DBS Bank India clinches two awards at ET BFSI Excellence Awards 2021

Mumbai (Maharashtra) [India], December 13 (ANI/PRNewswire): DBS Bank India’s persistent efforts to drive digital transformation for its customers have been awarded at the ET BFSI Excellence Awards 2021.
The bank has won two awards – for the ‘DBS Rapid (Real-time API)’ solution in the ‘Innovative API/Open Banking model’ category and ‘for ‘Intelligent Banking’ in the ‘Best Digital Customer Experience initiative’ category.
An initiative of The Economic Times, ET BFSI Excellence Awards honours the best innovations & practices implemented by the BFSI industry in a dynamic and competitive environment.
DBS Bank India was awarded in the ‘Innovative API/Open Banking model’ category for DBS RAPID. The bank has designed a real-time, digital payments solution for Transport Corporation of India Limited (TCI) – one of India’s largest transportation and logistics players. This unique solution leverages the UPI, allowing TCI to make real-time advance payments to the transport owners enabling them to withdraw cash from any ATMs. The solution has resulted in an annual savings of 4.5 million hours for TCI and helped transport owners make timely deliveries.
Divyesh Dalal, MD & Head of Global Transaction Services, DBS Bank India, said, “With the high adoption of digital banking services, our digital-first approach has enabled us to be pre-emptive in designing tailored offerings that are efficient and cater to evolving customer needs. Through solutions like DBS RAPID, we have optimised processes to make banking seamless, thereby allowing customers to have more time to focus on their business. It is heartening to receive this recognition from a reputed organisation such as ET BFSI.”
The bank was also awarded for its ‘Intelligent Banking’ proposition under the ‘Best Digital Customer Experience Initiative’. Intelligent Banking is an AI-powered smart money management feature that helps consumers with predictive insights about their spend patterns and recommendations on monthly budget requirements, thereby enabling them to manage their finances better. This includes intuitive features such as monthly cash flow analysis, duplicate transaction alerts, regular transactions not credited, upcoming payments, FD maturities et al.
Commenting on the win, Kartik Jain, Head – Product, Platform & Partnerships, Consumer Banking Group, DBS Bank India, said, “We are truly honoured to be recognised for our data-first and innovative digital banking capabilities. Customers want intuitive and invisible banking that helps them Live more, Bank less, and our Intelligent Banking solution does exactly that. We have seen 25% higher levels of engagement when we offer relevant insights to our customers. This award recognises our efforts and encourages us to continue to evolve digibank, with a focus on leveraging data, AI and technology to redefine the customer experience.”
DBS has designed end-to-end digitised solutions to interweave banking into a customer’s everyday life. In addition to savings accounts supported by a full payments stack, digibank by DBS provides unsecured loans, same day overseas remittances and is the first to offer paperless onboarding for mutual fund investments from multiple fund houses.
DBS also provides a compelling suite of services and wealth solutions through DBS Treasures for high net worth customers. The bank offers ‘Travel Now’, a one-stop travel marketplace within the digibank app.
DBS has also created customised banking solutions for large enterprises as well as small and medium businesses to meet their end-to-end requirements. Recently, the bank partnered with ODeX to introduce ODeX Pay Later Solutions powered by DBS- a hassle-free credit solution for freight forwarders. DBS has also launched real-time online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi).
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