Why IDFC FIRST Bank is ‘a technology company with a banking license’?

As the financial landscape becomes disruptive and increasingly competitive, banks need to move away from traditional business models to a tech-based way of thinking and functioning. To cater to modern customers who prefer ‘on-demand’ financial services, banks need to build efficiencies while ensuring robust security and generating growth. To achieve this, banks must embrace digital transformation.

IDFC FIRST Bank is one such player that prefers to call itself a ‘technology company with a banking license’. With an aim to keep banking as convenient, accessible and risk-free as possible, we have combined the heritage of trust and security with new-age digital solutions and processes.

Building a digital culture

To enable digital transformation in the true sense of the word, IDFC FIRST Bank has adopted an agile way of working. This allows us to stay on top of market trends, respond to changes, and cater to customer demands effectively. 

We have deployed cutting-edge technologies, incorporated new-age tools and online processes to become a completely digital bank. The bank has also embraced collaborative systems to facilitate faster communication, teamwork and transparency throughout the organization.

On the people front, we continue to recruit the finest in-house and external talent to make the best of our open-source technology stack. Due to our digital innovations, the employees are exposed to the latest developments in technology and programming. They also get the opportunity to upskill, reinvent themselves, and work in a dynamic universe.

Making crucial technology investments

To fully transform into a digital company, IDFC FIRST Bank has invested heavily in best-in-class technologies. We have built our own digital platforms instead of relying on off-the-shelf solutions. This is helping the bank offer customized solutions to customers across the board, and pivot to meet changing market demands quickly.

The bank is leveraging new-age technologies such as Artificial Intelligence (AI) and Machine Learning (ML) to directly impact the end customer. We use AI and ML to:

• Analyze customer data
• Provide hyper-personalized banking products and solutions
• Communicate effectively 
• Strengthen customer relationships

These technologies are also helping IDFC FIRST Bank improve its mobile banking services, appraise customer credit history to manage risk better and enable robust security to stay a step ahead of cybercriminals.

We are constantly leveraging technology to come up with unique offerings, maintaining a steady pace of new products in the market that provide the maximum benefits to the customer.

Simplifying banking for the end customer

Putting the customer at the centre of its digital transformation journey, IDFC FIRST Bank has introduced 100% digital banking solutions. This approach has enabled us to go completely paperless and bolstered the speed of execution. Customers can now experience best-in-class banking from the comfort of their homes.

Some of the ways in which the bank has done so are by offering: 

1. End-to-end app-based banking solutions

IDFC FIRST Bank customers can conduct all banking transactions such as paying bills, transferring money via their mobile banking app, as well as leverage it to invest across asset classes, get access to loan products, shop online, and more.

 2. Digital onboarding process

The account opening process has been made paperless and virtually instantaneous. All customers need to do is upload and verify their KYC details from the comfort of their homes. The swift onboarding process ensures that the customer’s new IDFC Bank account is up and active in just a few hours.

3. Online loan and repayment facilitation

With the help of next-gen technologies, the bank has made its suite of loan products accessible to all customers. Users can apply for the appropriate loan product as and when needed and make easy online repayments. Our underwriting process is supplemented with analytics-enabled lending capabilities that better identify customers’ needs and enable the bank to create tailored financial products.

4. User-friendly digital interface

The bank’s website and netbanking capabilities provide a one-stop-shop for all banking needs of customers, as well as give them a bird’s eye view of their financial standing.

Enabling inclusive banking

With over 190 million Indians over the age of 15 still without a bank account, there is a critical need for financial organizations to reach out to the masses and ensure financial inclusion. IDFC FIRST Bank is taking the lead in serving the unbanked segments of society by using cutting-edge technology to make banking accessible to all.

The bank does not differentiate among customers. The ticket size of our customers, who are seeking loans of only up to Rs 1 lakh, is equal to those seeking amounts far higher. We also leverage multi-lingual support technology for the netbanking portal and mobile app to provide accurate and speedy information to customers in their preferred language. 

Our personal loans and micro loans offerings use technology that is on par with other specialized products. With intelligent and intuitive technology solutions to provide personalized banking services to vulnerable groups such as women, young adults and those with low incomes, IDFC FIRST Bank aims to boost their economic growth and help them overcome poverty.

In closing

IDFC FIRST Bank’s digital-first approach has helped us create a significant impact in a short period. As a ‘technology company with a banking license’, we have ensured that customers can enjoy a seamless digital banking experience, employees get to be at the forefront of technological innovations, and the bank itself witnesses perennial growth. In recognition of our impactful policies, IDFC FIRST Bank has been conferred several accolades, such as the ‘Best Wealth Management Provider’ and ‘Excellence in User Experience Website’ at the Digital CX Awards 2021. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.