SINGAPORE - DBS Bank unveiled what is called digibank, India's first mobile-only bank, on Tuesday (April 26), offering a wide range of technology - from biometrics to artificial intelligence - to introduce a new way of banking.
DBS said the mobile-only bank "breaks away from conventional banking norms with their onerous form-filling and cumbersome processes", as a completely paperless, signatureless and branchless bank.
For instance, account-opening can be easily done at an extensive network of outlets run by DBS' partners, including more than 500 cafes across India.
"Significantly, there is no paperwork involved. Instead, customer authentication is done purely using the Aadhaar card, a biometrics-enabled ID which has been issued to over 1 billion Indians in what is the world's largest biometric identification programme," DBS said.
The bank's India chief executive Surojit Shome said the idea is to extend the reach in the customer segment.
"Over the years, the bank has grown its corporate banking and SME franchise meaningfully," he said in a statement. "With a billion Aadhaar cards and over 200 million smartphone users in India, the opportunity for growth with digibank is huge."