Many of us have had a bad experience with phone banking, where you have to patiently navigate the service options, one after another, before getting to the choice you want.
DBS is doing something about it.
It has unveiled a digibank service in India that uses artificial intelligence to do away with cumbersome procedures.
The round-the-clock virtual assistant can talk to customers, answer questions and process banking transactions, according to a press release from the Singapore bank.
The system can already handle 10,000 questions and the best part is it has the ability to keep adding new knowledge.
US-based fintech company Kasisto is the supplier of the conversational technology behind the service.
Digibank will also be paperless, signatureless and branchless.
Customers can go to more than 500 DBS partner cafes across India to open an account, using Aadhaar card for authentication of their identities.
Aadhaar is a 12-digit individual identification number issued by the Unique Identification Authority of India that serves as a proof of identity and address anywhere in India.
The mobile-only banking service also comes with an e-wallet that allows customers to pay bills and recharges.
Depositors get better interest rates, too, given the cost savings from the absence of physical branches.
From mass public retail banking to high-end private banking, from simple banking transactions to sophisticated investments, the rise and rise of AI and mobile technology could change banking beyond recognition in the next 10 years.
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