With the growth of digital technology, banking sector has gone through radical changes. From branches banking to the era of internet banking and ATM’s where banking facilities are available 24*7 at the ease of transacting from anywhere. Breaking away from the conventional way of banking, Singapore based DBS bank has taken a step to take banking to an altogether new level. DBS Bank has opened a ‘mobile-only’ bank in India called the ‘Digibank’.
Well Digibank is an innovative offering which combines cutting-edge technology from biometrics to artificial intelligence (AI) to give its customers a hassle-free banking experience. Digibank is a completely paperless, signatureless and branchless bank. So let’s explore what Digibank is all about and how it functions.
This mobile-only bank is completely paperless and has no physical presence in terms of branches in India. Digibank’s functionality is based on technologies like biometrics, AI, and natural language recognition and processing to provide its services.
How to open an account
To open a bank account with Digibank, a customer needs only an Aadhar card and a biometrics-enabled ID card for authentication and he or she can open an account with Digibank at any one of bank’s 500 partner cafes spread across India.
Features of Digibank
Digibank’s technology is supported by Kasisto, a US based startup which brings AI into banking. For Digibank, Kasisto has introduced KAI, an AI-powered virtual assistant. KAI is designed to anticipate and answer customer queries related to banking in real time.
Another feature of Digibank is an intuitive budget optimiser designed to help its customers to track their expenses, analyze their purchase trends and carry out budgeting. The budget optimiser is designed smartly to draw inference from customer behaviour and preferences and accordingly provide recommendations.
Another noteworthy feature of Digibank is enhanced security with dynamic inbuilt security. Like other traditional banks, Digibank does not require an OTP (One Time Password) to be received via SMS to carry out a transaction. Instead digibank has bettered its security system for transaction authorization through soft token security. Hence DBS customer don’t need to wait for SMS to carry out any transaction and have more secured banking experience with this technology.
Apart from these features, Digibank being cost effective is able to provide its customers more value. This mobile-only bank offers its account-holders an interest rate of 7%, one of the highest in the Indian banking market. Also there is no minimum balance requirement and customers can relish unlimited free cash withdrawals at over 200,000 ATMs nationwide. The account-holders are provided with a physical debit card which is valid across all Visa-enabled online and point-of-sale transactions domestically and internationally.
This initiative of mobile-only bank by DBS can act as a game-changer for the Indian banking industry. This can enable the Indian banking industry to go beyond the confines of physical banking and extend their reach with the help of breakthrough technology making banking more customer-friendly.