First bank in India to offer paperless on-boarding for MF
Mumbai / Chennai, 4 December 2017 – DBS Bank, a leading bank in Asia, will now offer its digibank customers a unique experience of investing in mutual funds with a completely paperless and ‘signatureless’ on-boarding on its mobile-only banking platform. DBS is the only bank in India to offer this first of its kind offering that does away with filing of multiple forms to start investing in mutual funds.
The mutual fund offering on digibank comes with the following features:
– Instant paperless onboarding allowing investors to start investments instantly
– Risk profiler, a specially curated tool that helps customers assess their risk preferences and accordingly presents a set of various right risk-mapped mutual fund schemes from leading Asset Management Companies (AMCs) to choose from
– Invest, sell and track mutual funds and SIPs on the go
– Customers can make informed investment decisions with mutual fund performance data and research insights provided by Morningstar, one of the world’s leading independent investment research providers
Announcing the new mutual fund functionality on digibank, Shantanu Sengupta, Managing Director & Head – Consumer Banking, DBS Bank India said: “With digibank, our intention has always been to be digitally embedded in our customers’ evolving financial lifecycle and offering them a differentiated customer experience. With fast growing awareness of mutual funds and adoption of digital banking, customers are increasingly seeking to make their own investments online in a simple manner without having to depend on traditional channels. Thus, this offering makes paperless onboarding, tracking and redemption in mutual funds a reality within minutes for our digibank customers.”
digibank, India’s first mobile-only bank has over 1.5 million customers since its successful launch in April 2016. It offers 7% interest on savings account along with new age payment options such as Bharat QR, and UPI. Additionally, customer service is provided by a 24×7 AI-driven Virtual Assistant and is powered by an intelligent, intuitive budget optimiser.