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  1. Infosys Finacle
20 July 2018

DBS Digibank: A Revolutionary New Way To Bank

DBS Bank highlights:

  • $518 billion in assets
  • 18 markets across the world and counting
  • ‘World’s best digital bank’ award by Euromoney

Like customers, like bank: TRULYDIGITAL

DBS serves some of the world’s fastest growing mobile markets and saw an opportunity to create a bank that was truly digital right down to its core. A bank to both impress the digital generation and simplify banking for millions of people.

To achieve this, while ensuring easy scalability and empower growth, DBS adopted a three-pronged strategy.

  • Reimagine the customer journeys
  • Embrace modern technology
  • Transform the company culture

DBS envisioned a branchless, mobile-only bank that would offer all the functionalities of a physical bank, while making every process paperless and seamless. The result – Digibank – a simple, convenient and secure way to bank on-the-go.

To ensure such convenience along with robust security called for a flexible, scalable and resilient platform on which DBS could build their services and launch new features. And that’s why DBS chose Infosys Finacle.

Modern platform, designed for agility

DBS required a partner who could help them transform Digibank into a truly digital outfit with speed and efficiency, and the Infosys Finacle team delivered did just that.

Advanced Solution Suite for core and wealth products to design personalised customers journeys and enable continuous innovation. Agile Delivery to break down the delivery requirements into sets of work items to be completed in sprint cycles. Design Thinking Principles for the requirement gathering and design stage.

Digibank uses one-fifth of the resources required in a traditional bank set-up.

Reaching 1.8 million people in 18 months

A unique and incredibly forward-looking service, Digibank gained over 1.8 million customers in India, within just 18 months of its launch. Here’s how Digibank achieved its vision of reimagining and simplifying the banking experience.

Convenience: Customers can open an account right from the mobile app, requiring minimal data and zero paperwork, in just 90 seconds.

Wallet to Savings Account: Customers can open a wallet account and can convert into a savings account anytime to enjoy greater returns.

Open Banking: Leveraging UPI, DBS empowers its customers to manage all their external bank accounts through its app. They can see real-time balances and send or receive payments.

Invest in a Flash: Customer can open a wealth account in a jiffy, create a personalized risk profile, and purchase, track and redeem mutual fund on-the-go.

Manage Finances Wisely: With budget optimizers, customers can track expenses, analyze purchase patterns and get actionable advice.

Frictionless Payments: Customers can make payments using their Digibank app at all QR-enabled stores and website.

Contact Infosys Finacle to learn more.

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