Federal Bank, a renowned private sector bank in India, has inked a Memorandum of Understanding (MoU) with Bhashini, an AI-Powered Language Translation Platform, to provide vernacular language support to its AI Virtual Assistant, Feddy. This collaboration arose as a result of the Reserve Bank Innovation Hub (RBIH)’s local language effort to promote banking in vernacular languages. It has considerably improved Feddy’s capabilities, making it more accessible to a broader variety of clients in India.
Feddy, Federal Bank‘s AI-powered chatbot, is already a popular tool for customers who want quick and easy banking services. With the addition of Bhashini’s language translation capabilities, Feddy can now react to user requests in 14 different Indian languages, including Hindi, Bengali, Tamil, Telugu, Marathi, Gujarati, Kannada, Malayalam, Odia, Assamese, Punjabi, Urdu, Manipuri, and Bodo.
The MoU was signed by Shalini Warrier, Executive Director of Federal Bank, and Amitabh Nag, CEO of Bhashini. Speaking at the occasion, Shalini Warrier, Executive Director of Federal Bank, said, “India is a country of many languages, and we have always been in the forefront of catering to our unique customer needs. By enabling vernacular language support, we are confident that Feddy will become more user friendly and accessible. Our partnership with Bhashini, along with the huge support we have received from Reserve Bank of India’s Innovation Hub (RBIH) has enabled us to enhance the level of customer experience we provide.”
Amitabh Nag, CEO of Bhashini, said, “Partnering with Federal Bank to address language barriers in fintech, Bhashini aims to revolutionize financial services by integrating advanced multilingual voice communication technology with a voice-first approach. This collaboration seeks to ensure that banking services are accessible to all, regardless of linguistic background, thereby fostering greater inclusivity and setting a new standard for user engagement in the financial sector.”
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Rajesh Bansal, CEO of RBIH, praised this initiative and said “In a nation as diverse as India, true digital financial inclusion must account for the linguistic variety of our people. Local language banking, powered by AI-driven solutions like Bhashini, is not just an innovation but a necessity to ensure the digital revolution benefits a billion Indians. We are proud to support this partnership between Bhashini and Federal Bank, which marks a significant step in making digital financial services more accessible and inclusive. At RBIH, we remain committed to fostering collaborations that drive innovation and inclusivity across the financial ecosystem.”
With the addition of Bhashini’s language translation capabilities, Feddy can now react to user requests in 14 different Indian languages. This will make it easier for clients to acquire the information they need, when they need it, and in their preferred language.
