DBS Bank has launched digibank -- a mobile only-bank --in India yesterday (26 April 2016).
"India's banking system is at the cusp of massive change, and as a bank committed to shaping the future of banking, we are excited to roll out a revolutionary, mobile-only bank. With digital, we are able to create a completely different customer experience. What's more, digibank's efficiencies and lower costs enable us to pass on significant benefits to customers in the form of greater customer value," said DBS CEO Piyush Gupta.
The digibank leverages an entire suite of modern technologies -- from biometrics to artificial intelligence (AI) -- to improve the way customers do banking.
Through partnership with US-based fintech Kasisto, the customer service of digibank is provided with a 24/7 AI-driven virtual assistant which responds to the queries of the customers regarding their banking transactions.
On top of that, the digibank has a built-in budget optimiser to help customers do their budgeting, track expenses and analyse purchasing trends. For example, this technology studies the spending patterns of customers thus prompt them if they are overspending.
The digibank also has an embedded soft token security to avoid the need to wait for One-Time Passwords (OTPs) to arrive and provide strong security for transaction authorisation. The OTPs are sent to bank customers via SMS and allow them to type codes into pages to authorise mobile banking transaction.
Account opening in digibank can be done on outlets run by DBS' partners which includes over 500 cafes across India. Customer authentication involves no paperwork and done through the Aadhaar card-a biometrics-enabled ID which has been issued to over one billion Indians.
"Among the Singapore banks, DBS has the largest presence in India. This reflects our long-standing commitment and confidence in the market. Over the years, the bank has grown its corporate banking and SME franchise meaningfully. Going forward, we would like to extend our reach in the consumer segment as well. With a billion Aadhaar cards and over 200 million smartphone users in India, the opportunity for growth with digibank is huge," said Surojit Shome, DBS India CEO.
Meanwhile, digibank account-holders can earn seven percent interest from the first rupee and enjoy unlimited cash withdrawals at over 200,000 ATMs across the country. In addition, there are no minimum balance requirements and a physical debit card-which comes with the account-can be used across all online and point-of-sale transactions enabled by Visa, locally and overseas.
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