Case study: DBS digibank the traditional One-Time Passwords (OTP). Sengupta shared that DBS recognised that safety is one of the most pressing concerns of people when it comes to digital banking, hence the decision to go with dynamic inbuilt security as it offers better peace of mind. “Digibank has an embedded soft token security, avoiding the need to wait for SMS to arrive and providing even stronger security for transaction authorisation,” he added.
The digibank initiative in Indonesia is highly similar with the one in India in terms of technology and offerings, although there are some subtle differences.
over the same period. “We’ve witnessed a change in customer behaviour and people increasingly want a simple, fast, and effortless way to bank,” said DBS Indonesia President Director Paulus Sutisna. “As a bank that is committed to shape the future of banking, we’re excited to introduce digibank in Indonesia, giving customers the ability to bank anytime, anywhere.” The digibank initiative in Indonesia is highly similar with the one in India in terms of technology and offerings, although there are some subtle differences. Opening a digibank account is done through a mobile digibank agent whilst leveraging E-KTP, a biometrics-enabled ID programme in the country. Digibank customers can earn 3% interest from their first rupiah, and opening an account requires no minimum balance. Clients also enjoy DBS’ regional connectivity, making it easier and more convenient to withdraw money, for instance, in Singapore at no additional fees. “With digibank, we’ve built a bank that pulls together the power of biometrics, natural language, artificial intelligence, and inbuilt security in one offering,” said Piyush Gupta, DBS CEO, in a statement. “We believe this mobile-led offering represents the future of banking, and are excited to introduce this to Indonesia.”
Same service, new market Riding on digibank’s success in India over the past year, DBS is now venturing into new markets with the initiative launching in Indonesia — the world’s fourth most populous country — in August this year. DBS Indonesia President Director Paulus Just like India, Indonesia offers the Sutisna delivers his welcoming remarks same promising prospects for the growth and development of digital rupee) as well as the no minimum banking. Rudiantara, Indonesia’s balance requirement — an attractive Minister of Communication and offering for its potential market. Information Technology, shared in The initiative also leveraged a release that the country’s digital cutting-edge technology. Customer economy is expected to reach service is provided 24/7 through an US$130 billion, or 12% of GDP, in AI-driven virtual assistant. People can 2020. This is because, according to ask questions like their most recent a recent survey, over half (51.8%) of transactions or account balance and Indonesia’s population is connected get instant answers, eliminating the to and are active users of the internet, need to talk or interact with a call whilst 91% of people own a mobile centre agent and make the whole phone. E-banking is also gaining process more efficient and effective. ground, according to the country’s At the time of the initiative’s launch, financial authority services, with Do you have a Case Study? the Virtual Assistant can already users growing from 13.6 million Email us at answer 10,000 customer questions, in 2012 to 54 million in 2016 and abf@charltonmedia.com with new knowledge added as it transaction volume almost doubling matures in its role over time. Digibank also boasts of a built-in budget optimiser that helps customers do their budgeting, track expenses, and analyse their purchasing trends. The way the technology is designed is for it to understand customer behaviour and preferences, synthesise data, and provide recommendations, for example, restaurant discounts or airfare promos — something that bodes well to the increasingly mobile, millennial, travel enthusiastic, and connected young population in India. A cornerstone of DBS’ digibank initiative is the security it provides to its current and future clients through the platform, making it more enhanced through the use of DBS’ top executives with honourable guests after the official launch of digibank in Indonesia dynamic inbuilt security instead of
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