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Asia’s Most Innovative FSI Services

Richard Pain | Feb. 6, 2017
Discover how Asia's leading banks are leveraging cutting edge technologies including AI, blockchain, geo-personalisation and more.

To access the feature, UOB account holders first need to log into their UOB Mighty banking app by entering either a PIN or by fingerprint authentication. They will then need to enter their UOB Mighty Secure PIN to generate a one-time password (OTP) on their phone. For customers, this means they will have access to their banking services at times they would not usually have their security token available. A further benefit is that customers will no longer have to wait for an OTP to appear on their phone and key the number into a security token, thereby saving the customer time as well.

At the launch of the service, UOB's head of personal financial services Dennis Khoo explained, "At UOB, we are working on ways to make banking faster, simpler and secure for our customers. UOB Mighty Secure effectively turns the smartphone into a security token, and is the next step in a series of innovations that the bank has introduced to enhance our customers' banking experience." 

UOB Might Secure

 

DBS Digibank's Branchless Banking and AI Assistant

Whilst UOB's Mighty Secure feature innovates just one aspect of the digital banking experience, DBS Digibank seeks to reinvent banking altogether. Launched in April 2016, DBS Digibank is India's first completely paperless, mobile-only bank. Whilst this is not the first branchless bank in existence, two unique features make it particularly innovative. Firstly, security is not based on one-time-passwords (OTP) sent via SMS or security tokens, instead it leverages India's national ID system, the Aadhaar card. DBS refers to this as dynamic security provided by an embedded soft security token, which it claims is safer than OTP.

Secondly, online customer service is handled by an AI-powered virtual assistant instead of a human. The assistant, named KAI, was developed by U.S. Fintech company Kasisto, a spin-off company from the organisation that created Apple's Siri. Using KAI, customers can issue commands such as "What is my account balance?", "Show me past transactions", "Pay Amit 100 rupees", which will be responded to in real time. At the launch, DBS reported that "[KAI] can already anticipate and answer some 10,000 customer questions, with new knowledge added each passing day."

Instead of visiting a branch, opening a new account can be done at one of DBS' partner outlets and cafes across the country. These innovations, combined with the low operating costs, have led industry players to view Digibank as a test case for the viability of spreading branchless banking across the rest of Asia, as well as judging the effectiveness of AI in customer facing roles.

DBS Digibank

 

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