Synergies
Partnerships are a strategic way to stay competitive in a rapidly changing financial services industry. Such associations empower us to reach new customer segments, gain access to innovative ideas, explore synergies for growth, and promote financial inclusion. The Bank’s agility, transparency and know-how are key to its success in the area of partnerships.
Instant Kisan Credit Card (KCC) Loan Account in Association with TNeGA (Tamil Nadu e-Governance Agency) and RBIH (Reserve Bank Innovation Hub)
Almost 70% of rural population is dependent on agriculture for livelihood. It contributes 15% to India’s GDP. Small and marginal farmers are plagued by delays in obtaining credit from a formal banking channel. Timely credit is of utmost importance in farming as it ensures the purchase of inputs and meeting cultivation costs for a seasonal activity. Any delay results in loss of opportunity and pushes the farmer to rely on the costly informal sector for credit.
To change this scenario, Federal Bank decided to launch a product that will ensure seamless and paperless credit delivery at the doorstep of the farmer within 15 minutes.
Its key unique features are:
- E-KYC authentication of farmers
- Rule engine-based credit bureau verification
- Real-time land record fetch from Government records using API
- Automated loan limit assessment based on the scale of finance
- Automated Loan Approval and E-Signing of loan documents
- Disbursement and fund transfer with IMPS, and NEFT facilities.
The above can be initiated and loan disbursed in under 5 minutes even for an NTB customer. The core platform is a blockchain-powered middleware platform, which integrates a financial institution’s core banking system with external third-party BFSI applications, large data lakes and credit bureaus.
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Number of Applications Processed
0
Number of Loans Sanctioned
0 Crore
AUM
PARTNERSHIPS WITH FINTECHS
Fintech companies use cutting-edge technology and user-friendly interfaces to bring essential financial services to the unbanked and underbanked. Federal Bank collaborates with fintech companies offering unique and hyper-personalised customer experiences. This enables our Bank to acquire younger, tech-savvy customers. Today, the Bank has partners for customer acquisition, mainly millennials and GenZ.
The Bank’s Mantra of Partnerships is aligned with its business objectives as it aims to achieve 25% business through strategic associations by FY 2024-25.
Fintech Partnerships
Credit Cards*
* In response to recent regulatory changes, we are revamping our Fintech credit card delivery architecture and strengthening controls. We will soon complete the process and ensure we meet all regulatory requirements and deliver an exceptional customer experience.
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Cards
` 0 Crore
Book size of Fintech Co-branded Credit Cards
0%
Share of Fintech Credit Cards in Bank's Credit Card Business
Instant Digital Loans
Gold
EMI and Merchant Payments
Liability Partners
Cross-Border Remittance Solution
Support Systems
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API Bundles
0+
Partners
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APIs
Saving Franchise Partnerships
We target digitally native salaried millennials under this segment for cross-selling.
0%
Fintech Share in CASA Balance for March 2024
Personal Loans
0%
Share as at March 2024
OTHER PARTNERSHIPS
Singapore Airlines
We reward customers for using Federal Bank Cards through various loyalty programs, allowing them to redeem points for a wide range of products and services via our rewards portal.
For our travel aficionados, we offer ‘Kris Flyer Miles’, a Singapore Airlines loyalty programme , wherein cardholders can convert their reward points to KF miles and use it to avail benefits offered by the programme.
Collinson
The Bank has partnered with the Collinson Group for providing ‘Airport lounge’ access on Credit as well as Debit Cards, tailormade for frequent travellers. This partnership provides benefits such as complimentary access to multiple airport lounges in India and overseas. Cardholders can take a quick break at the designated lounges and satiate their appetite before they embark on their journey.
National Bank of Oman
We also collaborated with the National Bank of Oman to facilitate money transfer from Oman to India.
Mashreq Bank showcases Federal Bank’s Digital Account Opening for NRIs’ at Innovation Hub*
Mashreq Bank, one of the leading Banks in the UAE, and one of our key partners, launched the Mashreq Innovation Hub, to showcase several innovations they are introducing to their customers, investors and public. We are happy that our project – ‘Digital Account Opening for NRIs’ is one of the first four innovations that they chose to exhibit in the hub.
Federal Bank has strategic partnership with Mashreq NEO, a full-service digital offering from Mashreq Bank, a leading bank in the UAE. This partnership enables Mashreq Neo’s Indian customers to open a Non-Resident account with Federal Bank in India. Through this, Federal Bank can deliver the best of banking services to the Indian diaspora in the UAE.
