In FY 2023-24, 94.30% of Federal Bank's transactions went digital, solidifying its leadership in banking. To sustain this momentum, we are continuously enhancing our digital prowess through AI and Machine Learning. This enables personalised customer experiences and quicker decision-making, positioning us to capitalise on new market realities.

ENHANCED FEATURES IN FEDMOBILE APPLICATION

FedMobile Access to Minors: We introduced a futurefocused banking experience for next-gen. We extended FedMobile access to minors holding savings accounts with us under the FedFirst scheme. This is a first-ofits- kind initiative that will help young minds develop financial awareness.

UPI for NRIs on FedMobile: Taking borderless banking to the next level, We are empowering our NRI customers from NPCI approved countries to use UPI Services via FedMobile. UPI transactions through FedMobile have seen an increase after the release of this feature.

Optimisation in the App: We are always striving to make FedMobile a better experience for our customers. We have streamlined processes like account opening, deposit opening and app onboarding journeys to increase the security and convenience of using the App. Customers can easily subscribe to Social Security Schemes such as Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) through FedMobile. We also introduced a quick navigation for FedMobile users to access major modules in the app.

Most importantly, we have enhanced the security for our customers by providing an easy option to report any suspicious activity or fraudulent transactions.

ENHANCED UPI/IMPS FEATURES

We have implemented several features in UPI and IMPS to simplify transactions, improve accessibility and cater to a wider customer base. Major UPI initiatives in UPI like UPI Lite, RuPay Credit Card on UPI, Simplified P2P IMPS payments and UPI for NRI Customers. UPI LITE is an on-device wallet designed specifically for payments under H 500, without requiring a UPI PIN. We have also extended UPI facilities to NRI customers from 12 countries as approved by NPCI.

COLLECT-PRO: STREAMLINING APARTMENT MANAGEMENT

Federal Bank launched Collect-Pro to simplify Apartment Complex Management. Collect-Pro is a web-based, user friendly, customisable application. It is designed to cater to collection management requirements for any size of Apartment Association. It enables apartment tenants and management to manage apartment associations’ operations efficiently. Tenants can choose their preferred mode of payment as Collect-Pro is integrated with BBPS (Bharat Bill Payment System). This also facilitates various recurring and non-recurring bill payment options for customers with the assurance and security for the payments from the NPCI (National Payments Corporation of India). The Collect-Pro platform makes it easy for associations to keep track of collections received and enables a channel for sharing important information and messages with tenants.