Technology helping banks attract young customers, says Federal Bank CEO

TechnoparkToday.com(March, 2014):  Mobile technology is proving to be a very valuable tool for banks to attract young customers and is allowing them more opportunities to create new products and services, Federal Bank Managing Director and CEO Shyam Srinivasan has said.

Interacting with the students and faculty at the Asian School of Business at Technocity here, Mr Srinivasan said his bank’s Mobile Fedbook application – a mobile passbook app for smartphones – is now being used by around 30,000 new and existing customers.

“Youngsters adapt to new technology very quickly and Federal Bank has been able to attract more customers to its fold thanks to the mobile application,” he said.

Mr Srinivasan said the bank will encourage more account holders to use the app and the array of services it offers so the branches have more time to provide value-added services to its customers. A large proportion of their customer base consists of Small and Medium Enterprises (SME) and the bank will continue to support them, he said.

He added that Federal Bank has been able to increase its network by almost 43 per cent the last three years and is looking forward to take on competition from existing banks and the new banks expected to come up after new licences are issued by the RBI.

Mr. Srinivasan, who visited ASB on Tuesday, also had a word of advice to graduating students. “With regard to your career,   where you start is often not where you will end. Job profiles in the market will keep changing fast, roles will change and existing structures will also change,” he said. “Your success will depend on how close you are to your customers and the intensity with which you execute projects.”