Singapore's largest bank has unveiled digibank by DBS, a groundbreaking mobile-led bank, in Indonesia.
A revolutionary offering, digibank is paperless and signatureless, and brings together an entire suite of innovative technology, from biometrics to artificial intelligence (AI).
The launch in Indonesia follows the successful rollout of digibank in India in April last year, which has enabled DBS to penetrate India’s retail banking market with about 1.5 million new customers acquired to date.
E-Banking Revolution
Over the past few years Indonesia, Southeast Asia's most populous nation, has seen a rapid growth in the number of Internet and smartphone users.
The number of customers using e-banking in Indonesia has increased from 13.6 million customers in 2012 to 54 million customers in 2016.
The frequency of Internet banking transactions has also increased, from 150.8 million transactions in 2012 to 406.6 million transactions in 2016.
Biometric Technology
Indonesia citizens who live in the Greater Jakarta area can open a digibank account anywhere at a time of their choosing. All they have to do is arrange to meet a digibank agent, who will assist them to do so using a biometric device on the spot.
There is no paperwork involved. DBS has made this possible by leveraging E-KTP, Indonesia’s biometrics-enabled ID programme.
For the Singaporean bank it also means a more efficient cost structure compared to establishing traditional brick-and-mortar housed banking services.
Future of Banking
«A few years ago, we would not have imagined that it would be possible to launch an entire bank in a mobile phone. With digibank, we’ve built a bank that pulls together the power of biometrics, natural language, artificial intelligence and in-built security in one offering,» said Piyush Gupta, DBS CEO.
«We believe this mobile-led offering represents the future of banking, and are excited to introduce this in Indonesia, a core market for us in Asia,» added Gupta.
