Singapore’s DBS has launched an AI-powered, mobile-only bank in India

Photo credit: David D.

Singapore’s DBS bank has opened a “mobile-only” bank in India called Digibank, it announced today. As part of the launch, the bank also revealed it has acquired a minority stake in US-based Kasisto, a startup that brings AI into banking. The details of the deal are undisclosed.

Digibank will be completely paperless and will require no physical branches, according to DBS. It will use technologies like biometrics, AI, and natural language recognition and processing to provide its services. All that’s required for authentication is Aadhar, a biometrics-enabled ID card. With it, anyone can open a Digibank account at any one of DBS’ multiple partner cafes across India.

Digibank will use biometrics, AI, and natural language recognition and processing.

Kasisto handles the tech behind Digibank, which includes an AI-powered virtual assistant called KAI. Think Siri but for your bank account – an apt analogy since the company, founded in 2013, was spun off SRI International, the US-based non-profit research institute that gave birth to Apple’s digital assistant.

KAI can apparently anticipate and answer banking-related customer queries in real time. Like Siri, it should probably be expected that it won’t hit the ground running, but will keep improving the more people use it. Just as long as customers don’t take investment advice from it.

“For DBS, Digibank is a potential gamechanger, enabling us to go beyond the confines of a brick and mortar network to extend our reach in huge geographies like India,” said DBS CEO Piyush Gupta in a statement. “With Kasisto’s conversational AI platform, we are embracing technologies that can make banking more interactive and intuitive for customers.”

Kasisto had previously raised a disclosed total of US$2.25 million in seed funding led by the New York Angels investor network.