Source: DBS. From left: Sachin Tendulkar, Cricketer, digor
the digibank mascot, DBS CEO Piyush Gupta.
- Introducing a pioneering Virtual Assistant powered by artificial intelligence.
- Account creation utilizes Aadhaar, the largest biometric identification system globally.
DBS Bank, headquartered in Singapore and a prominent financial institution in Asia, has introduced digibank, India’s inaugural mobile-centric bank. This innovative banking platform harnesses advanced technologies, including biometrics and artificial intelligence (AI), to offer customers a novel banking experience.
According to DBS, digibank operates entirely digitally, eliminating the need for physical paperwork, signatures, or branches. Account opening is facilitated through a network of partner outlets, including over 500 cafes across India. This process bypasses any physical documentation. Customer verification is conducted using the Aadhaar card, a biometric-enabled identification document issued to over one billion Indian residents, representing the world’s largest biometric identification program.
Other groundbreaking features include:
• Around-the-clock customer support is provided by an AI-powered Virtual Assistant. Digibank customers can interact conversationally with this virtual assistant to obtain answers to inquiries or execute banking transactions, such as: “What’s my current account balance?”, “Display my recent transactions”, or “Transfer 100 rupees to Amit”.
The virtual assistant’s ability to comprehend natural language and continuously learn enables it to provide real-time responses. It possesses the capability to predict and address approximately 10,000 customer inquiries, with its knowledge base expanding daily. DBS stands out as the sole bank in Asia utilizing this experimental conversational technology from the US-based company Kasisto, a spin-off from SRI International, the organization behind Siri’s technological foundation.
• An intelligent and user-friendly budget optimization tool assists customers in managing their finances, tracking expenditures, and examining spending patterns. This feature intelligently interprets customer behavior and preferences, analyzes data, and offers recommendations.
For instance, it can interpret a customer’s spending habits to present them with relevant and targeted marketing promotions, such as restaurant discounts for food enthusiasts or coffee coupons for coffee lovers. Additionally, it monitors spending patterns and alerts customers if they exceed their budget. Conversely, if a customer consistently saves more than they spend, digibank will propose strategies to maximize the growth of their savings.
• Security is reinforced through integrated dynamic security measures, which DBS asserts are more secure than traditional one-time passwords (OTPs). Instead of waiting for OTPs via SMS and manually inputting codes to authenticate mobile banking transactions, digibank employs an embedded soft token for security. This eliminates the need to wait for SMS delivery and provides a higher level of security for transaction authorization.
Due to digibank’s more streamlined and cost-effective operational structure compared to traditional banking models, it can provide enhanced customer value propositions:
• Account holders accrue a 7% interest rate from the first rupee deposited, positioning it among the most competitive rates in the market.
• Customers benefit from unlimited complimentary cash withdrawals at over 200,000 ATMs nationwide.
• There are no minimum balance stipulations.
• A tangible debit card, provided with the account, can be utilized for all Visa-enabled online and point-of-sale transactions, as well as internationally.
DBS CEO Piyush Gupta stated, “India’s banking sector is on the verge of a significant transformation, and as a bank dedicated to shaping the future of banking, we are thrilled to introduce this revolutionary mobile-centric banking platform. Through digital innovation, we can craft an entirely unique customer experience. Furthermore, digibank’s efficiency and reduced operational costs empower us to extend substantial advantages to our customers by delivering exceptional value.”
Surojit Shome, CEO of DBS India, remarked, “Among Singaporean banks, DBS maintains the most extensive presence in India. This underscores our enduring commitment to and belief in the potential of this market. Over time, the bank has substantially expanded its corporate banking and SME portfolio. Looking ahead, we aim to broaden our reach within the consumer segment as well. With a billion Aadhaar cards in circulation and over 200 million smartphone users in India, the growth opportunities for digibank are vast.”
Nandan Nilekani, co-founder of Infosys and former chairman of the Unique Identification Authority of India, shared his perspective, “I firmly believe that we are currently witnessing the ‘WhatsApp moment’ in banking, where paperless, presence-less, and cashless transactions are poised to fundamentally reshape the banking industry. I view digibank’s utilization of Aadhaar as a prime illustration of what the future holds.”
Cricket icon Sachin Tendulkar added, “With numerous commitments, time is invaluable, and every minute counts. Digibank’s straightforward and user-friendly nature encourages customers to focus on living their lives rather than being bogged down by banking complexities. DBS has earned a reputation for trustworthiness and security, making them a preferred banking partner.”
Source: DBS. Take a quick peek at your balance with the digibank mobile app.
This announcement follows the recent debut of the DBS digibank mobile application in Singapore in late March. The mobile application enables customers to conveniently check their account balances with a simple swipe on their mobile devices or Apple Watch. The Peek Balance feature eliminates the need for any pre-login procedures and can be configured for any of the user’s DBS/POSB deposit or credit card accounts. The development of this feature stemmed from account balance inquiries being the most frequent request from DBS customers across all banking channels, including ATMs, online platforms, and the bank’s call center.
In addition to the mobile application’s enhanced layout and more instinctive navigation, DBS digibank provides customers with:
• Individualized profile customization and tailored quick links.
• A more efficient payment experience with a readily accessible list of recent and preferred payees, facilitating faster transactions.
• Simplified account opening for additional banking accounts with just a few easy steps.
• Touch ID functionality, allowing secure account login using fingerprint authentication.
Pearlyn Phau, Deputy Group Head of Consumer Banking & Wealth Management at DBS Bank, commented, “In response to the increasing technological proficiency of our customers and the growing adoption of smartphones, we have designed our digital banking services to be both innovative and adaptable, effectively addressing customer requirements and providing an intuitive and relevant banking experience. It’s about harnessing top-tier technology to deliver a superior customer experience.”
Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore) at DBS Bank, added, “As a financial institution serving nearly five million customers in Singapore, we are raising the bar not only in terms of the diversity of our digital offerings but also in providing a comprehensive and unified customer experience across all our platforms. We achieve this by adopting our customers’ perspectives, prioritizing their needs, and ensuring a clear understanding of their fundamental banking objectives. With DBS digibank, we aim to seamlessly weave banking into our customers’ daily routines, making banking simpler and more convenient for them.”
Since its initial soft launch on March 14th, DBS digibank has garnered over 200,000 downloads. DBS currently holds the largest online and mobile banking customer base in Singapore, boasting over 2.5 million and 1.25 million users, respectively, who collectively execute over 1.2 million transactions daily across the bank’s digital channels. The bank’s customer mobile activity remains unparalleled within the industry in Singapore, with mobile banking accounting for more than 60% of the bank’s daily logins, exceeding 500,000.
In December 2015, DBS also piloted a digital account opening process for new customers. With just a few clicks, individuals new to the bank can conveniently establish savings accounts without the necessity of physically visiting a branch.
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