DBS Bank launches mobile-only bank
Written by Chris Lemmon
Singapore-based DBS Bank has unveiled digibank – a digital-only bank designed specifically for mobile.
The new solution is paperless and signatureless, and brings together a suite of new technologies, from biometrics to artificial intelligence. Customers will be able to converse with digibank’s AI-powered virtual assistant to get their queries answered, while an intelligent financial planning and monitoring feature helps customers to be smarter with their money.
Digibank also has an embedded soft token security, avoiding the need to wait for SMSs to arrive and providing even stronger security for transaction authorisation. Soft token is a dynamic inbuilt security which is safer than OTP.
Customers will also benefit from the regional connectivity that DBS offers. This includes the ability to make cash withdrawals in Singapore at any DBS and POSB ATM, without any fees.
Piyush Gupta, CEO of DBS, said: “A few years ago, we would not have imagined that it would be possible to launch an entire bank in a mobile phone. With digibank, we’ve built a bank that pulls together the power of biometrics, natural language, artificial intelligence and in-built security in one offering.
“We believe this mobile-led offering represents the future of banking, and are excited to introduce this in Indonesia, a core market for us in Asia.”