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Paperless Banking: Advantages And Steps to Apply for an Account Online

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In the changing atmosphere of financial services like banks, the shift towards paperless banking has become a famous feature of this digital world. However, this shift not only streamlines the banking processes but also delivers a number of attractive benefits to both consumers and banks.

So, let’s explore the advantages of paperless banking of IDFC FIRST bank and how to apply for a savings account online.

Contents

Advantages of Paperless Banking

1. Offers 24/7 access to banking services

With a digital bank account the individual can access their savings and current accounts anywhere and anytime, right from their mobiles. That means, no matter what type of banking service you need, checking the status of your transaction, transferring money, paying bills, and more are just at your fingertips.

2. Offers enhanced security

Paperless banking comes with advanced security measures like biometric verification, two-factor authentication, and many more. However, these digital transactions are encrypted, which helps in reducing the overall risk of unauthorised access or any type of fraud.

3. Helps to be greener

Are you aware that around 69 million tons of all paper products are only used by the US alone every year? But still, you are not ready to go paperless; you are helping with deforestation. So, going paperless helps you to reduce the environmental footprint.

4. Offers real-time access to account

Digital banking helps account holders to get real-time access to all the account information. That means any transactions, statements, check bank account details, etc, can easily be taken into account anytime by entering essentials into the IDFC bank page. 

5. Offers unparalleled convenience

This is no doubt the most important benefit of paperless banking. That means, with the introduction of banking apps in mobiles, account holders can easily access their accounts anytime and from any part of the world. On top of that, avail any type of banking services with just a few clicks.

6. Cost Savings

Both bank customers and banks benefit from reduced costs associated with paperless transactions. In simple words, customers can save on travel expenses and time while financial institutions like banks cut down on paper, printing, and storage costs.

However, these savings can be redirected towards improving digital infrastructure and enhancing the overall banking experience for the customers.

Steps to Apply Bank Account Online

Online saving account opening simple steps. They are: –

Step-1

Visit the IDFC official website of the bank that is https://www.idfcfirstbank.com/

Step-2

Go to the application link to open a savings bank account.

Step-3

Enter all the essential details like your name, mobile number, valid email address, Aadhaar number, PAN number, etc.

Step-4

Ensure to fill in all your professional details and then choose your savings account variant.

Step-5

Your savings account with IDFC Bank is ready, and you can start enjoying all the banking benefits with just a few clicks.

The Bottom Line

Paperless banking no doubt shows a pivotal shift towards efficiency, secure, and environmentally friendly banking. The reason behind this shift is the power-packed features offered by banks to their esteemed customers that helps them to save for the future and live a happy life.

Also Read: How Artificial Intelligence Will Continue to Change Banking