DBS Bank creates mobile-only bank in India

Source: DBS. From left: Sachin Tendulkar, Cricketer, digor 

the digibank mascot, DBS CEO Piyush Gupta.

• Breaks new ground with artificial intelligence-driven Virtual Assistant
• Account-opening leverages Aadhaar, the world’s largest biometric ID programme

DBS Bank, Singapore’s largest bank and a leading bank in Asia, has unveiled digibank, India’s first mobile-only bank. The new type of bank uses technologies like biometrics and artificial intelligence (AI) to enable customers to enjoy a new way of banking.

According to DBS, digibank is completely paperless, signatureless and branchless. Account-opening is done via a network of outlets run by DBS’ partners, including over 500 cafes across India. There is no paperwork involved. Instead, customer authentication is done with the Aadhaar card, a biometrics-enabled ID which has been issued to over 1 billion Indians in what is the world’s largest biometric identification programme.

Other features include:

• Customer service provided by a 24x7 AI-driven Virtual Assistant, which understands natural language and has learning ability. It can already anticipate and answer some 10,000 customer questions, with new knowledge added every day. In Asia, DBS is the only bank harnessing experimental conversational technology from US-based Kasisto, a spin-off from SRI International which created the technology behind Siri.

• An intelligent, intuitive budget optimiser that helps customers budget, track expenses and analyse purchasing trends. The function is smart enough to understand customer behaviour and preferences, synthesise data, and provide recommendations.

• Security is enhanced through dynamic inbuilt security, which DBS says is safer than a one-time password (OTP). Instead of receiving OTPs via SMS, and then typing codes into pages to authorise mobile banking transactions, digibank has an embedded soft token for security, avoiding the need to wait for SMSs to arrive and providing even stronger security for transaction authorisation.

As digibank has a more efficient cost structure compared to brick-and-mortar banking, it can offer better client value:

• Account-holders earn 7% interest from the first rupee, one of the highest in the market
• Customers enjoy unlimited free cash withdrawals at over 200,000 ATMs nationwide
• There are no minimum balance requirements
• A physical debit card, which comes with the account, can be used across all Visa-enabled online and point-of-sale transactions, as well as overseas

Said DBS CEO Piyush Gupta, “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 Surojit Shome, DBS India CEO, “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 Nandan Nilekani, co-founder of Infosys and former chairman of the Unique Identification Authority of India, “I have been a great believer that we are now at the ‘WhatsApp moment of banking’, where paperless, presenceless and cashless transactions are going to completely transform the banking industry. I believe digibank using Aadhaar is a great example of what’s to come.”

Said cricket legend Sachin Tendulkar, “With multiple commitments, time is at a premium and every minute matters. The simplicity and ease of digibank encourages customers to live more and bank less. DBS is known for values of being trusted and safe which make them a banking partner of choice.”

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