DBS Digibank – fully digital bank Qorus Banking Innovation Awards 2016 - Winner

Digibank India is DBS Bank’s first release of a new approach to banking and brings together many ground-breaking technologies from biometric customer on-boarding to artificial intelligence to transparent high-level security. Nandan Nilekani, co-founder of Infosys and former chairman of Unique Identification Authority of India described digibank’s launch as heralding a “WhatsApp moment of banking”. Unlike traditional mobile and internet banking applications that are merely “digital lipstick” on top of bricks-and-mortar banks, digibank is an end-to-end digital bank in a mobile phone. It is built from the ground up for the digital world; able to scale rapidly and integrate seamlessly into customers’ digital lives. It has customer analytics woven into the fabric of the application, is built to virtually remove the need for operational support intervention and can meet the toughest banking security standards in the world, all while delivering a truly first-class customer experience. Digibank leverages India’s recent embrace of the digital economy, with its explosion in smartphone ownership and the widespread adoption of the national Aadhar card for digital identification (with cards issued to over 1 billion Indians). Digibank is targeted at Indian consumers embracing digital financial services. Customers can converse with and perform financial transactions and queries using an artificial-intelligence powered virtual assistant. Together with Digibank’s intelligent budget optimizer, we can analyse customer data, understand behaviour and preferences, and provide actionable recommendations. Our ecosystem of partners will surround our customers through unique technology solutions and consumer deals to meet their everyday needs.