DBS Launches New Mobile-Only Bank in India

Dated: May 02, 2016


DBS Bank, Singapore’s largest bank and a leading bank in Asia has officially unveiled digibank, India’s first mobile-only bank. A revolutionary offering, digibank brings together an entire suite of ground-breaking technology – from biometrics to artificial intelligence (AI) – to enable customers to enjoy a whole new way of banking.

“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.” Said DBS CEO Piyush Gupta.

“Among the Singapore banks, DBS has the largest presence in India. This reflects our long-standing commitment and confidence in the market. Over the years, the bank has grown its corporate banking and SME franchise meaningfully. Going forward, we would like to extend our reach in the consumer segment as well. With a billion Aadhaar cards and over 200 million smartphone users in India, the opportunity for growth with digibank is huge.” Said Surojit Shome, DBS India CEO.

DBS Bank is also deploying customer service and support via an virtual assistant. The assistant is an AI developed by US-based company Kasito. DBS Bank using is conversational technology similar to Apple’s SIRI. The bank added that the virtual assistant can perform transactions such as showing balance and even paying someone.  The AI can currently answer 10,000 customer questions.

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