The integration of digital channels in banking has recently sparked a big revolution in the sector, granting clients easier and highly efficient access to financial services. From Internet banking to mobile apps, these channels offer countless benefits to both clients and financial institutions, ensuring unparalleled efficiency.
Bygone are the days when banking transactions required physical visits to banks or long queues in waiting. Thanks to digital banking, people can comfortably manage their finances from their own homes without the need to set foot in a bank branch. This not only saves their precious time and effort but also adds tremendous convenience to their banking experience.
The added benefit is that this grants customers swift access to banking records and efficient completion of transactions through mobile devices. This ensures easy accessibility from anywhere, be it from home or on the move, allowing users to manage their finances and monitor their accounts with ease.
In recent years, India has experienced a substantial increase in the use of digital channels for banking, particularly in light of the government's goal for a digital economy-
The use of mobile banking apps is more popular in India than in any other digital channel. Most banks offer mobile banking apps for easy access to account information, money transfers, bill payments, and other financial tasks.
Customers in India also frequently utilize this type of digital channel. Customers can use a computer or laptop that is online to access their accounts and carry out banking tasks.
The National Payments Corporation of India (NPCI) introduced the Unified Payment Interface (UPI), a real-time payment system that enables users to instantaneously transfer money between bank accounts using a mobile device. Due to its simplicity and convenience, UPI has become increasingly prevalent in India.
Customers can save payment-related data, such as debit and credit card numbers, and then perform transactions using their smartphones or tablets utilising digital wallet apps. India has several digital wallets, including Paytm, Google Pay, and PhonePe.
The convenience of E-bill payments allows for hassle-free electronic bill payments such as credit card payments and utility bills. These payments can be made using various options such as online banking, mobile banking applications, and digital wallets, empowering you to pay your bills with ease and security.
With the advent of video banking and chatbots, the banking industry has seen an influx of AI-powered software programs that can interact with users through websites and message boards. These chatbots can help address client queries, provide support, and even offer guidance on transactions. Through video conversations, consumers may communicate face-to-face with bank employees using the digital channel known as "video banking." Customers that want assistance with complicated financial transactions or have inquiries that cannot be answered by texting or chatbots may find this to be helpful.
With digital channels in banking becoming more and more common, it is easier than ever for you to take advantage of online banking yourself.
With Fi Money, you can go online & open a Federal Bank savings account in minutes with no paperwork required & no hidden fees. Working professionals in India can sign up on Fi Money in less than 5 minutes. Fi Money, along with its licensed partner Federal Bank, showcases the future of secure, digital banking. It can help you save up, invest wisely & analyse your expenses. In short, Fi's an online banking solution that helps you get smarter with your money — in a fun & uncomplicated manner.
The most prevalent digital channels in banking in India are UPI, internet banking, payment apps, digital wallets, and video banking.
These digital channels work by letting customers take care of their banking needs online from the comfort of their homes. They allow customers to transfer money, pay bills, conduct transactions, and eliminate the need for customers to go to any physical bank branches. They make for a more efficient and convenient banking experience.
Without having to physically visit a bank branch, digital banking channels offer customers quick and easy access to account information and all kinds of banking transactions from anywhere at any time. Customers may manage their finances quickly and more efficiently.
You can use your mobile device, computer or any other device with internet connectivity to perform online banking transactions like transferring funds or checking account balances. Moreover, you use channels like UPI or digital wallets to pay bills, recharge subscriptions and make payments etc.
Yes, banks employ a variety of security measures, such as encryption, two-factor authentication, fraud detection and preventative measures, secure networks, and education for customers, to safeguard client information and transactions while utilizing digital channels for banking.
In general, banks treat security seriously and take several precautions to safeguard consumer data and transactions while using digital channels. Customers must take the appropriate security steps and be informed of any potential security concerns to secure their personal information.
Products on our platform | Details |
---|---|
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
These products are governed by our Terms and Conditions, Privacy Policy, and any other product and partner specific terms and conditions as communicated to you.
©epiFi Technologies Pvt. Ltd. 2025
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.