SUMMARY
- Federal Bank has joined hands with Bhashini, allowing its AI chatbot Feddy to handle 14 Indian languages.
- This collaboration supports the RBI Innovation Hub’s push to make banking more accessible in regional languages.
- The partnership’s goal is to drive digital financial inclusion & improve customer experiences.
Leading Indian private bank Federal Bank and AI-powered language translation platform, Bhashini, have signed a Memorandum of Understanding (MoU) to allow Feddy, the AI virtual assistant, to handle vernacular languages.
The AI-powered chatbot Feddy from Federal Bank is already a well-liked resource for clients looking for quick and easy banking services. The chatbot can now react to customer inquiries in 14 different Indian languages, including Hindi, Bengali, Tamil, Telugu, Marathi, Gujarati, Kannada, Malayalam, Odia, Assamese, Punjabi, Urdu, Bodo and Marathi. Customers will find it simpler to obtain the information they require in their preferred language at the appropriate time as a result.
To promote banking in regional tongues, the Reserve Bank Innovation Hub (RBIH) launched a local language project, which gave rise to this collaboration.
The CEO of Bhashini, Mr. Amitabh Nag, and the Executive Director of Federal Bank, Ms. Shalini Warrier, signed the Memorandum of Understanding. Ms. Shalini Warrier stated, “India is a country of many languages, and we have always been at 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”
“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,” stated Mr. Amitabh Nag, The CEO of Bhashini.
“In a country as diverse as India, true digital financial inclusion must account for the linguistic variety of our people,” stated Mr. Rajesh Bansal, CEO of RBIH, in appreciation of this project. He added, “To guarantee that a billion Indians profit from the digital revolution, local language banking—powered by AI-driven solutions like Bhashini—is not only an innovation but also a requirement. We are happy to support Bhashini and Federal Bank in their relationship, as it represents a big step in increasing the accessibility and inclusivity of digital financial services. Here at RBIH, we’re still dedicated to creating partnerships that advance diversity and innovation throughout the financial sector.”
Federal Bank is a leading Indian private sector bank with 1,508 branches and 2,013 ATMs in India. It serves NRI customers through offices in Dubai and Abu Dhabi.
As of 31st March 2024, Federal Bank’s total business mix, comprising deposits and advances, stood at ₹4.62 lakh crore. The bank’s Capital Adequacy Ratio (CRAR), calculated as per Basel III guidelines, was at 16.13%.
