Federal Bank becomes the first Bank in India to unveil Gen-AI Search functionality for its Corporate Website
Chennai: Federal Bank has integrated Artificial Intelligence (AI) technologies for its services, to enhance customer experience and convenience. It is the first Bank in India to use Google Generative AI Platform for improving search functionality in corporate website. With the new search functionality, the search results will deliver precise results. Additionally, the implementation of voice search functionality and text-to-speech features ensures accessibility for all users.
There are other AI enabled processes that are being implemented which include using AI- Generated images in promotional materials where AI-tools create visually compelling content based on textual prompts. The technology is used by Federal Bank to design its mails basis individual customer preferences and behavior patterns. Thus, the team is harnessing the efficiency of Artificial Intelligence to enable their teams to be able to increase through-put of communication, which is overseen for accuracy of information before being readied for deployment.
“At Federal Bank, the human is always at the core of our products, services and delivery. Growing business and efficiency demands that we understand and use the smart emerging technologies by understanding them first hand and deploying them for scale. Having been the first to implement a Generative AI based search functionality for website using Google Generative AI platform, we will keep looking forward to more innovative opportunities to enhance Customer Experience.”, said M V S Murthy, Chief Marketing Officer, Federal Bank
The integration of Generative AI technology across Federal Bank’s services brings forth a multitude of benefits for both the institution and its customers. By leveraging AI-driven solutions, the Bank enhances efficiency, accuracy, and accessibility, ultimately redefining the standards of customer service in the banking sector. With personalized experiences, streamlined processes, and innovative functionalities, Federal Bank continues to lead the way in leveraging AI to deliver exceptional banking experiences.
Federal Bank is a leading Indian private sector bank with a network of around 1418 banking outlets and 1,960 ATMs/Recyclers spread across the country and the Bank’s total business mix (deposits + advances) stood at ₹ 4.39 Lakh Crore as on 31st December 2023. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 15.02 % as on 31st December 2023. Federal Bank has Representative Offices in Dubai and Abu Dhabi that serve as a nerve center 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.
