Stepping into the future of banking….Today
It is safe to say that if someone went into a coma 20 years back and woke up today they would find it hard to understand the world they have entered back into. In the last 20 years human civilization has propelled forward at breakneck speed thanks to advancements in technology. Technology has impacted almost all aspects of our lives including how we interact with and deal with money. For example our parent’s generation was possibly the last generation to go to the bank to withdraw cash. This is something that we can now do in a matter of minutes and that too from multiple locations. Yesterday’s science fiction is today’s reality. And today’s reality will soon be obsolete.
Last month (April 2016) I had a chance to witness what the future of banking would look like thanks to DBS (Development Bank of Singapore). The affable Gaurav Kapur emceed the event where we understood more about the journey of DBS, the need for disruption in the banking industry and were introduced to two very special people (More on that later).
It did not surprise me that DBS is bringing about a banking revolution. After all in not such a distant past it was this very bank that transformed Singapore from a small fishing island to a global powerhouse. For these reasons and more it is also known as Asia’s safest bank. Now DBS is reshaping the future by redefining banking and making it more “joyful”. It has launched digibank with the idea that in the future banks need to become invisible. The consumer should not need to specially take out time to go to the bank but instead banking should get integrated into everyday life. The idea really is “Live more bank less”. And it starts with a simple process where you can become a digibank customer in just 90 secs. Feel free to experience this for yourself — go.dbs.com/digibank
It is India’s first ever bank that lets you open an account without any paperwork or signatures. Only your Aadhaar no. and biometric is required for authentication. Through this account you’ll have access to a 24*7 virtual assistant powered by Artificial Intelligence as well as an intelligent, intuitive budget optimiser that can help you be smarter about your money. Besides you can also start with just an e-wallet and later convert it into a full-fledged savings account, which by the way is a no minimum balance account! Once you open a savings account, you will get 7% interest rate for amounts up to Rs.1 lakh. For amounts between Rs.1 lakh and Rs.1 crore, the interest rate is 6% and for even higher amounts it is 4%.
Now I wasn’t the only one who was impressed with these spectacular digibank features turns out so was Sachin Tendulkar, he too is a digibank customer! And like Sachin’s batting digibank is extremely safe and reliable. The digibank app uses two-factor authentication (2FA) to protect against malicious parties. Besides it saves you from the hassle of constantly waiting for SMSs to arrive with OTPs. During the show while chatting with Mr Piyush Gupta, DBS Chief Executive Officer, Sachin admitted to have been blown away by the banking experience which is simple yet powerful. Though during the event Sachin also admitted that he was a fan because he found the digibank Mascot — Digor rather adorable. Digor is a dino who is now being trained by Sachin in return for helping simplify Sachin’s banking experience!
Every once in a while a revolution takes place which changes the world as we know it. A revolution in banking has started and you can be a part it! As Sachin said “It is critical that we all find time to live more as that alone leads to greater satisfaction which helps unlock happiness”..…digibank is helping do just that.
You could check out the entire event and understand how Sachin Tendulkar lives more in this digital age: https://www.youtube.com/watch?v=qRC38bmYWp8&feature=youtu.be