DBS Bank becomes India’s first mobile-only bank, uses AI-based virtual assistant targeting 5 million customers.
Asia’s leading bank, Development Bank of Singapore is shaping the future of banking with Kasisto’s conversational Artificial Intelligence platform. Currently, DBS is operating around 12 branches in tier-1 cities. DBS made an announcement that KAI platform is powering the virtual assistant in mobile-only bank (Digi bank) launched in India.
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Development Bank of Singapore is currently operating around 12 branches in tier-1 cities. DBS has the target of expanding to 50 branches by 2018. DBS unveiled digibank, India’s first mobile-only bank, targeting 5 million retail customers. The bank said Digibank will bring together the ground breaking technology from biometrics to artificial intelligence for customers.
Digibank is breaking the norm of banking with their cumbersome processes and onerous form-filling, to a signature less, paperless and branch less bank.
Because of some policies under Comprehensive Economic Cooperation Agreement (CECA), Singapore did not allow Indian banks viz., State Bank of India and ICICI Bank to grow its reach in their market. As a reciprocal strategy, Indian government stopped the expansion of DBS bank into its retail operation in India.
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To strengthen its roots, it completely implemented the digital branch which works on the principle of artificial intelligence. Since there is no paperwork needed, customer authentication is done using the Aadhaar card, a biometrics-enabled ID which has been issued to over one billion Indians.
Personalised profile and customised Quicklinks – Customers can customise their own profiles with a picture or nickname, and can also create short-cuts for their favourite mobile banking services (First in industry)
• Payments made easier – Customers can use a list of recent and favourite payees for faster transactions (First in industry)
• Instant account opening – Customers can open an additional banking account with just a few simple steps
• Touch ID – Customers can log on to their account securely with their fingerprint
DBS global CEO Piyush Gupta said, the bank is targeting five million bank accounts in India with its wallet services and digibank. DBS bank had invested Rs.6, 500 crore in India so far. He also added, “We selected India over other countries like China for the initial launch as the required infrastructure is already in India”.
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Account-holders earn 7% interest from the first rupee, one of the highest in the market
• Customers enjoy unlimited free cash withdrawals at over 200,000 ATMs nationwide
• There are no minimum balance requirements
• A physical debit card, which comes with the account, can be used across all Visa-enabled online and point-of-sale transactions, as well as overseas
Piyush Gupta also said that, we will launch Digibank in China and Indonesia next and “we want to build a liability book of Rs.50, 000 crore and an asset book of Rs.10, 000 crore in the next two-three years on this platform.”
Customers, who are having existence account with DBS, can take the advantage of it to transfer funds to Digibank. Customers can login to app to open a digital wallet of their own.
DBS has bargained with US-based fintech Kasisto, startup providing AI-centric customer solutions, to provide virtual assistance to customers. DBS says, instead of using the One Time Password (OTP) authentication of transaction on mobile phone, it uses ‘Dynamic Inbuilt Security’. Users no need to wait for OTP and type it in to authorize the transaction because it done automatically.
DBS takes 90 seconds to open an e-wallet, without the need of any signatures or paper. This e-wallet will also offers discounts and coupons at select merchants.
Customers need to submit your Aadhaar card and Biometrics for authentication at any of the 500 Cafe Coffee Day outlets which have partnered with DBS for the same. The DigiSaving offers 7% interest on your savings and cashback upto 10% on shopping.