2021-22Annual Report
We are a digital first bank. We offer several digital platforms for retail, (FedNet, Lotza and FedMobile) corporate and SME (FedCorp, Corporate FedNet, Paylite and Fed EBiz) customers which are redefining banking experience across their lifecycle. We continue to enhance our digital platforms and introduce pioneering solutions to enable our customers with better services and improved safety. Some of the key digital initiatives in FY22 include:
The ever-evolving digital landscape led to the emergence of Account Aggregator ecosystem aimed at aggregating data of financial institutions, insurance companies, etc. and making it available for digital consumption based on customer consent. The unique initiative will eliminate the need for physical documentation, resulting in seamless journey for customers.
We have partnered with FinViu to become one of the first eight banks to go live on this ecosystem, displaying our agility and technical prowess to help develop the necessary infrastructure as well as focus on enhancing customer experiences.
Careerbook is a unique platform to enable educational institutions manage their fee payments, admissions, attendance, exams or any other student management activity. Providing schools connectivity to National Payment Corporation of India’s Bharat Bill Payment System (BBPS). It supports payments of 150+ UPI apps and mobile/net banking of all the banks.
We have introduced new service in our Instant account opening (IAO) module to simplify and standardize the on-boarding process of minor accounts (self and guardian operated).
GoNoGo is our pioneering tab banking solution for sourcing auto loans. Designed for simplicity and speed, it empowers point of sale (i.e. the car dealers) to facilitate the approval and opening of car loans. In FY22, this platform was enhanced with addition of Straight Through Processing (STP) flow and E-Nach features. STP eliminates underwriting process and E-Nach integration automates mandate registration. These facilities allow eligible customers to get instant loans digitally. In FY22, 4,192 auto loans amounting to ₹ 392 Crore were sanctioned through GoNoGo.
We are continually focused on increasing customer migration to digital channels by introducing multitude of functionalities in our mobile and net banking platforms. In FY22, we launched the functionality of applying Sovereign Gold Bonds on FedMobile. FedNet was enabled with the flagship feature Virtual Credit Card. With this, all the functionalities available in FedMobile’s credit card module was made available in FedNet, providing customers an additional platform to perform card life cycle management activities.
We introduced dynamic QR feature in our POS machines to simplify accepting and making payments journey for merchants and customers. It enables merchants to generate a dynamic QR for a specific bill in POS machine which can be scanned by customers for making the payment using any Scan & Pay apps.
In FY22, we went live with e-RUPI, a cashless and contactless person and purpose-specific digital payment solution launched by NPCI. The solution involves generating vouchers which can be shared with beneficiaries via SMS or QR code. This voucher can be redeemed at the merchants accepting e-RUPI without any need for card, smartphone or payments app.
We have introduced this feature to enable our customers make payments using GST-enabled QR codes.
We believe self-service is key to reducing the cost for customer interaction and dependency on employee availability for the customers. We have implemented multiple self-service journeys as a part of building smart branch ecosystem which are expediting customers services and freeing our resources for executing more valuable jobs.
We initiated Fed-e-Studio kiosks to enable fully digital and contactless self-service of various transactional services.
In FY22, two new features were added to it: authentication-based passbook printing and loan against deposit facility for instantaneous loans of desired amount to pre-approved customers through OTP-based authentication.
Self-service cheque deposit kiosks were introduced across 96 branches to reduce the counter transactions.
It enables customers to deposit the cheque directly in the kiosk by entering appropriate cheque details thus expediting the collection process and reducing the time spent by branch employees in cheque related operational activities.
As part of increasing the security in card transactions, we have initiated tokenization of debit cards on Google Pay. It allows customers to store debit card on their smartphone and make digital payments using Google Pay in a completely safe and secure manner. Tokenization process involves replacing all sensitive card information into an alias, thereby ensuring these details can never get shared with anyone. We are live with this technology on both Visa and MasterCard networks. 536,779 debit cards were tokenised in Google Pay as on March 31, 2022.
digital transactions ( 26.24%)
Mobile banking volumes for the month of March 2022 ( 34.06%)