What makes IDFC FIRST Bank futuristic?

Summary: IDFC FIRST Bank is investing a great deal of its current efforts towards becoming a bank of the future by chasing continual innovations and giving customers better banking experiences. Know more in this article.

24 Mar 2023 by Team FinFIRST

You only need to look at the recent past to gauge the future of banking. The common person's interaction with banks got simplified over the years, be it through cash deposit machines, ATM withdrawals, or real-time electronic fund transfers. Add online account openings, minute-long loan approval processes, and customer service chatbots; the answer is almost starting at our faces. The future of banking lies in technology and digitisation!

The challenge for banks today is to chase continual innovations and make banking services easier and customer-friendly for more and more people. IDFC FIRST Bank is investing much of its present efforts towards these innovations to become a bank of the future.

Some of the visible technological developments that promise to push IDFC FIRST Bank to the future era in banking are,

Video KYC

Video KYC of the customer turns the Savings Account opening process into a fully online experience from start to finish. It is an RBI-sanctioned process that allows savings account opening with no maximum account balance limitations. When you open an online savings account with IDFC FIRST Bank, a user-specific video KYC link is generated. You need to click on it, and bank representatives conclude the KYC process through a video call. IDFC FIRST Bank ensures the utmost security of customer data throughout the video KYC process.

Video KYC combines the ease of digital banking and an in-branch experience. During the pandemic, customers could open bank accounts through video KYC without venturing out of their homes. Even now, busy customers can cut their trip to a bank short by opting for a KYC through video call. You get an experience of the future of banking with video KYC, which assures data safety, personalised human interaction, and remote banking, all at once.

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First ever FASTag-based green tax payment

With FASTag becoming increasingly useful in various non-toll expenses, new additions only make life easier for motorists. This year, IDFC FIRST Bank, in association with Tourism Development Corporation Manali, added the green tax payment feature to FASTag.

Tourists visiting Manali, Himachal Pradesh, must pay a green tax at the entry point. IDFC FRIST Bank's FASTag + Green Tax initiative has reduced the halting time for drivers entering Manali, making payments online and effortless than ever.

IDFC FIRST Bank was specifically selected by the Tourism Development Corporation Manali as the acquirer bank for this exercise. IDFC FIRST Bank has acquired service across 420 plus toll plazas and has issued over Ten million plus FASTags, with three million motorists using the services every day.

With IDFC FIRST Bank, entry to Manali city limits can now be cashless and convenient.

FASTag on WhatsApp

IDFC FIRST Bank ensures that your ride is cashless, even when you have a low balance on your FASTag. The 'Payments on WhatsApp' integration makes FASTag recharge easier than ever. You can recharge within IDFC FIRST Bank's WhatsApp chatbot without leaving the chat thread.

All you need to do is send a Hi to IDFC FIRST Bank's official WhatsApp chatbot number, +91-95555-55555. On the reply, you must select the Recharge option, enter the recharge amount, and enter the UPI PIN to authenticate the transaction.

Now to recharge your FASTag balance, you don't need to login into any mobile app, payment platform, or netbanking app. Just text your way to a cashless ride on the highway.

A first in Debit Cards

IDFC FIRST Bank understands the importance of exclusivity in today's personal banking experience. The FIRST Private debit card is lifetime-free and is an upper crest offering alongside the bank's premium saving and wealth management services.

The future of banking is here with a "first of its kind" card made of hybrid metal with silver detailing, providing access to premium IDFC FIRST Bank

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.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.