Bank

DBS Bank Launch and its Salient features

Singapore-based DBS Bank launched its first mobile-only bank in India with the aim of getting over 5 million banking customers in India over the next 3 to 5 years. The digital bank of DBS will be totally paperless and branchless which will enable customers to open accounts by using biometrics-enabled IDs, Aadhaar card and Pan card to ensure that that there is no paperwork. To start with, DBS is hugely relying on the extensive network of outlets run by DBS’ partners, as they are tied up with 500 Café Coffee Day outlets.

At exclusive launch event on 26th April which is streamed live from the Tata Theatre at Mumbai’s National Centre for Performing Arts (NCPA), hosted by Gaurav Kapur, DBS CEO Piyush Gupta together with Sachin Tendulkar, officially unveiled digibank, India’s first mobile-only bank.

DBS bank is trying to make its customer happy and change the way we used to do banking. It will end the traditional system of banking in which customer need to wait to get any attention of the bank staff, to waste a long time in a queue etc. As a substitute, DBS trusts there’s a big market for customers who will like to complete the entire KYC process by using an Aadhaar card and in return can access a full range of banking functions via their mobile phones. It will be hassle free to open the account with DBS bank and at the same time, you can earn rewards like cash back and offers. The lack of legacy investments has left the bank with the ability and perhaps even the need to be more disruptive.

The digital bank will be giving 7% annual interest on your savings account in compared to 5% which it was offering till now, required no minimum balance and it will allow free cash withdrawal across all ATMs. It will offer customer service with a 24×7 artificial intelligence-driven virtual assistant, which recognizes natural language and has learning capacity, in order to reply in real-time. The AI-driven virtual assistant can answer queries and perform banking transactions, such as transferring funds to someone or finding out past transactions, hence remove the need for a call center agent.

Features:

The key features DBS digi banking is providing us are:

  1. Inbuilt security which is far better than OTP
  2. Zero balance account (no charges for quarterly balance maintenance)
  3. Free ATM transactions
  4. App comes with an intuitive budget optimizer

To promote the offering, it also brought Sachin Tendulkar on board to build trust and awareness, and a handy reminder in the form of a dinosaur named Digor, a dinosaur which survived extinction by adopting change.

As for safety, the bank is placing several checks to make assured that unauthorized payments or the ones which look suspicious are flagged. As the record suggest that DBS has a reputation of being the safest bank.

Person who would like to be involved with the technology and would like hassle free banking system must use a bank of DBS bank as it would be really new experience for him. DBS bank is trying a lot to make its customer happy and change the way we used to do banking.

Vikas Agarwal
the authorVikas Agarwal
Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of Finaacle.com - an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.

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