DBS Launches India’s First Mobile-Only Bank

DBS CEO Piyush Gupta

DBS CEO Piyush Gupta

Singapore’s DBS Bank has officially unveiled «digibank» India’s first mobile-only bank. The revolutionary offering brings together an entire suite of ground-breaking technologies from biometrics to artificial intelligence. 

Breaking away from conventional banking «digibank» is a completely paperless, signature-less and branchless bank. 

Account-opening can be done easily and effortlessly at an extensive network of outlets run by DBS’ partners, which includes over 500 cafes across India. Significantly, there is no paperwork involved. Instead, customer authentication is done purely using the Aadhaar card, a biometrics-enabled ID which has been issued to over 1 billion Indians in what is the world’s largest biometric identification programme. 

Conversational Technology

DBS is able to leverage futuristic Artificial Intelligence (AI) technology to deliver hassle-free banking because of its partnership with US-based fintech Kasisto. In Asia, DBS is the only bank harnessing experimental conversational technology from Kasisto, a spin-off from SRI International which created the technology behind Siri.

«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,» said Piyush Gupta, DBS Group Chief Executive.

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