Indian banks have been using the mobile apps for some time now. Today, by pressing a few buttons one can do transactions, get the balance in the account and various other information. Recently, the Kerala-based Federal Bank has upgraded its mobile banking app, FedMobile with an investment platform equipped with wealth management capability for the convenience of its customers. The new module launched in association with Equirus Wealth provides comprehensive and personalised investment solutions. How does it operate? The platform allows a user to open an investment account in less than two minutes and execute transactions instantly. The module offers an entire range of mutual funds across different categories such as equity, debt, hybrid and solution-oriented funds from all the asset management firms in the country. The module also enables customers to set up a systematic investment plan (SIP), a recognised tool to invest money at regular intervals and accumulate wealth over a long term. FedMobile app can be easily downloaded on both Android and iOS devices from Google Play and App Store respectively. “The addition of wealth management solutions to our mobile banking app is yet another manifestation of our mantra of ‘Digital at the fore, human at the core’. The module makes it easy for new and seasoned investors to plan and make investments on their own and at their own pace. This capability is supplemented with specialist investment relationship managers who are able to give customised advice to customers,” discloses Shalini Warrier, Executive Director & Business Head – Retail, Federal Bank, which is a private sector bank with a network of 1,289 banking outlets and 1,957 ATMs spread across the country. The bank’s total business mix (deposits plus advances) stood at Rs3.05 lakh crore as on March 21. Capital Adequacy Ratio (CAR) of the bank, computed as per Basel III guidelines, stood at 14.62 per cent. “As the world embraces technology, we are committed to provide our clients best-in-class digital platform for investors. We believe that this shall enable customers with a one-stop solution for all their financial needs”, says Ajay Garg, MD, Equirus group, which runs Equirus Wealth, a holistic wealth management platform. The firm has offices in Mumbai, Delhi NCR, Bengaluru, Pune, Kochi, Thiruvananthapuram, Kozhikode, Kottayam and Kolkata. Meanwhile, Federal Bank has been authorised by Reserve Bank of India (RBI), basis recommendation of Controller General of Accounts, Ministry of Finance, for collection of direct and indirect taxes, on behalf of CBDT and CBIC. Federal Bank customers will soon be able to pay their direct and indirect taxes through the bank’s various digital platforms like FedMobile (Mobile Banking app), FedNet (Net Banking), Fedebiz (Corporate Digital Banking), and through branch network.
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Federal Bank has upgraded its mobile banking app, FedMobile with an investment platform
