Federal Bank, one of India’s leading private sector banks, announced the launch of its first independent credit card. The leading provider of technology solutions to the financial sector, Fiserv, Inc. (NASDAQ: FISV) has been chosen to support the launch of the Federal Bank credit card and enable the digitization of complete card issuance and processing cycle.
The bank will use Fiserv’s FirstVision™, an end-to-end managed services solution to support the launch. The integrated technology and business process outsourcing (BPO) solution can decrease the cost of ownership and contribute to the seamless extension of the bank’s services. This meets the bank’s requirement of an efficient technology and BPO solution to support the launch and the growth of its credit card business subsequently.
The service-oriented architecture and open APIs of FirstVision will not only reduce the application development time but will help in introducing new capabilities in the market at a lower cost while helping to ensure local compliance.
Executive Director and Business Head - Retail at Federal Bank, Shalini Warrier stated that with its topnotch technology platform and extensive local experience, Fiserv will support the bank to offer an enhanced digital experience to its customers.
Fiserv’s scalable card processing platform and operation tools reduce the need for substantial up-front investments, said Country Head – Deposits, Cards & Personal Loans, Retail Banking at Federal Bank, Nilufer Mullanfiroze. This way the bank’s resources can focus on offering relevant solutions and exceptional service to their customers, she further added.
Ivo Distelbrink, EVP and Head of Asia Pacific at Fiserv expressed that their partnership with Federal Bank has strengthened its market leadership in providing relevant solutions to the Indian financial sector.
They claimed that the financial institutions in India are moving rapidly towards digital transformation and the current pandemic has enhanced this agenda. To help their clients operate efficiently, Fiserv is prepared to provide efficient technological solutions, infrastructure, and security.
In a competitive market like India, the combination of software as a service (SaaS) and competent BPO solutions offer a feasible model to financial institutions looking for affordable and flexible technology and operational support.