Development Bank of Singapore (DBS) has recently launched their new mobile banking, process innovation product called “Digibank”, which seem like they’re trying for an overhaul in the way we do banking now & going forward in the future. This new platform itself is a big step & no other bank has tried anything similar as of now. So what is it exactly?
“digibank” is like having an entire bank on your mobile phone & doesn’t require us to visit any of the physical branches. Entire operation is paperless & is done electronically through your phone. DBS is also claiming to have taken care of all the safety measures (including use of soft-tokens) required for such banking transactions.
DBS has decided to launch this new “digibank” in India considering the highest eCommerce & mobile banking growth in last two years. Continuous improvements will made in the process & if successful – they’ll clone this model in Indonesia, China & in other parts of the world where DBS will operate.
Almost every bank in India offers mobile banking through SMS or mobile apps. RBI’s guidelines for Internet banking through OTP have been very effective thus far. Some of them are nowhere close to being matured in providing the same experience in digital format. Visiting the bank still had no replacement & sometimes it become highly inconvenient, especially banks in India trying for five days a week routine going forward.
These days when the government is trying hard for the Digital India initiative, a comprehensive mobile banking experience is definitely missed by large number current mobile banking users. That’s one reason why I’m excited about this new “digibank” initiative by DBS. Pardon me if you think I’m bragging, but see for yourself.
What can we do with “digibank”?
- Because it’s through mobile, it’s a 24×7 banking
- Each needed transaction can be completed within 90 seconds
- 24×7 Virtual Assistant (like Siri) who answers your questions that you would normally ask at the branch. Speak to it or do a text search for the answers.
- Tailor-made experience based on profiles
- Seamless integration across multiple devices
- Robust safety & security standards
Who is it for?
“digibank” by DBS is currently being rolled-out for their customers across different markets, with focus on problem solving from traditional banking constraints.
That’s not all, “digibank” itself will mature & enhanced during this process. DBS bank is keen on working with other banks under their B2B proposition through its modular capability, so these banks can also provide a trusted & convenient platform to their customer, eventually lower costs attached with traditional banking processes.
To know more watch the video below or you can head over to: digibank’s website
Disclaimer: “This post has been presented by DBS, but all thoughts and opinions are my own.”