Almost everything we do these days has a digital aspect to it, from entertainment to healthcare. Most industries, such as banking, are shifting workflows to using more artificial intelligence (AI). Beyond the usual chatbot use, banks utilize AI to get to know their clients and personalize banking experiences. To take it up a notch, the Development Bank of Singapore (DBS) is pioneering a new system with Visa called Visa Intelligence Commerce (VIC), which uses AI to simplify everyday transactions.
AI commerce
A Visa commissioned study showed that generative AI has become mainstream in Singapore, with 77% of residents using generative AI tools such as chatbots daily. With that, VIC brings together a comprehensive suite of integrated APIs and a partner program to ensure safe payment channels and transactions.
Through VIC, DBS utilizes AI assistants to securely handle payments on behalf of customers. This makes routine purchases faster, smarter, and more convenient for its users. Ananya Sen, DBS’ Group Head of Regional Consumer Products, shared that “AI agents unlock a new phase in digital payments, completing routine transactions efficiently and reliably”. This way, customers enjoy a seamless experience with background payments requiring minimal input, freeing them to focus on higher-value tasks.
Managing finances
Named as World’s Best Corporate Digital Bank by Global Finance 2024, DBS continues to strengthen connections with partners and customers by diversifying its portfolio. This pilot program makes DBS the first bank in Asia Pacific to venture towards AI-driven commerce that’s aimed at finding better ways for people to transact online daily.
DBS’ Asia Pacific banking leadership and VIC’s tools together mark a pivotal step in redefining global customer experiences. This collaboration gives customers a more efficient, hassle-free way to transact. With the current fast-paced lifestyle we live in, managing finances should not be a burden.
Photo credit: The feature image is symbolic and has been taken by Vitaly Gariev. The images used in the article are owned by Visa Worldwide Pte. Limited and has been provided for press usage.
Source: PR Newswire
