DBS Bank is Singapore’s largest bank and a leading bank in Asia launched a ‘mobile-only bank’ in India on Tuesday. They will provide customers with a completely paperless, signatureless and branchless bank through biometrics and artificial intelligence.
The identification conducted using the biometric ID Aadhaar card and the new customers can open accounts at a network of partners outlets which includes over 500 cafes across India. It will provide customer service via a 24×7 AI-driven virtual assistant and it will handling natural language queries on banking transactions performed and conducting account transfers.
Instead of waiting OTP, it uses ‘Dynamic Inbuilt Security’, that will works like a soft token security and will be done automatically. About the cash withdrawals, it can be performed at up to 200,000 ATMs across India using a physical Visa debit card.
Global CEO of DBS Piyush Gupta said that they are targeting five million bank accounts in India with digibank and its wallet services. They accounts for around 5 per cent of the bank’s global book. The bank has invested Rs 6,500 crore in India so far.
DBS also offering more efficient cost structure some of them are, account-holders earn 7% interest from the first rupee it is one of the highest in the market, There are no minimum balance requirements needed and a physical debit card, which comes with the account, that can be used across all Visa-enabled online and point-of-sale transactions and as well as overseas.