Financial Daily from THE HINDU group of publications
Thursday, Jan 08, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 08, 2004 |
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Money & Banking
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Information Technology Federal Bank attains total connectivity Our Bureau
Mr K. P. Padmakumar
Kochi , Jan 7 FEDERAL Bank has attained 100 per cent interconnectivity among all its branches. The Aluva-based bank is expected to be the first to attain this milestone among all the traditional banks in the country. Addressing a press conference at Kochi, Mr K.P. Padmakumar, Chairman of the bank said, "this is a defining moment for the bank. It has been a major challenge for us to interconnect our large number of remote rural branches through high bandwidth leased lines. We are now uniquely positioned to liberate our customers from the barriers of geography and time in banking services." All the 431 branches of the bank have been interconnected and can offer anywhere, anytime and anyway banking services. Almost 70,000 customers access the bank's Internet facilities. Almost 35 per cent of the transactions are carried out through the wide network of ATMs in the country. The bank has 170 ATMs installed across the country, of which 127 are located in Kerala. By March 31, the bank plans to increase the ATM network to 200 and ensure that 50 per cent of all cash withdrawals are undertaken through them. The bank has a wide area network called FedWide and an in-house developed core back-end solution called FedSoft, which form the backbone of the banks' strong IT infrastructure, built over the last few years in a very cost-effective manner. The investment of Rs 90 crore in IT solutions has enabled the bank to offer a wide range of technology driven products and delivery channels to its customers, at par, if not better than those available in new generation banks. "At the same time, our entry barriers and costs are kept far lower than others, reflecting our philosophy of providing the common customer world class services at affordable costs," Mr Padmakumar said. The bank has recently signed an MoU with ICICI Bank for issuing co-branded credit cards and mutual sharing of ATMs, which will give the bank's customers access to nearly 2,000 ATMs across the country.
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