Federal Bank backs robotics driving innovations

The bank’s “FedHive” is its one stop digital command centre that enables the brand to instantly manage online reputational risks, generate new opportunities and offer enhanced customer service.

Federal Bank backs robotics driving innovations
Federal Bank backs robotics driving innovations

Chennai: Federal Bank continues to pioneer technology driven innovation. Walking the talk, the bank, has a thriving team at their Digital Centre of Excellence (DCE), a young and dynamic team working at the Kerala Start-Up Mission premises to jam with the fintech ecosystem and is progressively moving ahead in the AI innovation space. The bank’s “FedHive” is its one stop digital command centre that enables the brand to instantly manage online reputational risks, generate new opportunities and offer enhanced customer service.

 This belief in technology and the leverage it can give businesses and societies, is in line with the Digital India and Make in India initiatives.  Federal Bank is actively supporting innovation in areas of healthcare, hospitality, public transport etc.  In line with the thought, the bank gave tail wind to ASIMOV Robotics Pvt Ltd, a firm innovating in the robotics space, by sanctioning a loan to further their growth ambitions.

 Commenting on the above, Shyam Srinivasan, MD&CEO of the bank said, “We follow our mantra ‘Digital at Fore, Human at Core’ as our lifeline. Over 230+ RPAs (robotic process automation) and 300+ APIs are helping us both increase productivity and engage meaningfully with a range of Fintech Partnerships. As a socially responsible and digitally empowered corporate, we have made inroads in supporting firms to convert their finest ideas into reality which would ultimately benefit the society at large.”     

 The firm's robot, SAYABOT received the loan sanction order from Shyam Srinivasan, MD&CEO of the Bank in the presence of Kuriakose Conil, Senior Vice President and Zonal Head, Ernakulam Zone, M V S Murthy, Chief Marketing Officer, promoters of the firm, and other officials of the bank. 

The robot demonstrated a preview of its abilities to take up everyday tasks, with deftness and dexterity. Clearly, technology is a force multiplier, in our Nation's progress. And Federal Bank continues on its journey to Serve ????, with India’s Trust. 

 About Federal Bank: Limited

Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of around 1,300 banking outlets and 1,886 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ? 3.35 Lakh Crore as on 30 June, 2022. 

Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.57% as on 30th June 2022. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non-Resident Indian customers in the UAE. 

The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). 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.