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.