockchain platform, thereby reducing the working capital cycle and cost significantly for our clients engaged in exports/imports.
- We participated in the first-ever large value syndicated factoring programme ever done in India by Indian banks. (For more on our innovative products read page).
FUTURE PLANS
We have taken major steps that will lead to improving customer experience on all our corporate digital channels. We are in the process of launching a revamped and more advanced version of our Corporate Digital Platform soon. This platform will provide a unified experience for various transaction banking requirements, thus offering a seamless singular yet multi-faceted channel for our customers. In pursuit of being a house Bank, we are expanding our existing product offering in terms of digitally-enabled SCF, Trade, Treasury, Liability, Capital Market, etc. To read more on how our digital efforts are helping customers, read page 24.
NET PROMOTER SCORE (NPS)
All our efforts are directed towards serving our customers better. We use NPS as a key metric to gauge customer satisfaction and loyalty. We measure the NPS via various channels and at customer delivery points to identify areas of improvement and to bridge any gap in the system. Through this interaction and feedback mechanism, we gain insight into customer preferences, which in turn is used for creating tailormade solutions for the customer.
Beyond Banking: Customer Experience Transformation Story
Federal Bank took a centre stage at prestigious Oracle CloudWorld event held in Mumbai in February 2024. Oracle Cloud World event is a premier gathering designed for industry leaders. It provides excellent platform for networking, knowledge exchange, and strategic insights into the ever-evolving technological landscape.
During our session, our Executive Director Shalini Warrier engaged in a captivating fireside chat with Shailaja Nair, Client Services, Infosys. The discussion focused on the customer experience (CX) transformation journey undertaken by Federal Bank. Ms Warrier offered valuable insights and experiences that the audience could relate to.
We could highlight our technological prowess and showcase the impactful role that technology plays in driving business transformation through its own customer experience journey.