Even before the Covid-19 pandemic and social distancing was a thing, Singapore banks were trending towards the digitalisation of their services.
An example is DBS Bank‘s rolling out of e-ang paos in Jan 2019.
This came in handy when the Monetary Authority of Singapore (MAS) urged Singaporeans to do e-gifting this Chinese New Year, to reduce queues for new bank notes.
In keeping with this trend, DBS is now totally doing away with physical tokens for online banking, and will stop issuing them on 1 Feb.
Subsequently, from 1 Apr, customers won’t be able to use them to access any banking services, and only a digital token must be used.
In a media statement sent to MS News on Wednesday (20 Jan), DBS said that about 90% of all logins to its services use the DBS digibank mobile app.
Through the app, customers can log in to access DBS’ services securely via biometric and passcode authentication.
As the digital token is already embedded in the app, those who use the app won’t need to use the physical token.
More than 80% of DBS’ active digibank users also use the mobile app, the bank said.
Thus, since early 2017, DBS has been progressively replacing the physical tokens for its online and mobile services with digital ones.
Mr Jeremy Soo, DBS Head of Consumer Banking (Singapore) said that customers’ transition to digital tokens has been “a great success” over the last 3 years, adding,
Feedback has been positive, and customers appreciate the added convenience of the digital tokens.
Given this success, it’s not surprising then that the bank has moved to discontinue the issuance of physical tokens from 1 Feb.
Customers who haven’t yet made the transition should set up and get used to them from now till 1 Apr.
That’s because from that date, physical tokens won’t be able to be used any more – only the digital token.
Mr Soo said that as more customers are using mobile banking, the bank wants to make sure they can access services seamlessly and fuss-free.
But of course, there shouldn’t be any security compromises either.
Mr Soo also listed out a few advantages of using the digital token:
In an update on DBS’ website, they also named other benefits:
Check out what DBS says about the digital token in their video here:
Some customers, especially the older ones, may need assistance with the transition.
Thus, they can head to the DBS website at www.dbs.com.sg/digitaltoken for guides on how to set up a digital token.
If they prefer face-to-face service, they can also visit a DBS/POSB branch to get help from digital ambassadors and staff.
In general, Singapore’s trying to become a “smarter” society that takes advantage of digital solutions as far as possible.
Thus, DBS’ move to do away with the physical token is a long time coming.
While some customers may have to get used to the change initially, the ease of the transition should help them get up to speed fast.
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Featured image from MS News.
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