DBS launches India's first mobile-only bank
DBS Bank on Tuesday launched India's first mobile-only bank, which goes paperless and branchless.
Account-opening will be done through a network of outlets run by DBS's partner, including over 500 cafes across India for a start.
Customer authentication is done purely using the Aadhaar card, a biometrics-enabled ID which has been issued to over one billion Indians - the world's largest biometric identification programme - the bank said. Customer service will be backed by artificial-intelligence technology.
"India's banking system is at the cusp of massive change, and as a bank committed to shaping the future of banking, we are excited to roll out a revolutionary, mobile-only bank," said DBS CEO Piyush Gupta in a media statement. "Digibank's efficiencies and lower costs enable us to pass on significant benefits to customers in the form of greater customer value."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Elite Commercial Reit’s Q1 DPU down 21.2% to £0.0067
Airbus called for compensation to take on money-losing Spirit operations: sources
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Booking says room reservations to slow amid Middle-East conflict
Deutsche Bank unveils wealth targets after hiring push in Asia