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Applications to apps: A new banking era

December 20, 2021

Applications to apps: A new banking era

An experienced financial industry professional, Batra has been using ICICI Bank’s savings account and credit card for several years now. But, when Batra wanted a new bank account and credit card to exclusively manage his utility payments, he didn’t approach any of the traditional banks.

Instead, he used the neo-banking app, Fi, to open an account with Federal Bank, and OneCard app to get IDFC First Bank’s credit card.

Batra said, “I wanted to check if it’s really possible to open a bank account and get a credit card without any struggle and paperwork. I am quite impressed by the outcome”.

With a rise in online consumerism and demand for personalized experience, several digital millennials, Gen Z users, teenagers and first time to bank consumers, gig economy and blue-collar workers are increasingly turning towards neo banks for banking and financial needs.

Sumit Gwalani Co-founder of Fi said, “Today, many banks focus just on transaction stuff like account opening, lending, deposits, etc. There is no personal connection in the digital age”.

He added, “At Fi, we add value beyond transactions by helping clients understand finances, address their queries and help them save more”.

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