Monday, 6 March 2017

Banking reimagined: The Digibank way

Digibank by DBS is a radical innovation that has technology and the best banking practices at its core.

Imagine living in a world where there are no smartphones, no Internet connectivity on your laptop and no way to FaceTime with your friends. Sounds pretty bleak, doesn’t it? But this was the way people lived about two decades ago – and it seems just like yesterday that processes like banking and insurance involved filling out realms of paperwork and making endless trips to the main offices.

Not anymore. The best banks today realise that Internet-savvy millennials are not about to accept laxity or time lag in services. DBS Bank, for one, was amongst the first to realise the dangers of super-fast connectivity – that customers loved – with the threat of staying a few steps behind ever changing tech expertise. The challenge for banks today lies in developing products and services that sync well with social media, mobile phone screens and the latest in connectivity (4G, 4G LTE, etc) and in the bargain, still remain distinct banking products that customers can use at any time.

Thus, DBS Bank developed India’s first mobile-only banking platform, Digibank, a revolutionary banking app that is the last word in digital banking. The digital medium is at the heart of its services, and Digibank is testament to the innovative spirit behind this line of thought. The app strives to bring Indian digital banking on par with other markets like the US or Singapore, where a majority of daily banking transactions are digital in nature. DBS bank realises that merely offering a snazzy digital platform for banking is not enough, it must provide innovation in its products and services as well.

Digibank was conceptualised with this viewpoint – and so, it offers a multitude of benefits to customers. Being India’s first mobile-only platform for banking is not is only distinction – it has such features as:
  • A high 7% savings account interest rate on the first Rupee deposited

  • Functionality to convert the usual savings account to a zero balance account within minutes

  • Functionality to convert e-wallet to savings account within 90 seconds

  • Online account opening using only Aadhaar biometrics

  • Complete security while transacting – OTP authentication is bypassed in favour of automated authentication

  • 24/7 virtual assistant that understands voice commands and responds to thousands of banking queries in real time

  • Instant cash transfer by waving the Visa debit card at payWave terminals

  • Withdraw cash unlimited times per month from any bank’s ATM free of charge

  • Get at least 10% cashback on online shopping at partner merchants

…and many more.

Since Digibank uses the customer’s Aadhaar biometric credentials to open the account, there is no need for the customer to approach the bank branch; or indeed, to have many bank branches at all. This is DBS Bank’s most important step towards end-to-end digital banking.

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