Think Asia, Latam and Africa are the places we will see successful mobile only banks, am skeptical on the short/near term potential of the European mobile only banks, as benefits are incremental versus the existing banks combined with hazzle to migrate
Singapore's DBS has launched a mobile-only bank in India, incorporating a host of ground-breaking technology, from AI to biometrics. Heralding the launch of digibank as a 'WhatsApp moment in banking', DBS says the new bank will provide customers with a completely paperless, signatureless and branchless bank. Prospective customers can open accounts at a network of partners outlets which includes over 500 cafes across India, with authentication conducted using the biometric ID Aadhaar card. Customer service is provided by a 24x7 AI-driven virtual assistant, capable of handling natural language queries on banking transactions performed and conducting account transfers. The bank says the bot - developed by SRI Lab's Siri spinoff Kasisto - can already anticipate and answer some 10,000 customer questions, with new knowledge added each passing day.
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