Federal Bank enlists Infosys for Oracle CX implementation
Kerala-headquartered commercial bank Federal has tapped Infosys to implement Oracle CX – a cloud-based customer relationship management tool – to boost its marketing, sales and customer experience, among other functions.
Federal Bank is a commercial financial services institution in India with over 11,000 staff across more than 1,400 branches – generating $1.5 billion plus in revenues. Moving with the times, the bank is now planning a significant overhaul of its service delivery models.
Plans are to develop a real time, 360-degree view of customer portfolios on a unified dashboard – a ‘single source of truth’ that will enable quick recall of customer information, enhance productivity and boost customer satisfaction. Executive director and business head for retail Shalini Warrier explained how this aligns with the bank’s mantra of “digital at the fore, human at the core,” adding that partners Infosys and Oracle have been called upon to support the revamp.
“Our expanded partnership with Oracle and Infosys will allow us to offer a more strategic, integrated platform with industry aligned solutions that will result in richer experiences for our customers,” she said.
Oracle will add value through its proprietary CRM solution Oracle CX – a data-focused tool that paves the way for intelligent and personalised customer offerings. This is not the first time Federal Bank has worked with Oracle tech: the bank previously used Oracle Autonomous Analytics Cloud to gauge and improve performance across its vast network of ATMs.
And digital services giant Infosys brings to the table its specialised expertise in tech-poweredfinancial services, and its proprietary enterprise transformation tool Cobalt – geared towards optimising product and service development across organisations.
“By combining the power of Oracle CX platform and Infosys Cobalt set of cloud offerings, we look forward to enabling the bank deploy new products swiftly while creating an improved digital experience for customers,” said Infosys executive vice president Dinesh Rao.
Other Indian banks will likely follow suit when it comes to customer-facing digital transformation, in light of market factors unfolding through 2020. The country’s banking risks losing Rs. 12 trillion to pandemic-related interest cuts and credit defaults according to McKinsey & Company – and targeted optimisation strategies that put the customer first will be of crucial importance to stay competitive.
