IDFC FIRST Bank - simplifying the future of Retail Banking

Like every other area of life, the COVID-19 pandemic deeply disrupted the way retail banking works. It forced the hand of many banks to rapidly pursue digital transformation and adopt a tech-based, consumer-centric approach. As a result, the future of modern retail banking looks highly promising. 

However, as the banking industry continues to dabble with new technologies and innovations, it is still quite far away from perfecting retail banking products and services. This is where IDFC FIRST Bank strives to simplify complicated offerings for everyday customer. At the essence of it all, is the Bank’s motto “Always YOU FIRST”, which further drives the mantra of ‘customer-centricity’. 

A case of customer centricity
 

For instance, if you read through any IDFC personal loan reviews, three words will jump out: ‘simplicity’, ‘user-friendly’, and ‘seamless’. For long, the personal lending functionality in India has been quite lengthy and convoluted. But IDFC FIRST Bank sought to do things differently. 

First, IDFC FIRST Bank provided savings accounts and fixed deposits at higher initial interest rates compared to the industry i.e., 7% against the standard of 4-5%. Second, it switched the interest payment cycle to customers from a quarterly to monthly basis. This move heralded a huge win for retail consumers.

Today, IDFC FIRST Bank serves close to 10 million customers via 601 pan-India branches and 565 ATMs with the same customer-centric approach. At the heart of it all is the dedication of over 20,000 employees unified by a single vision: ‘always you first’. This motto serves as the founding principle around which IDFC FIRST Bank designs policies, products and programs, within the boundaries of risk and regulations.

A simplified banking model
 

IDFC FIRST Bank’s retail banking model is simply to borrow from depositors and lend to borrowers, thus enabling everyone to meet their saving, investment, lending, growth, and wealth protection needs. The spokes of this wheel are customer-centricity, digitisation and personalisation, and the aim is to make banking as simple and intuitive as possible. One feature that exemplifies this approach is our commitment to ‘no fine print banking’ which ensures that all customer communication is done in simple, jargon-free language.

IDFC FIRST Bank also has a greenfield method for credit risk assessment. This enables us to strike a fine balance between first-time borrowers’ lending needs and a resilient and healthy asset quality. The future of retail banking depends heavily upon bringing in underserved customers and small businesses into the modern banking fold that is undergoing a tech revolution. 

Technology as a key enabler
 

Simplifying the future of retail banking also means getting rid of cumbersome processes and barriers to financial inclusivity. Here, IDFC FIRST Bank banks upon an efficient mix of state-of-the-art technology, a superior liability platform and analytics-led lending capabilities. 

Being sentient of changing customer expectations in the digital banking era, IDFC FIRST Bank focuses on predictive and data-driven technologies such as cloud, Artificial Intelligence (AI) and Machine Learning (ML) to deepen our insights and automate decision making. This analytics-driven approach is the future of improving customer experience. 

Some of our innovations driving the future of retail banking include an intuitive and intelligent self-service app with over 900 banking/finance-related features, SafePay contactless payments, zero-contact video KYC, digitally-driven loan account servicing, and WhatsApp debt support. 

Serving a new India
 

One of IDFC FIRST Bank’s missions is to provide high-quality banking to the ‘new aspiring India’. This India reflects in all the names that are present across IDFC FIRST Bank loan reviews and KYC applications, seeking to become self-reliant and take the leap to financial independence. We believe that the future of retail banking rests on a huge opportunity to serve micro, small and medium entrepreneurs and retail customers who remain underserved. As such, the primary drive at IDFC FIRST Bank is to always continuously innovate to inspire the creation of new liability products, new credit markets and new jobs.

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.