Customers of Development Bank of Singapore (DBS) will have their banking much easier and more convenient by the end of this year with a new service rolled out by the Singapore-based bank.
Through their new mobile messaging app, DBS plans to allow customers to be able to use natural language to converse with DBS to manage their money across accounts, track expenses and even make payments in the process.
They can simply text DBS, “How much is the balance in my account?” and to get an answer from the bank.
DBS customers can also pay bills via this service, by simply texting “Please pay my mobile bill” and the request will be processed.
All of this, of course, can be done after the correct proper identification procedure.
To make this possible, DBS is working with US-based Kasisto, a spin-off from SRI International who created the technology behind Siri (Apple's voice assistant).
Kasisto's conversational AI platform, KAI, powers smart bots and virtual assistants with deep banking knowledge.
By the end of the year, DBS plans to start the conversational AI technology to allow DBS customers to access banking services quickly on Facebook Messenger.
DBS also plans to extend this service to other mobile messaging apps like WhatsApp and WeChat in the future.
The service will first be launched in Singapore and India, followed by DBS’ other key markets.
Sandeep Lai, Regional Head of eBusiness, DBS Bank, said, “At DBS, we seek to seamlessly integrate banking into customers’ everyday lives, making banking simpler and more convenient for them. We know that our customers are spending time conversing on their favorite mobile messaging app, and we are immersing ourselves in the customer journey by making it easier and more convenient for them to engage us. With the launch of this service, they no longer have to leave their favorite mobile messaging app to conduct their banking. Customers can converse with their bank as they would their contacts, and we will handle the rest with a strong focus on security – it’s that simple.”