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DBS launches India’s first mobile-only bank

digibank 1DBS Bank has launched ‘digibank,’ India’s first mobile-only bank. According to the bank, breaking away from conventional banking norms with their onerous form-filling and cumbersome processes, digibank is a completely paperless, signatureless and branchless bank. It brings together an entire suite of ground-breaking technology – from biometrics to artificial intelligence. Account-opening can be done easily and effortlessly at an extensive network of outlets run by DBS’ partners; for a start, this includes over 500 cafes across India, the bank said. Customer authentication is done purely using Aadhaar card.

DBS group CEO Piyush Gupta, while launching the bank, said India’s banking system is at the cusp of massive change, and as a bank committed to shaping the future of banking, DBS is excited to roll out a revolutionary, mobile-only bank. With digital, the bank is able to create a completely different customer experience. digibank’s efficiencies and lower costs will enable to pass on significant benefits to customers in the form of greater customer value, he said. DBS India CEO Surojit Shome said DBS being the bank with largest presence in India among Singapore banks shows its long-standing commitment and confidence in Indian market. With a billion Aadhaar cards and over 200 million smartphone users in India, the opportunity for growth with digibank is huge, he said. Cricket legend Sachin Tendulkar also attended the launch event in Mumbai.


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