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Digital banking vs Traditional banking

Digital banking vs Traditional banking

With advancing technologies, banks have adopted digital banking systems for customers’ ease and convenience. It has not only made the process quick and hassle-free but also has helped banks to go paperless. By downloading a digital banking app, you can access all the banking services from the tip of your fingers. You can easily perform transactions with a banking app, open a bank account, apply for loans, or make utility bill payments.

However, before using the banking app, you must ensure you have done net banking new registration. IDFC FIRST Bank offers a full-fledged digital banking application with impeccable features and banking services to make your online and mobile banking convenient.

Advantages of digital banking

Here are the advantages of digital banking when compared to traditional banking.

  • Digital banking is quick, secure, and hassle-free as you don’t have to visit the bank or wait in queues for processing transactions.
  • Using the digital banking app, you can conveniently pay your utility bills like broadband connection, electricity, water bills, and DTH bills.
  • You can also view a summary of various account balances through a linking facility in one place.
  • Using IDFC FIRST Bank’s mobile banking app, you can conveniently pay your credit card and utility bills through 3D-click digital payments.
  • You can instantly transfer funds from one bank to another or a merchant using the UPI or QR code.
  • Once you have linked your bank account, you can access funds, download bank account e-statements, and manage transactions easily.
  • In addition, you can also request cheque books online and apply for intelligent filters to view the online transaction.
  • If you hold a credit card issued by the bank, you can manage credit card bill payments, download statements, and redeem your loyalty rewards.
  • You can also invest in high-return deposit and savings schemes.
  • The digital banking application also lets you purchase health and vehicle insurance online.
  • With a comprehensive collection of your transactions, you can quickly analyse your income, expenses, and cash flow.
  • Get customer support through video, chat, and call support.

While conventional banking is still operational for several banking services, digital banking is preferred for many more reasons. It saves your time and makes banking facilities enjoyable and hassle-free. IDFC FIRST Bank’s digital banking application is designed to offer a user-friendly experience to all its customers and make banking services more accessible.