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BANKING

Federal Bank drives “Digital India” vision with Intellect Transaction Banking

Intellect’s integrated Digital Transaction Banking (DTB) platform will help Federal Bank provide new, enhanced transaction banking services to its clients, and will help grow its business by enabling increased operational efficiency, as well as faster product launches & client onboarding

Federal Bank, one of India’s most progressive and innovative banks, has selected Intellect Design Arena Ltd to implement its Digital Transaction Banking (DTB) platform from iGTB– powered by an integrated front-end omni-channel Corporate Banking eXchange (CBX) portal with backend processors for Collections & Receivables, Payables, Account Services and Supply Chain Finance. DTB will also augment the front end of their existing Trade Finance portal.

Federal Bank, a pioneer in digital banking,has launched numerous digital initiatives in recent years, including FedBook, India’s first mobile app for account opening, and the innovative online portals, FedNet and FedMobile. Through the implementation of DTB, the bank is looking to significantly grow its transaction banking business and take leadership in driving the Indian Government’s “Digital India” vision.

ShaliniWarrier, Chief Operating Officer, Federal Bank, says: “This deal underlines our commitment to digital innovation as a way of adding value for our clients, and will help unlock the huge potential in the Indian transaction banking market. Though it is a system level value-add, there will be plenty of downstream benefits for our clientele in the form of quicker and better, specialised services. Our motto is “Digital at the Fore, Human at the Core” and this implementation echoes that message – a full digital refresh, with the final aim of making life as easy as possible for our clients, from SMEsto large corporates.”

DTB will help deliver a cutting-edge experience to the bank’s clients – providing highly relevant products that are accessed through a single, intuitive omni-channel front-end portal. For the bank, centralised functions with optimized infrastructure will lead to reduced costs and increased automation, STP and efficiency. It will also improve customer convenience, hasten the time to market innovative products, and accelerate client onboarding.

K Srinivasan, President & Head, Growth Markets, adds: “We are delighted to be the chosen partner for Federal Bank, who is at the forefront of technology-driven banking transformation in India. This deal is a real vindication of our expertise, track-record and strength in the market. The DTB solution is our flagship product for digital transformation, specifically designed to help a transaction banking franchise grow, and we’re confident that it will take Federal Bank to new heights in the future, strategically positioning them for lasting success.”

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