The world went from digital-second to digital-first in less than a year. Earlier, online banking was a way to avoid the inconvenience of visiting a physical branch. Today, it is a way of life for customers looking to take complete control over their finances.
We have successfully made it a step ahead of online banking – enter digital banks. Online banking simply refers to a particular bank’s services that are available online. However, the latter is a broader term, encompassing all banking-related activities.
Digital banking is gradually making physical branches redundant. But how to choose the best digital bank in India ? Keep reading to find out.
The key qualities you must ensure your digital bank of choice has are listed below.
Every good digital bank will offer its customers a self-onboarding process. Your chosen digital payment bank in India should have an easy account-opening process completed within a few minutes.
This automatically means the KYC process must be simpler and fully digital. If this process takes more than five steps, it is time-consuming and too long-drawn.
An excellent digital payment bank in India must make its services available anytime and anywhere. As a digital customer, you must have the convenience of escaping the long queues that often characterise a traditional bank branch, especially on payday.
The 24x7 convenience feature comprises two factors – a user-friendly application and a seamless process. For instance – the KYC process should be available via video call and be done within a few minutes.
With higher power also comes greater responsibility. Hence, the best digital bank in India will give utmost importance to security. This means the bank must have comprehensive data security systems to maintain customer confidentiality.
One example of robust security is the two-factor authentication system. The double-layer security assures you that your hard-earned money will remain safe despite multiple transactions.
A secure UPI transfer or digital wallet payment system is a must-have feature of any good digital payment bank in India . This will spare you the hassle of visiting a nearby branch to deposit money or an ATM to check for the account balance.
With UPI and digital wallets, payments can be made and received within minutes or even seconds of transfer.
Another factor that makes for the best digital bank in India is how well you can plan your personal finances, which means that you must be able to open additional accounts effortlessly and digitally.
These may include credit cards, Fixed Deposits, mutual funds, loan applications, etc. Your power as a digital customer lies in having access to many banking services in just a few clicks. Not only that, but you will also save time otherwise spent on filling separate applications for separate accounts.
If you’re looking for a digital money management platform with all the features mentioned above, look no further than Fi Money! The entire account-opening process on the app is 100% transparent and done in less than five minutes. Alongside its licensed partner, the Federal Bank, Fi Money is making secure, all-digital banking available for every Indian.
The app lets you plan your finances, analyse expenses, monitor savings, and schedule investments. If getting money-smart the fun and uncomplicated way is up your alley, Fi Money is your ideal digital banking partner.
Since millennials are digital natives, they have niche requirements like greater data security, consistent banking experiences across multiple touch-points, and flexibility that fits within their lifestyles. As such, digital banks in India are adopting technology heavily, especially RegTech, to manage risks, optimise processes, and offer more personalised financial services.
With technological advancements in fields of Artificial Intelligence (AI), blockchain, chatbots, etc., in the system, banking itself has emerged as an on-demand service. Mobile banking has become many customers’ go-to choice. There is greater accuracy in transactions and better data protection. Not only that but customers can also avail of advanced self-service capabilities like registration, easy account opening, insurance purchase, etc.
In a way, yes, digital banking does offer more intuitive personalisation when compared to traditional banking. This may be seen in at least five different areas –
Customers consider a user-friendly mobile app to be of utmost importance in digital banking. This is mainly from the perspective of easy access to banking services anytime, anywhere. Not only that, but an app also brings all information related to an account to a single place for convenience.
Products on our platform | Details |
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Unified Payments Interface (UPI) | Epifi Technologies Pvt. Ltd ('Epifi Tech') is a Third-Party App Provider ('TPAP') - and acts as a service provider and participates in UPI through a Payment Service Provider ('PSP') Bank (Federal Bank). |
Savings Account and Deposits | Federal Bank offers savings account, fixed deposits and smart deposits to users on the Fi App (through Epifi Tech). Users' savings account and deposits are securely opened with Federal Bank. |
Cards | Fi Brand Pvt. Ltd. markets and distributes co-branded cards in partnership with Federal Bank and Visa. Cards are issued by Federal Bank. |
Loans | Epifi Tech facilitates loan distribution and acts as a lending service provider and/or digital lending application for various Banks, registered NBFCs and NBFC-P2P ('Lenders') List of Lenders. |
Mutual Funds | Epifi Wealth Pvt. Ltd. ('Epifi Wealth') is a registered investment adviser and provides a platform for mutual funds investment. Epifi Wealth has partnered with MFCentral to provide mutual funds analyser to users. |
Loans Against Mutual Funds | Epifi Tech in partnership with regulated entities including Epifi Wealth and Bajaj Finserv provides a platform for loans against mutual funds. |
US Stocks | Epifi Tech has partnered with US stock broker Alpaca Securities LLC to provide users the option to invest in US stocks. |
Connected Accounts | Epifi Wealth (as a financial information user), in partnership with Finvu and Onemoney, provides users the option to link their existing financial accounts on Fi. |
Credit Analyser | Epifi Tech (as a non-specified user) in partnership with Experian and CIBIL provides insights on users' credit scores |
Fi-Coins | Fi-Coins are earned under a reward programme for engaging with products and services on the Fi App. |
Fi Store | Fi-Coins can be redeemed on products and services listed on Fi Store such as merchandise, gift cards, air miles, among other things. |
1. Net Worth: Helps users get a view of their financial Net Worth — in accordance with their assets & liabilities
2. Wealth Maximiser: Analyses your finances, shares financial reports to make informed money decisions
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Fi is a money management platform that offers the perfect solution for all your financial needs. The Federal Bank Savings Account offered through Fi is an online savings account that you can open in 3 minutes! It goes beyond online account opening, as it has helped reimagine the banking experience in India
Through Fi, you can do more: apply for an instant personal loan, pick from many types of Mutual Funds, select the best SIP to invest in US Stocks, apply for a forex-free Debit Card (works for select account plans) to use while travelling abroad, analyse/improve their portfolio, get a 360-degree view of your spend insights and take steps building wealth.
You can also utilise Fi's free personal loan resources, such as the Personal Loan and EMI calculator, before proceeding to the quick loan application process. All of this is why over 35 lakh Indians feel that Fi is the only financial app you will ever need.