0 hidden charges. 0 forex

The Future of Banking is Here: Introduction to the Concept of Digital Banking

Reviewed by
Created on
April 20, 2023


What’s Inside

With the rapid digitisation of traditional methods in today's technology-driven world, digital banking has emerged as a preferred channel for delivering banking services in India. The shift from mobile and internet banking to digital wallets has revolutionised digital India’s banking services in recent years.

Although digital banking has become popular recently, it is not a newcomer to finance. The term ‘digital banking’ has been around for a while now. However, today we can enjoy its benefits like opening bank accounts, transferring money, and so much more using smartphone apps.

What is Digital Banking in India?

For starters, digital banking refers to banking activities through online portals or smartphone applications. The services that once required you to visit a physical branch can now be remotely conducted using digital banking.

From opening a savings account and transferring funds to viewing account statements, the convenience of digital banking has made these tasks easier than ever before. Moreover, introducing digital banking also brings in new features like auto bill payment, the ability to manage credit cards, tracking and managing finances, and more.

What Features Does Digital Banking Offer?

  • Transfer Funds: Effortlessly transfer funds using various electronic modes, such as IMPS, RTGS, NEFT, etc., straight from your smartphone without having to issue cheques or demand drafts.
  • Get Statements: With such smartphone applications, you can download your bank statements for a chosen period at any time from any location.
  • Pay Bills: Most banking apps also allow you to make bill payments for services such as electricity, gas, phone, and more. Plus, it comes with the added convenience of an auto-payment feature that settles bills as soon as they are generated.
  • Make Investments: Digital Banking makes investing a breeze; you can directly invest in SIPs, Mutual Funds, and more.
  • Track Your Money: Keep track of your transactions easily and instantly check your balance for incoming salary credits or refunds.
  • Manage Finances: Whether you need a loan or want to monitor your expenses, the digital banking application enables you to manage your finances more efficiently.

Exploring the Benefits of Digital Banking

  • Convenience: You no longer need to rely on the working hours of banks. All the services you need are accessible 24x7 on your smartphone.
  • Cost-effectiveness: Digital banking eliminates redundant back-office practices and savings time and resources, offering reduced banking costs.
  • Remote accessibility: You can securely access all banking services anywhere in India without needing a nearby branch.
  • Personalisation: Take advantage of AI-based features that automate budgeting, analyse your spending, and remind you to save. Digital banking puts your finances at your fingertips.
  • Rewards: Digital banking in India offers rewards that can be used for discounts on purchases, much like credit cards. Benefit from this perk by switching to digital banking today.


The introduction of digital banking has brought convenience where people can access all banking activities without physically visiting the bank branch. With Fi's online banking, the possibilities are even greater. By opening a zero-balance account online, you can access its intuitive interface and AI-powered tools that help you save, invest wisely, and analyse your expenses. Open a Federal Bank savings account through Fi Money and say hi to the future of secure, digital banking.

Frequently Asked Questions

1. What are the advantages of embracing Internet banking?

Managing your finances becomes super convenient with digital banking as it offers easy access to multiple banking services anytime, anywhere. Further, helps you save time, offers improved security and makes banking cost-effective.

2. How can I access and manage my bank accounts or perform transactions?

Digital banking enables you to effortlessly manage your accounts, conduct transactions, and analyse access all yours in one convenient location by simply logging in to banking service your finances through a smartphone application. You can securely.

3. Can I use Internet banking to set up automatic bill payments?

Yes, if you have any monthly bill payments or scheduled transfers like mobile bills, credit card bills, rent, etc., you can use Internet banking to make auto payments. Further, for a secure experience, you shall instantly receive a notification on your smartphone regarding any activity in your account.

4. What are the benefits of Internet banking in terms of enhanced financial management?

Internet banking provides 24x7 access to your account balance, transaction history, and other account information. Further, it offers you customisation of setting up auto-payments and alert notifications per your needs. Compared to traditional banking methods, digital banking is a super convenient and cost-effective way of conducting banking activities.


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
Share this article
Copied Link!
Personal Finance
The Future of Banking is Here: Introduction to the Concept of Digital Banking


View similar articles in
Personal Finance
Get the Fi app