About
DBS digibank India is India’s first end-to-end fully digital bank, enabling banking that is paperless, signature-less and branchless and able to integrate into customers’ everyday digital banking needs.
Innovation presentation
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.
Uniqueness of the project
DBS is delivering a ground-breaking combination of innovative technology and customer-centric capabilities as part of its digibank application that enable it to be fully digital, including:
– Artificial Intelligence (AI) Virtual Assistant™ – Digibank is the first bank in India, and one of the first globally, to offer an AI Virtual Assistant™ that can not only understand text and speech, but can actually contextualize requests based on a running conversation and learn from past customer interactions
– Biometric Paperless On-boarding – Digibank is the first bank in India to offer biometric and paperless on-boarding of customers. Rather than going to a branch, the biometric verification can be done at a place of the customer’s convenience.
– Embedded Soft-token Two-factor Authentication (2FA) – Digibank meets the toughest banking security standards in the world with a unique combination of highly secure 2FA embedded in the app and a simple-to-use and seamless customer experience.
– Direct contact to support staff if required – While 93% of our customer queries are being handled by out AI virtual assistant, some queries still require direct support from our staff. In these situations, we enable direct transfer of chats to our staff. No need for further login’s, identification or queuing.
– Infused with Customer Analytics – Customer analytics are woven throughout the application build, which allows us to identify friction points that need “oiling” from a customer experience perspective. The data is also linked to a state-of-the art contextual marketing platform that provides customized offers, advice and messages. In addition, the “Stated Preference” capability collects customer’s opinions, thoughts and preferences, which would normally take years to deduct from regular data alone.
– Personal Finance Manager – Digibank has an intelligent budget optimizer that helps customers budget, track expenses and analyse purchasing patterns. It can analyse customer data, understand behaviour and preferences, and provide actionable recommendations.
– API eco-system – All of digibank is built on a Service Oriented Integration architecture, which enables rapid and secure API integration with service providers and the seamless linking to ancillary financial service partners’ platforms, which extends our range of customers services offerings.
In addition to the innovative technology and biometric on-boarding solutions outlined above, digibank has also been built from the ground up with the “Designed for No Operations” principles in mind.
– Designed for No Operations (DFNO) - DFNO is a design principle that looks at all customer journeys and seeks to achieve the business objectives in a way that removes or minimizes operational support touch-points. DFNO is an essential element to enable scalability.
– Fully automating initial customer screening and controls – Enabling a fully digital customer on-boarding capability brings with it additional risk management challenges. The bank has developed automated solutions that can operate real-time to undertake initial customer verification to detect potential customer verification anomalies at the time of on-boarding, with automated or human responses as required.
