Online-first banking is the banking equivalent of ordering food through Swiggy or Zomato vs. going to a restaurant’s takeaway counter. You can do pretty much anything related to baking digitally today thanks to internet speeds, digital security and the availability of mobile and laptop devices. Maybe with the exception of things like a cheque deposit, or signing physical forms, pretty much everything is possible. Even cheque deposits have alternate methods today.
Anyway, in this blog, we’ll compare e-banking and traditional banking and perhaps make a case for online-first banking.
Online-first, virtual banking is clearly faster and more convenient than traditional banking. You are able to access your account online, view balance, make payments, clear dues, and even open new accounts, pretty much any location. All you need is an internet connection and an electronic device.
Traditional banking requires your physical presence at a bank branch. Also, banking hours are limited to certain hours of operation, and this poses more restrictions.
That said, there are certain procedures where it is either mandatory or preferable for you to visit a bank branch. Such as taking a housing loan for a large amount, or consulting with a relationship manager for value-added banking services like wealth management. Simply because in some cases, it’s better to meet and speak to another person before trusting them with your money.
So, depending on the amount of money or time at stake, you can choose either option.
As mentioned at the start, a virtual account feels like ordering food online instead of going to a restaurant. It's faster, more convenient, and available 24/7. You can do almost everything online, from checking balances to making payments. While there are times when you may need to visit a bank branch, an online-first account covers most of your day-to-day needs. It's simple, saves time, and offers as much if not better security. Customer service is also accessible through online channels. Traditional banking has its place, but an online-first account wins for accessibility, convenience, and speed. As technology advances, online-first banking will likely be the go-to choice for most people. So, why not embrace the digital revolution and enjoy the benefits it offers?
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Traditional banking provides personalised guidance and in-person interaction for big loans and specialised services. It offers tailored solutions for important financial decisions, while an online-first account focuses on convenience. It's about finding the right balance between personal touch and convenience.
A virtual savings account is faster and more convenient than traditional banking. You can access your account, make payments, and open accounts from anywhere. No branch visits or limited banking hours. However, for important transactions, like large loans or personalized advice, branch visits may be necessary. It depends on the amount of money and time involved. If you value convenience, go digital. For complex matters, consider in-person interactions. Choose the banking option that suits your needs.
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. |
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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
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