New age banking, only with Digibank

DBS Bank, Singapore’s premier banking institution, has been going great guns in India as well. Known for quality products and services for premium customers, DBS Bank has been setting important benchmarks across all customer touchpoints as regards innovation and great service. But when the bank unveiled Digibank for India, it truly surpassed all its previous milestones by far.

For the uninitiated, Digibank is the country’s first mobile-only banking app for the new age Internet-savvy customer. The core ethos of Digibank spells out a philosophy that is in sync with the rapid strides that technology and Internet penetration have been making in India. As ambitious as its plan seems at first, it is well on its way to becoming the most successful experiment of its kind: a completely paperless and branchless banking touchpoint accessible over the mobile smartphone.

But this is only the start of the wonderful exploration that is Digibank. True to its commitment to offering the latest tech for the fastest turnaround times in banking, the app offers a multitude of benefits for its customers. Chief among these are:

1. Highest interest rate on savings. Most banks in India offer about 4% interest rate on savings deposits, while a few offer 6%. But Digibank outperforms them all – it offers a high 7% interest rate on savings account deposits. This is the highest savings account interest rate in India at the moment. If you do the math, you realise that the more you save, the more interest you earn on it. And the interest is payable right from the first Rupee of deposit.
   
   
2. Easy conversion into a zero balance account. Digibank makes it possible for you to convert your existing savings account into a zero balance savings account within mere minutes. Plus, it has an end-to-end online bank account opening functionality – this means that you do not need to visit the bank branch or even sign a single piece of paper while opening the savings account! Digibank only asks for your Aadhaar card biometrics when processing your online bank account opening request. And that’s not all – you can convert the Digibank e-wallet into a digiSavings bank account within 90 seconds flat! Once the account is created, you can start earning 7% savings account interest rate on the savings deposit.
   
   
3. 24/7 virtual assistant. This is an excellent innovation that guides customers through various banking tasks in real time. The virtual assistant is powered by Artificial Intelligence to answer all banking-related queries quickly and without causing confusion. It responds to voice commands and Digibank is working to cover as many regional languages in its portfolio as possible. At the moment, the virtual assistant answers over 10,000 queries.