Starting from 1 April this year, DBS bank will go fully digital as it will no longer accept the usage of physical tokens for customers to gain access to online and mobile banking services.
This means that users will have to use the bank’s digital token to perform all banking transactions, and the digital token can be set up via the DBS digital banking app.
According to a press statement released on Wednesday (20 January), the bank said that it has been progressively replacing its physical tokens with the digital ones over the last three years, and will stop issuing the physical tokens on 1 February.
It added that a “large majority” of its customers are already using the digital token to perform banking transactions.
“Today, around 90 percent of all logins involve DBS’ digibank mobile app, where the digital token is embedded. More than 80 percent of DBS’ digibank users also use the mobile app, where they can log in to access DBS’ services securely via biometric and password authentication,” the statement read.
However, the number of users who are still using the bank’s physical token remain unknown. DBS has over three million banking users in total.
DBS Head of Consumer Banking Jeremy Soo noted that feedback has been good and customers appreciate the “added convenience of the digital tokens”.
“We’ve been working on transitioning customers to digital tokens over the last three years to great success… As more customers take to mobile banking, our aim is to ensure that access to our services is as seamless and fuss-free as possible, without compromising on security,” he said.
He continued, “Digital tokens save customers the hassle of carrying around a physical token, and of being unable to access our online or mobile services should customers accidentally misplace them.”
Guides on how to set up the digital token are available on the bank’s website. Alternatively, customers can also approach digital ambassadors and staff at DBS or POSB branches for assistance.