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A Glimpse Into the Future of Banking: India's First Bank in an App

What if I told you that today, it is possible to open an account in 90 seconds and convert it into a savings account immediately? What if I told you that you can do that in India? You probably know by now (if you follow LTP) what I am talking about: a mobile-only bank product. The 21st century’s innovations are peaking in the areas of banking and commerce. As technology continues to play an increasingly important role in the rise of digitization, banks are reimagining and reinventing customer experiences in financial services. Of course, FinTech startups had a big role to play in this and banks are catching up fast. DBS—one of the largest banks of Singapore and a leading bank in Asia—recently unveiled digibank, India’s first mobile-only bank. I like to call such solutions (Simple, Moven, Atom Bank, etc.) a bank in an app. Through digibank, DBS will be offering an entire suite of ground-breaking technologies to allow customers enjoy a whole new way of banking. Needless to say, digibank has no branches and comes with a virtual assistant (think AI, machine learning) and has a personal finance management feature as well. Artificial Intelligence tech for the virtual assistant comes from the U.S. startup Kasisto (startup that comes from the same lab where iPhone Siri has its roots)

Before we go into further details, I would like to mention a few things in this context. We have been tracking such mobile-only bank players all across the world for a while now and as an individual, I wished to have something like this in India. I know a few groups wh ...

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