DBS introduces new mobile-only bank with virtual assistance in India

DBS introduces new mobile-only bank with virtual assistance in India

Most of us would surely have wondered: "what is my account balance?" at one point or another, but imagine being able to get the answer by just asking the question and talking to your phone.

DBS Bank's new mobile-only bank in India, called digibank, offers this exact service, along with a whole suite of ground-breaking technology.

Launched on Tuesday (April 26), it allows customers to converse with an artifical intelligence-powered virtual assistant to get queries answered and banking transactions performed in real time.

In a statement, DBS described the service as "akin to having a banker at one's beck and call".

Digibank also has a budget optimiser feature which helps customers do their budgeting, track expenses, and analyse purchasing trends. It can also prompt customers if they are over-spending, and suggests ways for the user to invest his/her money.

DBS explained that the mobile-only bank will be "completely paperless, signatureless and branchless", and that opening an account can be done effortlessly at an extensive network of outlets run by DBS' partners, including 500 cafes across India.

When customers open an account, no paperwork will be involved, and customer authentication is done purely using the Aadhaar card, a biometrics-enabled ID card which has been issued to over a billion Indians.

Other attractions of the digibank include a seven per cent interest rate, unlimited free cash withdrawals at over 200,000 ATMs in India, and no minimum balance requirements.

DBS CEO Piyush Gupta said that the mobile-only bank was "revolutionary", and offered a completely different customer experience. "Digibank's efficiencies and lower costs enable us to pass on significant benefits to customers in the form of greater customer value," he added.

seanyap@sph.com.sg

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