Page 7 - Banking Finance April 2021

BANK UPDATE

in which banks typically require "We are delighted to launch Federal objective is to re-define the role we
specialists outside traditional banking 24/7, a truly innovative and relevant can play in the life of our customers,
roles. In order to execute the plan to offering designed to address the needs by elevating digital banking to new
hire laterally, BoB wants to empanel of the times. As the name suggests, domains of customer engagement.
external human resource consultants this platform is designed to be always This technology will not only enhance
to support this movement. available to meet the needs of our customer experience but also provide

The process of recruiting an expert for customers", Ms. Shalini Warrier, a seamless and personalized
a specific role from another Executive Director, Chief Operating experience to all our customers, as well
organization is called lateral hiring. Officer and Business Head - Retail, as non-customers".
Finance minister Nirmala Sitharaman, Federal Bank remarked while speaking
in 2019 during the time of announcing on the occasion. "The launch is in line HDFC, along with SBI &
the merger of 10 Public Sector Banks with the bank's "Digital at the fore, Kotak Mahindra Bank,
(PSBs) into 4, stated that banks will also human at the core" strategy of offering
recruit a chief risk officer at market- customers more convenience through reduces interest rates of
linked compensation to attract talent. digital processes and solutions and is home loan
based on the guidelines of the RBI's
"The banking environment has Housing Development Finance
undergone a sea change in the last video KYC norms", she added. Corporation has recently cut down the
decade", Bank of Baroda said in an home loans interest rates by 5 basis
official document. "The advent of Axis Bank introduces points to 6.75%. The company said,
technology, creation of new business WhatsApp banking "HDFC reduces its Retail Prime Lending
arena, innovation in the products and Axis Bank has announced the launch of Rate (RPLR) on Housing loans, on
service delivery and the competition which its Adjustable Rate Home Loans
banking services on WhatsApp for its
has brought the banking sector to the (ARHL) are benchmarked, by 5 basis
retail customers. This new launch will
brim wherein innovation and being points, with effect from March 4,
allow customers to seek information
pioneer has become the need of an 2021". The change will be beneficial to
regarding their account balance,
hour in capturing the new business." the existing HDFC retail home loan
recent transactions, fixed and
recurring deposit details, credit card customers, it stated.
Federal 24/7: Federal bank payments, besides getting their Recently SBI announced an interest
introduces virtual banking queries answered in real-time. concession of up to 70 bps with interest
experience The customers will now be able to chat rates starting from 6.7% onwards for
a limited period offer till March 31,
with Axis Bank for their queries related
Federal Bank has announced the 2021. Kotak Mahindra Bank also
launch of Federal 24/7, an end-to-end to banking transactions, information announced a 0.10 percentage point
like nearest branch, ATM or loan centre
digital platform, focusing to be cut in its home loan rates for a limited
location. It will also feature the option
beneficial in opening and managing period where customers will be able to
to apply for various banking products.
savings bank accounts without having avail home loans for 6.65% till March
to visit the bank. Blocking of credit or debit card can 31, 2021 as part of a special offer after
also be done using the secure end-to-
The new platform also enables instant end encrypted messaging channel. the rate reduction.
and completely paperless digital
savings account opening sitting This digital initiative is in line with Axis Indian Bank to divest
Bank's 'Dil Se Open' philosophy, which
anywhere in India with just the PAN ASREC stake for asset
and Aadhaar numbers. Using Federal focuses to build sharper customer focus
24/7, the customers can now and greater convenience through monetisation
experience the state-of-the-art Video- constant innovation. The Indian Bank board of directors has
KYC-based account opening for Sameer Shetty, EVP and Head, Digital recently accorded in-principle approval
seamless and convenient banking Banking, Axis Bank remarked while for the partial or full disinvestment of
experience. commenting on the launch, "Our the bank's stake in ASREC (India) Ltd.

BANKING FINANCE | APRIL | 2021 | 7