Singaporean lender DBS Bank has launched a mobile-only bank in India, named digibank, which leverages a range of advanced technologies including biometrics and artificial intelligence to offer branchless banking to customers.
Customers can open accounts using biometrics-enabled ID Aadhaar card, and will be serviced by artificial intelligence-driven-driven virtual assistant that understands natural language, has learning ability, and can respond in real-time.
Go deeper with GlobalData
The banking app also features an inbuilt budget optimiser that allows customers to track expenses, evaluate purchasing trends and do budgeting. The bank addresses security concerns by using soft token security that phases out the requirement to wait for SMSs and offers enhanced security for transaction authorisation.
The bank will offer customers 7% interest, zero minimum balance requirements, unlimited free cash withdrawals at over 200,000 ATMs throughout India, as well as a physical debit card that can be used at all Visa-enabled online and point-of-sale transactions and overseas.
DBS CEO Piyush Gupta said: "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."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
