According to you, What would be the future of Digital Banking in India in coming years? Well, the answer is pretty much simple, It is going to be “Digibank”. Yes, you have picked this right as Digibank, an unblemished bank in a mobile phone, is finally arrived in India.
Before proceeding, I would like you folks to familiarize yourself with the basic elements of this electronic and paperless bank. So, Digibank is an initiative with an idea of banking on the go without any physical interaction by a Singapore-based multinational bank named DBS Bank Ltd.
Now many of you must be thinking right now that “how could it be possible for any bank to run and serve its customers without any physical interaction?”. Well, that’s why I have mentioned ‘Digibank as the future of Digital Banking’ at the beginning of this article.
This bank runs on the doctrine of safety & security, electronic and paperless banking, virtual interaction with customers, easy to start and execute, banking on the smartphone.
Till now, you might get a rough idea regarding ‘What I’m talking about?’ Worry not, no more brainstorming is required from your side.
The Digibank is similar to any other financial entity but with digital in nature. The bank allows you to set up your own Digibank account within 90 seconds without going to a branch. All you need is just to download a dedicated Android or iOS app from Digibank on your smartphone. Then, you have to sign up yourself with the bank, feeding your name, dob, valid mobile number, email address. Later, OTP from the bank will be messaged to your given mobile phone, and you have to enter the same in the app. Finally, you have to setup your login credentials by creating username and password. Hurray, you are done!
Now you are allocated with a valid visa debit card number which you view at your profile tab. Having said that, In order to avail the facilities of debit card, you have to upgrade your account to ‘digisavings’ where you will be asked your 12-digit AADHAAR number and PAN number but once you are done with it, you can avail the benefits of Digisavings on your account deposits whether it be the benefit of 7% interest rate on your savings for balances between 5 lakhs to 1 crore, withdrawing cash from any ATM in India, paying your DTH and mobile bills, or availing discounts deals by shopping on e-commerce sites via Digibank app.
Editor’s Note: This post has been sponsored by DBS, but all thoughts are our own.