What if a bank was entirely digital?

The Efma-Accenture Distribution and Marketing Innovation Awards give the industry the opportunity to evaluate and celebrate the most interesting and disruptive banking innovations. As we begin to prepare for the 2017 awards later this year, we’re looking back on the winners from last year.

Digital tools are an important part of banking. Many such tools adapt a portion of overall banking functionality to the digital world. But what if a bank was entirely digital?

That is what DBS Bank India explored with its digibank product. Digibank is an end-to-end bank that can be accessed entirely through a smartphone. DBS does maintain a customer service center with trained staff to intervene when necessary, but the vast majority of customer transactions and questions are handled by automated processes powered by cutting-edge analytics technology. The bank believes its combination of human and machine intelligence lets them provide the best experience for customers.

Digibank was well received in its launch, attracting over 280,000 customers in its first five months and earning high satisfaction scores.

For taking digital banking to new heights, DBS Bank won the 2016 Efma-Accenture Distribution and Marketing Award Digital Distribution Award.

Come back when I’ll go over another winner from the 2016 awards. In the meantime, learn more about last year’s winners.