IndiaFinance and insurance2020 – ongoingFederal Bank
Feddy customer-service and conversational banking assistant
Federal Bank said Feddy handled around 73% of customer queries
Problem
Federal Bank needed to answer repetitive banking questions at all hours. Customers also needed human assistance when automated responses were insufficient.
Approach
Federal Bank introduced its AI assistant Feddy in October 2020. In January 2024, it expanded conversational banking to support tasks such as fund transfers and bill payments through WhatsApp and the web. Feddy connected customers to bank agents when additional support was needed.
Results
Takeaway
The bank expanded an existing question-answering assistant into transactional banking while retaining access to human agents.
Categories
- Size
- Large enterprise
- Industry
- Finance and insurance
- Business function
- Customer service
- Innovation type
- Process innovation
- AI technology
- Conversational and voice AI
- Adoption
- Partner co-development
- Evidence
- Company's own claim
Sources
Source summaries
Federal Bank reported that Feddy handled around 73% of queries and provided round-the-clock assistance. It said customers could reach bank agents when further support was required.
The bank dated Feddy's introduction to October 2020. It described a January 2024 expansion that enabled conversational transactions, including fund transfers and bill payments, through WhatsApp and the web.
Full details are in the original sources.