DBS Bank launched a ‘mobile-only bank’ in India.
- The ‘digibank’ uses technologies, such as biometrics and artificial intelligence, to enable paperless, signature-less and branchless bank.
- The bank will leverage biometrics-enabled ID and Aadhaar card to ensure that that there is no paperwork.
- It will provide customer service via a 24x7 artificial intelligence-driven virtual assistant, which understands natural language and has learning ability, so that it is able to respond in real-time.
- The digital bank will also have an intuitive budget optimiser that will help 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 recommendations.
- It also has embedded soft token security, avoiding the need to wait for SMS to arrive.
- Account-holders will have no minimum balance requirements, earn 7 per cent interest for accounts opened on digibank and can avail themselves of free cash withdrawals at over 200,000 ATMs nationwide.
- The account will also provide a physical debit card which can be used across all Visa-enabled online and point-of-sale transactions, as well as overseas.
- DBS India accounts for around 5 per cent of the bank’s global book.
- The bank has invested ₹6,500 crore in India so far.
- DBS Singapore, which has applied for a wholly-owned subsidiary licence in India, plans to operate around 70 branches in India and focus on expanding its SME business.
DBS Bank :
- Founded- 1968; 48 years ago
- Headquarters- Singapore
- Chairman - Peter Seah Lim Huat
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