Our Innovations
Our Innovations
Federal Bank has always been a pioneer in path-breaking digital innovations. Through our digital forays, we aim at influencing each customer's life digitally. We believe that embracing innovation helps us respond quicker to the changing market conditions, while meeting growing customer expectations. Some of our Digital Innovations include
Fed-E-Credit – Be your own master
Fed-E-Credit, is a thoroughbred, hands free digital loan. Fed-E-Credit is an online loan against deposit, and is the first in the series of online loan products offered by the Bank under its Digital initiative ‘BYOM' (Be Your Own Master- the Do-It-Yourself series).
Online Demat Account Opening
We are the first ever Bank in India to implement 60 seconds Demat account opening, without any documentation
FedBook Selfie - A power packed Account Opening –cum-electronic passbook
FedBook Selfie has revolutionized the way customers open their savings Bank accounts now. The Bank pioneered the unique facility of Mobile based Bank Account Opening as an upgrade to FedBook, the e-passbook, in 2015 thus making it India's first Mobile App for Account opening. With the added feature, anyone having an Aadhaar Card and PAN Card, be it from rural or urban centres, can now open a Savings Bank Account and get their Account Number instantly using a mobile from anywhere at any time.
Lotza – The UPI app
With Lotza, forget account numbers and complex codes like IFSC and MMID. Instead, just use a simple, easy to remember nickname (eg: krish@federal) to do your money transfers. Even if you have, say 3 different accounts in 3 different Banks, through Lotza, you can bundle all these accounts and do transactions seamlessly. Lotza is the single payment window through which you can view your balance, send and collect funds, register for mobile banking and effect QR code based payments.
Lotza MPos
Lotza MPos is a mobile app that works on the UPI platform. Merchants can now forget about cash management and cash tranactions, like in the case of a physical bill/ invoice, the merchant can generate a QR code which contains all the details (amount, merchant's account number, bank name etc) of the transaction for his customer to make a payment to him. Customers can simply scan the QR Code and pay. As far as the merchant is concerned, it can be operated by him, his sales person or his accountant!
Lotza UPos
Lotza UPos machine is a POS device that enables merchants to collect their payments at their outlets. This handheld machine is an alternative to the normal POS machines, in which the merchant enters the bill amount and a QR code for the corresponding amount is generated instantaneously. The customer scans the QR code thus generated with any UPI app and completes the payment. The payment is instantly credited to the merchant's account.
Scan n Pay – Scan the QR Code & pay through your Cell phone
By far the easiest and most comfortable mode of making any kind of payments – payments at retail stores, restaurants, e-commerce sites, bill payments etc. In a merchant store, the cashier will key in the transaction amount in Merchant's ‘Scan n Pay' app and generate a dynamic QR code. The customer just has to scan the QR code using the ‘Scan n Pay' app installed in his/her mobile phone, feed in his/her MPIN and complete the payment.