Could Digibank be the Future of Banking?

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Digibank is the brain child of singapore’s DBS (Development Bank of Singapore), it is the first mobile only bank in India, meaning that it is completely paperless, branchless and signatureless.

Account-opening can be done easily and effortlessly at an extensive network of outlets run by DBS’ partners, including over 500 cafes across India. No paperwork will be involved and instead, customer authentication is done purely using the Aadhaar card, a biometrics-enabled ID which has been issued to over 1 billion Indians – FinTech Innovation editors

Digibank has a host of  neat features including –

Feature #1

24/7 customer service which is provided by a real-time, AI-driven virtual assistant, which understands natural language and has the ability to anticipate and answer about 10,000 customer questions. The AI feature was made possible by US based Fintech company Kasisto who specialize in mobile virtual intelligence

Feature #2

An inbuilt budget optimizer which will help customers do their budgeting, track expenses and analyze purchasing trends. The function is equipped to understand customer behavior and preferences, synthesize data, and provide recommendations.
According to FinTech Innovation editors –

The budget optimizer can inform customers of relevant, contextual marketing offers such as restaurant discounts for a foodie or coffee vouchers for a caffeine-lover. It also studies customers’ spending patterns and prompts them if they are overspending. Conversely, if a customer’s savings regularly exceed his or her expenditure, digibank will provide suggestions on how to make one’s money work harder

(Talk about customer experience)

Feature #3

An inbuilt soft token security feature, which is safer than OTP ensures that customer transactions are well secure.

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Tweet by @digibank

Digibank customers will also earn a 7% interest from the very first rupee and their account have no minimum balance restrictions. The customers recieve a physical debit card which can be used across all Visa-enabled ATMs and on POS terminals around the world to access cash and make payments.

Banking as we know it might be on the verge of massive change if Digibank goes on to become a very successful initiative. A mobile-only bank promises to offer completely new customer experiences and might augur well with the younger generation considering that robust mobile banking options is an important feature that Millenials expect from their banks.

There are alot of possibilities that could arise from mobile-only banking, but i would love you to weigh in on this, do you think this could be the future of banking?

Kelechi Okeke
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