1st October 2024, Mumbai: Federal Bank, a leading private sector Bank in India, has signed a Memorandum of Understanding (MoU) with Bhashini, AI-Powered Language Translation Platform, to enable vernacular language support in its AI Virtual Assistant, Feddy. This partnership emerged as a result of Reserve Bank Innovation Hub (RBIH)’s local language initiative to promote banking in vernacular languages. It has significantly enhanced Feddy's capabilities, making it more accessible to a wider range of customers across India.
Feddy, Federal Bank's AI-powered chatbot, is already a popular tool for customers seeking quick and convenient banking services. With the integration of Bhashini's language translation capabilities, Feddy is now able to respond to user queries in 14 different Indian languages, including Hindi, Bengali, Tamil, Telugu, Marathi, Gujarati, Kannada, Malayalam, Odia, Assamese, Punjabi, Urdu, Manipuri, and Bodo.
The MoU was signed by Ms. Shalini Warrier, Executive Director of Federal Bank, and Mr. Amitabh Nag, CEO of Bhashini. Speaking at the occasion, Ms. Shalini Warrier, Executive Director of Federal Bank, said, "India is a country of many languages, and we have always been in the forefront of catering to our unique customer needs. By enabling vernacular language support, we are confident that Feddy will become more user friendly and accessible. Our partnership with Bhashini, along with the huge support we have received from Reserve Bank of India’s Innovation Hub (RBIH) has enabled us to enhance the level of customer experience we provide."
Mr. Amitabh Nag, CEO of Bhashini, said, "Partnering with Federal Bank to address language barriers in fintech, Bhashini aims to revolutionize financial services by integrating advanced multilingual voice communication technology with a voice-first approach. This collaboration seeks to ensure that banking services are accessible to all, regardless of linguistic background, thereby fostering greater inclusivity and setting a new standard for user engagement in the financial sector."
Mr. Rajesh Bansal, CEO of RBIH, praised this initiative and said "In a nation as diverse as India, true digital financial inclusion must account for the linguistic variety of our people. Local language banking, powered by AI-driven solutions like Bhashini, is not just an innovation but a necessity to ensure the digital revolution benefits a billion Indians. We are proud to support this partnership between Bhashini and Federal Bank, which marks a significant step in making digital financial services more accessible and inclusive. At RBIH, we remain committed to fostering collaborations that drive innovation and inclusivity across the financial ecosystem."
With the integration of Bhashini's language translation capabilities, Feddy is now capable of responding to user queries in 14 different Indian languages. This will make it easier for customers to get the information they need, when they need it, in the language they prefer.
About Federal Bank:
Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of around 1508 banking outlets and 2013 ATMs/Recyclers spread across the country and the Bank’s total business mix (deposits + advances) stood at ₹ 4.62 Lakh Crore as on 31st March 2024. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 16.13 % as on 31st March 2024. Federal Bank has Representative Offices in 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.
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