Asian Banking & Finance: New Way of Banking Taking Over India, Indonesia

India pulled its largest banknotes from circulation in November 2016, an effort to stop corruption and money laundering. “But in the run up and the immediate aftermath of the policy’s implementation, something noteworthy happened in the digital space: more people started using digital modes of payments including mobile and internet banking,” reports Asian Banking & Finance. “Digibank, in a nutshell, offers a complete about face from this tradition by offering a completely paperless, signatureless, and branchless banking experience.” DBS Bank, Singapore’s largest bank, launched a mobile-only or digibank in India a few months later, targeting the country because of the large population; reliance in mobile internet with almost 80 percent of people accessing the internet by phone rather than computers; and the country’s biometrics Aadhaar card. Artificial intelligence provides customer service, assists clients with budgeting and purchasing trends, gathers data on customer behavior and makes recommendations on purchases. The bank next heads to Indonesia, which has E-KTP, another biometrics ID program. – YaleGlobal