If banking has been a hassle for you and if you feel it lacks the required safety and trust, then in this review we will introduce you to ‘digibank’ from DBS that will allay all of your banking concerns and make you sit up and take notice. Through digibank, India’s first truly digital bank, DBS has introduced a revolutionary new way to bank.
Digibank e-wallet
Digibank is an entire bank squeezed to fit into your smartphone. Just download the app, enter a few details (name, date of birth, email address, mobile phone number, and city) and open your digibank e-wallet in just 90 seconds! digibank is India’s first paperless, signatureless & branchless bank.
VISA virtual debit card: The digibank e-wallet comes with a VISA virtual debit card which can be used for online shopping. The e-wallet can also be used for fund transfers, recharges and utility bill payments etc. The icing on the cake is the various discounts, cashbacks and deals on movie tickets, shopping, travel, hotel stays etc. that are up for grabs throughout the year.
Intuitive budget optimiser: digibank comes with an in-built budget optimiser that keeps track of your expenses and segregates them into various categories based on your spending patterns. It helps you in budgeting and alerts you if you are overspending. It understands your behaviour and preferences, and provides actionable recommendations in the form of discount and cashback offers on various products and services. It also lets you set goals and draw out a plan to achieve them. It’s a bank with your interest in mind.
Dynamic inbuilt security
digibank comes with dynamic inbuilt security that does away the need for OTPs. The embedded soft token security provides stronger security for transaction authorisation. Authentication happens securely and automatically every time you transact.
24×7 Virtual Assistant
digibank comes with an artificial intelligence-powered virtual assistant who can answer all your banking queries 24×7 or perform your banking transactions in real time. This kind of a facility is the 1st in Asia and one of the 1st in the world. The virtual assistant learns about your banking activity everyday and keeps adding information to its knowledge database.
digiSavings Account
You can easily and effortlessly convert from a digibank e-wallet to a digiSavings account by verifying your Aadhaar number, PAN number and providing your fingerprint for biometric authentication at any DBS branch or Cafe Coffee Day outlet. Digisavings account comes with all the features of the Digibank e-wallet.
The additional features of digiSavings account include:
- Zero minimum balance: There are no minimum balance requirements. Other banks have a stipulated minimum balance required to be maintained. If the average monthly or quarterly balance is not maintained, the customer is charged a balance non-maintenance fee. But with digiSavings there are no such minimum balance requirements. Infact you will only gain in the form of interest earned on the balance maintained.
- High interest rate: Earn 7% interest rate on your savings account balance from Re 1.
- Debit card which comes along with exciting discount offers on travel, entertainment, shopping etc. and up to 10% cashbacks on shopping from a wide range of online merchants.
- Unlimited free withdrawals from any ATM across India, any number of times in a month.
To conclude, digibank makes sure that you ‘live more, bank less’. So save your time, energy and money with digibank and go about doing what matters most. Live more, bank less.
digibank launch
DBS Bank did a grand launch of digibank on 26th April 2016 in the presence of the ‘God of cricket’, Sachin Tendulkar, the brand ambassador and Digor, the mascot.
The bank’s CEO, Piyush Gupta mentioned that he is targeting 5 million digibank accounts in the next 5 years. He called the digibank launch as a ‘WhatsApp moment in banking’. Sachin Tendulkar said “With multiple commitments, time is at a premium and every minute matters. The simplicity and ease of digibank encourages customers to live more and bank less. DBS is known for values of being trusted and safe which make them a banking partner of choice.”
The bank’s mascot, Digor is the only dinosaur that has survived extinction by embracing change. He is inspiring others to embrace change and not just survive but to live more, bank less just like him.
About DBS Bank
DBS Bank is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered in Singapore, it has played an integral role in the rapid development of the country. DBS is Singapore’s best bank and has been named ‘Safest Bank in Asia’ by Global Finance for seven consecutive years from 2009 to 2015. So, when you bank with DBS Bank you can be rest assured that you and your money is in safe hands.
