Federal Bank has been chosen for the Banking Frontier's Finnoviti 2016 Award for the Bank’s innovation, FedBook Selfie.
FedBook Selfie, India’s first mobile App for Bank account opening, has been one major innovation in the history of Indian Banking where the customer on-boarding process is diametrically different to the process followed by other Banks. The App facilitates anyone having an Aadhaar Card and PAN Card to open a Savings Bank Account and get their Account Number instantly from anywhere at any time using a smart phone.
Finnoviti is a premium platform that recognizes and rewards innovations in the Banking, Financial Services and Insurance (BFSI) sector. The award will be presented to the Bank at Mumbai on 6th February 2016. This is the third consecutive year that Federal Bank is getting the Finnoviti award, the earlier occasions being in 2013-14 for Virtual Accounting System (VAS) and in 2014-15 for Scan N Pay.
About Federal Bank:
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,548 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22 Lakh Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.