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Welcome to the official blog of Federal Bank. This blog serves as a platform to share updates about the bank's brand activities, products, promotions, events and more with customers, partners and the public. Here you will find announcements about new products and services launched by Federal Bank, details and recaps of marketing campaigns, promotions and offers and insights about the banking industry and trends, stories about our community initiatives and corporate social responsibility work etc.
Federal Bank Is Making the Experience of Their Customers More Human. Here Are 5 Reasons Why a Banking Customer Prefers a Human Over an App for Their Interaction
Technology has revolutionised almost every aspect of our lives, including the way we conduct our banking transactions. Federal Bank customers now have the option to conduct most of their banking transactions on the app. Although mobile banking offers many advantages, some customers still prefer human interaction for certain banking transactions.
In today's digital age, where banking transactions can be
conducted with a few taps on a screen, Federal Bank is taking a
refreshing approach. The bank is doing this by emphasising the
importance of human interactions in financial services through its
innovative Rishta campaign. The Rishta initiative signifies Federal
Bank's commitment to building strong relationships with its customers
and providing personalised services that go beyond conventional banking.
Reasons to Prefer Humans Over Apps
A lot of banking customers still prefer human interaction over an app. Here are the top five reasons why:
1. Personal Touch
One of the primary reasons why customers prefer human
interaction over an app is the personal touch that a human can offer.
A more personalised experience makes a difference to establish long
standing bonds of trust. Customers feel reassured when they discuss
their financial situation, ask questions and receive tailored advice.
Whereas, an app can only provide generic information, which can make a
customer feel disconnected.
Suppose you visit our bank for a loan to start a small
business. Instead of simply offering you a standard loan package, our
staff will take out time to understand your goals and ask you
questions about your business plan and financial situation, before
sharing personalised advice.
2. Complex Transactions
Apps are easy to perform basic transactions such as checking
balances and transferring funds. However, the benefits can be limited
when it comes to more complex transactions. Transactions such as
opening a new account, applying for a loan or resolving a disputed
transaction require the assistance of a human. Customers may prefer to
have a human help them understand every step of the process.
For instance, if you want to invest in a complex financial
product, our staff will explain the product to you in detail, walk you
through risks and rewards, and provide recommendations accordingly.
Our staff will also help you navigate any paperwork or legal
requirements and provide ongoing support and guidance whenever needed.
3. Customer Service
When it comes to customer service, human interaction is often
preferred over an app. A customer, who is facing an issue with their
account, may prefer to speak to a bank representative to resolve the
issue quickly and efficiently. Unlike an app, human interactions
provide warmth, reassurance and empathy, which helps to ease tensions,
particularly under stressful situations.
An app, on the other hand, can only provide automated
responses, which may leave the customer feeling frustrated, helpless
or dissatisfied at times.
Take the example of a situation where
you notice an unauthorised transaction on your account. You can
instantly call our staff to report the issue. Our staff will promptly
investigate it, recommend the next steps, and ensure that your account
is secure.
4. Trust
Banking is a highly sensitive and competitive segment, where
trust plays a critical factor. Every customer needs to trust their
bank as it is where they share their personal and financial
information. For some customers, trusting an app with their sensitive
information may be a challenge. They may feel more comfortable and
secure sharing their information with a representative of the bank
directly, who they would perceive as being more trustworthy and
capable of handling their information with care and sensitivity.
At Federal Bank, every visit is an invitation to establish
trust and positive engagement with our staff. For any requirement you
have, our staff is there to recommend financial products and services
that are tailored to your individual needs and goals.
5. Accessibility
While apps have made banking more convenient for many people,
they may not be accessible to all customers. Some customers may have
disabilities that require assistance from a human. Other customers may
not have access to smartphones. For such customers, human interaction
is essential for conducting their banking transactions.
For instance, our bank offers multiple channels for you to get
in touch with our staff easily, such as phone, email, or live chat and
visit them at the bank. You can walk in any time during our hours of
operation and meet our staff.
Explaining the Rishta Campaign
Federal Bank's Rishta campaign centres around the belief that banking is not just about financial transactions; it is about understanding the unique needs, aspirations, and challenges of each individual. The bank recognises that behind every account number, there is a person with their own life story and dreams. By focusing on human connection, Federal Bank aims to create a bond of trust, reliability, and empathy with its customers.
One of the key aspects of the Rishta drive is the emphasis on personalised services. Federal Bank understands that every customer is different, with their own set of requirements and expectations. Through the campaign, the bank aims to deliver tailored solutions and go the extra mile to meet the specific needs of each customer.
Whether it is assisting with financial planning, providing guidance on investments, or offering support during challenging times, Federal Bank is committed to being more than just a financial institution for its clients.
Federal Bank's Focus on the Human Connect
Here are three ways Federal Bank is strengthening its relationship with its valued customers:
1. Relationship managers: The Rishta campaign highlights the role of Federal Bank's dedicated relationship managers, who serve as trusted advisors to customers. Relationship managers act as a bridge between clients and the bank, offering personalised assistance and guidance. They are equipped with in-depth knowledge of the bank's products and services, allowing them to provide valuable insights and recommendations based on the specific financial goals and situations of the customers.
2. Prompt assistance: Federal Bank's focus on human interaction extends beyond its branches. The bank recognises the importance of being accessible to customers and has implemented various channels for communication. Whether it is through phone banking, email support, or online chat, Federal Bank ensures that customers can reach out and receive prompt assistance whenever needed. This commitment to open lines of communication enables customers to have a seamless banking experience and reinforces the bank's dedication to personalised services.
3. Culture of empathy: Furthermore, the Rishta drive highlights Federal Bank's efforts to foster a culture of care and empathy within the organisation. The bank believes that happy employees lead to happy customers, so it prioritises the wellbeing and professional growth of its workforce. By nurturing a positive work environment, Federal Bank empowers its employees to deliver exceptional services and build meaningful relationships with customers.
The Outlook
The Rishta campaign has garnered positive feedback and appreciation from customers who value Federal Bank's focus on the human element in financial services. The initiative has resonated with individuals who seek a banking partner that understands their unique circumstances and provides the necessary support and guidance.
As Federal Bank continues to evolve in the digital age, it remains committed to preserving the importance of human interactions in banking. The Rishta drive serves as a reminder that technology may enhance convenience, but the human touch is irreplaceable.
By combining the benefits of technology with personalised service, Federal Bank aims to provide a banking experience that is both efficient and meaningful. Experience the human touch in banking with Federal Bank today. Learn more about the bank's personalised services and customer-centric approach here .
ConclusionMany customers prefer the personal touch, tailored advice, and reassurance that a human can offer. Human interaction may be necessary for more complex transactions, resolving issues, building trust and ensuring accessibility for all customers. Simply put, Federal Bank strives to strike a balance between digital innovation and human interaction, ensuring that we meet the diverse needs of our customers.