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

Won two awards in the categories of 'Innovative API/Open Banking model' for DBS Rapid (Real-time API) and 'Best Digital Customer Experience Initiative' for its 'Intelligent Banking' solution

MUMBAI, India, Dec. 13, 2021 /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).

About DBS

DBS is a leading financial services group in Asia with a presence in 18 markets. Recognised for its global leadership, DBS has been named "World's Best Bank" by Euromoney, "Global Bank of the Year" by The Banker and "Best Bank in the World" by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 13 consecutive years from 2009 to 2021. DBS was also ranked No. 1 on Forbes' list of the World's Best Banks in India for two consecutive years. 

DBS Bank has been present in India for 27 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides an entire range of banking services for large, medium and small enterprises and individual consumers in India. In 2016, DBS launched India's first mobile-only bank – digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited. The bank now has a network of nearly 600 branches across 19 states in India. 

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. In 2020, DBS introduced the "Towards Zero Food Waste" initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste. 

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 30,000+ staff representing over 40 nationalities. For more information, please visit www.dbs.com.