The platform offers paperless and instant digital account opening with just a few clicks
Federal Bank announced the launch of Federal 24 7, an end-to-end digital platform that will help in opening and managing savings bank accounts without having to visit the bank. Federal 24 7enables a complete paperless and instant digital savings account opening sitting anywhere in India with just PAN and Aadhaar number. Through Federal 24 7 customers can experience state-of-the-art Video‑KYC‑based account opening for a convenient and seamless banking experience.
The state-of-the-art VAO (Video-KYC based Account Opening) helps customers complete account opening formalities using a video chatoption on their smartphones or computers. Additionally, this platform offers all the features that would provide potential customers with a convenient, hassle-free and paperless banking experience from the comforts of their homes. The Bank will issue personalized ATM-cum-debit card to all the new account holders of instant saving bank accounts.
Speaking on the occasion, Ms. Shalini Warrier, Executive Director, Chief Operating Officer and Business Head – Retail, Federal Bank said, “We are delighted to launch Federal 24 7, a truly innovative and relevant offering designed to address the needs of the times. As the name suggests, this platform is designed to be always available to meet the needs of our customers” She further added, “The launch is in line with the bank’s “Digital at the fore, human at the core” strategy of offering customers more convenience through digital processes and solutions and is based on the guidelines of the RBI’s video KYC norms.”
Once the process is complete, the account holder will get his/her account activated instantly and can start transacting immediately.Federal Bank is known for its pioneering initiatives on digital banking front. With the introduction of Federal 24 7, customer onboarding goes fully digital. Once onboarded, customers will get access to a host of digital banking options which address all requirements of personal and business banking clients.
