When you hear the word "banking," do visions of never-ending queues, mountains of paperwork, pesky passbooks and long money transfers that sap your energy rush to your mind? But banking doesn't have to be this way. At least not the times we live in.
Out with the old, in with the exciting! What's New-Age Banking?
New-age banking is all about convenience backed by technology. It makes banking easier, faster, and more accessible than ever before. This is the need of the hour because people's lives are becoming increasingly busy, and they need banking services that fit their hectic schedules and help them manage their money better.
Difference between New-Age Banking and Traditional Banking
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Factors
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New-Age Banking
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Traditional Banking
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Account opening
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Completely digital, no need to visit a bank branch
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Requires physical presence at the bank
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Services
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Offers a range of services, including credit cards, mutual funds, and investments
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Offers limited services, usually just savings and checking accounts
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Customer support
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Provides online banking, mobile apps, and chatbots for quick and easy support
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May offer phone or in-person support, but may not be as advanced
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Fees
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Offers lower fees and interest rates
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May have higher fees and interest rates
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Regulations/License
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Regulated by authorities, but may be subject to different regulations
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Regulated by authorities
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Rewards
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Offers attractive rewards and benefits, including cashback and personalized offers
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May offer some benefits, but may be less competitive
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Credit Limits
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Varies by card and customer, but may offer higher limits
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Varies by card and customer, but may offer lower limits
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Accessibility
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Offers online banking, mobile apps, and chatbots for quick and easy banking
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May require physical presence at the bank
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Everything You Can Do with Money - Do It Differently with Fi
At Fi, we build on the existing infrastructure of our banking partner, Federal Bank, & take it to a whole new level for you. Think of it as banking 2.0 for a generation of digital natives with this new-age approach.
Accounts: Stash and Save With Confidence
- Get a zero-balance online savings account in partnership with Federal Bank, a licensed bank.
- Sign up for free in minutes.
- Host of plans to choose from and upgrade as you go: Plus, Infinite, Standard and Salary.
Debit Card: Swipe on The Go
- The Fi-Federal Co-branded Debit Card offers you zero Forex charges on select plans.
- Contactless payments - simply 'Tap and Pay'.
- Range of offers from top brands in food, shopping, travel, and entertainment.
Credit Card: Get the Best Bang for Your Buck
- The Fi-Federal Co-Branded Credit Card offers 2% valueback through rewards.
- Get 5x on your top 3 brands, 2x on all partner brands listed in the Fi Catalogue (including Amazon, Netflix, etc.) and 1x on everything else, including rent and fuel.
- Convert your Fi-Coins to airline miles or cashback and enjoy airport lounge access and 1% forex.
- Freedom to choose your billing cycle, and personalised reminders.
- Sweet welcome offer - exclusive vouchers from top brands worth ₹5,000!
Mutual Funds: Commission-Free & Easy
- Commission-free and equally suited for novice & seasoned investors.
- Select from over 900 direct Mutual Funds.
- 100% secure as it functions under the guidance of epiFi Wealth, a SEBI-registered investment advisor.
- Invest daily, weekly, or monthly via automatic payments or SIPs.
- Zero penalties for missed payments.
US Stocks: Investments Beyond Borders
- Industry-best forex rates. So you can own shares in Apple, Tesla, Microsoft, and so on!
- FINRA-regulated broker partner, Alpaca Securities.
- In-app explainers, Curated Collections, filters and a wide range of international options.
- Zero withdrawal charges
Instant Loans: Why wait in Lines When You Can Get it Now?
- No paperwork, minimal documentation
- Zero pre-closure fees and no hidden charges
- Competitive interest rates
- Instant disbursal and pre-approved limits
- Reminders to keep you going
Deposits: Piggy Banks 2.0
- Set up fun FIT Rules, like 'Set aside ₹50 each time I order food online'. When the rule gets activated, Fi automatically saves your cash into Smart Deposits.
- Assign a 'Goal Amount' you aspire to achieve: New PlayStation, Tokyo Vacay, etc. Powered by the licensed Federal Bank, Fi Money has an arsenal of features proving you don't have to be frugal to save up.
Peer-to-Peer Investing: Jump Up Your Returns
- Jump is a Peer-to-Peer investment platform in partnership with LiquiLoans.
- Start instantly and earn up to 10%* per year on your investment.
- Start small with as little as ₹10,000.
FIT Rules: A Bot, But for Your Finances
- Automatically move money from your savings account to mutual funds or jars by setting up a rule once.
- Autoinvest: Set a rule to round up your transaction amount to the nearest 10s, 50s, or 100s and invest your spare change in gold, equity, debt mutual funds or set up an SIP.
- Autopay: Need to make a regular payment? Set a rule to ‘Pay rent to Sunil on the 1st of every month’ or ‘Pay Amma ₹10,000 every 2 months’.
Analyser: The JARVIS to Your Money
- Insights into your spending across bank accounts & merchants.
- Your tour guide across the app. Ask anything from “Show debit card offers” to “Where can I get my account statement?”
Conclusion
At Fi, we're changing the way people manage money. From zero-balance accounts to high-interest deposits, there's a range of products and features to help you save and manage smarter on the Fi app. Try Fi today.
Frequently Asked Questions
1. What is new-age banking?
New-age banking is all about convenience backed by technology. It makes banking easier, faster, and more accessible than ever before.
2. What is the FIT Rules feature?
The FIT Rules feature provides personalized finance recommendations based on your spending habits.
