Singapore's DBS launches mobile-only bank in India

DBS Bank has launched a mobile-only bank (digibank) in India; the bank says this will provide customers with a completely paperless, signatureless and branchless bank. DBS CEO Piyush Gupta said, “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", adding that with a billion Aadhaar cards and over 200m smartphone users in India, the opportunity for growth with digibank is huge.

Singapore's DBS has launched a mobile-only bank in India, incorporating a host of ground-breaking technology, from AI to biometrics.

Heralding the launch of digibank as a 'WhatsApp moment in banking', DBS says the new bank will provide customers with a completely paperless, signatureless and branchless bank.



Prospective customers can open accounts at a network of partners outlets which includes over 500 cafes across India, with authentication conducted using the biometric ID Aadhaar card.



Customer service is provided by a 24x7 AI-driven virtual assistant, capable of handling natural language queries on banking transactions performed and conducting account transfers. The bank says the bot - developed by SRI Lab's Siri spinoff Kasisto - can already anticipate and answer some 10,000 customer questions, with new knowledge added each passing day.



The bank also provides a smart budgeting tool, capable of analysing user spending habits and making recommendations, while cash withdrawals can be performed at up to 200,000 ATMs across India using a physical Visa debit card.



DBS CEO Piyush Gupta, says: “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.”



With a billion Aadhaar cards and over 200 million smartphone users in India, the opportunity for growth with digibank is huge, he says.



In related news, DBS has taken an undisclosed minority stake in San Francisco-based AI firm Kasisto, joining existing backers BBVA and Wells fargo.