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  1. DBS’ mobile-only bank: Open account in a cafe, talk to Virtual Assistant

DBS’ mobile-only bank: Open account in a cafe, talk to Virtual Assistant

DBS Bank of Singapore’s recently unveiled Digibank, what it claimed is India’s first mobile-only bank.

By: | New Delhi | Published: April 30, 2016 11:31 AM
digibank dbs DBS Bank of Singapore’s recently unveiled Digibank, what it claimed is India’s first mobile-only bank. (Website)

DBS Bank of Singapore’s recently unveiled Digibank, what it claimed is India’s first mobile-only bank. Digibank brings together an entire suite of technology – from biometrics to artificial intelligence (AI) – to customers and is a completely paperless, signatureless and branchless bank.

While most banks are offering banking facilities through mobile, DBS has said digibank has some unique features. Here are some of those features.

–Account opening can be done easily through an extensive network of outlets run by DBS partners which includes over 500 cafes across India.

–Instead of paperwork, customer authentication will be done purely using the Aadhaar card.

–Customer service provided by a 24×7 AI-driven Virtual Assistant. Wherever they are, whatever their need, digibank customers can converse with digibank’s AI-powered virtual assistant to get their queries answered or banking transactions performed. “What is my account balance?”, “Show me past transactions”, “Pay Amit 100 rupees”. Because the virtual assistant understands natural language and has learning ability, it is able to respond in real-time. Today, it can already anticipate and answer some 10,000 customer questions, with new knowledge added each passing day. This is akin to having a banker at one’s beck and call, without having to speak to a call centre agent.

–In-built into digibank is a budget optimiser that helps customers do their budgeting, track expenses and analyse purchasing trends. The function is smart enough to understand customer behaviour and preferences, synthesise data, and provide recommendation. For example, it can make sense of customers’ spending habits to reward them with relevant, contextual marketing offers such as restaurant discounts for a foodie or coffee vouchers for a caffeine-lover. It also studies customers’ spending patterns and prompts them if they are overspending. Conversely, if a customer’s savings regularly exceed his or her expenditure, digibank will provide suggestions on how to make one’s money work harder.

–Security is enhanced through dynamic inbuilt security. Most bank customers receive One-Time Passwords (OTPs) via SMS, and then typing codes into pages to authorise their mobile banking transactions. digibank has an embedded soft-token security, avoiding the need to wait for SMSs to arrive and providing even stronger security for transaction authorisation.

–Customers enjoy unlimited free cash withdrawals at over 200,000 ATMs nationwide

–There are no minimum balance requirements

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