The Federal Banks digital channels now account for 86% of the total transactions. Nilufer Mullanfiroze, country head for deposits, cards and unsecured lending of Federal Bank tells in interview “Federal Banks credit card should be launched soon”.
Earlier online transactions using mobile banking, net banking, were nice to do activities from a customer perspective. The pandemic moved the needle from nice to do towards need to do during lockdown to keep the social distancing, avoid usage of cash. However, the pandemic has definitely changed consumer behaviour. And the Banks credit card should be launched soon. Because they have a large existing customer base, which we plan to tap first and complete the product suite of offering to the customers. Now the active debit card base itself is 80 lakhs plus and they are 5th largest private sector bank with regards to debit spends. And also the bank provides loans less than 60 seconds.