DBS Bank India launches 'digiPortfolio' for seamless investment portfolio management
Amongst the first smart investment solutions of its kind to be launched by a bank
digiPortfolio helps investors by offering them a choice of mutual fund portfolios that match their risk preferences
Mumbai, March 29, 2023: DBS Bank India has announced an innovative investment solution, 'digiPortfolio', on its digibank platform. digiPortfolio uses both technology and human expertise to create a set of investment options curate by Morningstar that match the risk preferences of different investors. The platform is an easy, one-stop solution for users to invest money with ready-made baskets of mutual funds. DBS Bank India is one of the first banks in India to offer this type of digital solution.
DBS Bank aims to redefine the customer experience and make it more seamless by using data, AI, and advanced technologies. The offering includes different types of investment options, such as domestic equity, debt, and money market instruments, to ensure there are diverse portfolios to cater to different risk profiles of investors. The digiPortfolio platform is run by Quantifeed and is automated, making it easy to use.
Prashant Joshi, Managing Director & Head - Consumer Banking Group, DBS Bank India, said, "India has witnessed increased participation of domestic retail investors in the burgeoning capital markets during the past two years. However, the complex nature of mutual fund products and the risks involved have kept many prospective investors at bay. Through this differentiated offering, our aim is to simplify the process and bridge the knowledge gap, while helping to balance growth and safety while making investment decisions. It is our endeavour that through digiPortfolio, many of our customers will be more confident about participating in the Indian capital markets."
Dhaval Kapadia, Director – Portfolio Specialist, Morningstar, said, "Asset Allocation, i.e., the allocation of various assets such as equity and debt in an investor's portfolio, is known to be a key driver of investment performance in terms of risk and reward over the long term. The digiPortfolio begins with Morningstar's ground-breaking research on long-term asset allocation. This approach considers various asset classes to build diversified mutual funds-based portfolios of domestic equities and fixed-income offerings. These portfolios are designed to be an investment, aligned to your risk appetite and investment horizon, helping you achieve your financial goals."
The investment options on the digiPortfolio platform are chosen and made up of mutual funds carefully selected by Morningstar, which relies on more than 37 years of industry research. The portfolios are regularly adjusted to ensure they stay strong even when the market is volatile and give the best possible returns.
digiPortfolio provides instant access to investors with two plans starting at a minimum investment of ₹10,000 and ₹50,000. These plans include features such as portfolio construction, monitoring, and rebalancing services, powered by Morningstar. The Bank uses technology to make things faster, cheaper, and more efficient for investors. There are no extra charges, like sales or transaction fees. Investors can invest for as long as they want, choosing what suits them based on their goals, risk preferences, and investment duration.
Ross Milward, Chief Technology Officer & Co-Founder of Quantifeed, said, "We are delighted to continue our relationship with DBS Bank and support their latest launch in India. Quantifeed continues to see first-hand how well business and technology can come together, guided by a clear sense of delivering on customer experience. We are convinced that digiPortfolio will continue to revolutionise the digital wealth landscape and bring customers a delightful and personalised investing experience."
DBS Bank India has a strong commitment to delivering superior solutions to its customers that make banking intelligent, intuitive and effortless, frequently partnering with industry leaders in the ecosystem. In 2022, the bank collaborated with Bajaj Finance Limited to launch the 'Bajaj Finserv DBS Bank SuperCard,' a Visa-powered credit card designed to simplify customers' wallets by eliminating the need for multiple cards.
Risk disclaimers:
^DBS Bank India Limited, an AMFI registered Mutual Fund Distributor, provides this DIY platform to facilitate digiPortfolio investments. This offering shall not be construed as financial or investment advice
^Mutual Fund investments are subject to market risks, read all scheme-related documents carefully before investing
^Model portfolios are curated by MorningstarTM based on general risk levels and are not on personalised suggestions. Prior to investing, we recommend you consult your financial advisor to evaluate the product offering's suitability as per your requirements
^DBS Bank India Limited - AMFI registered Mutual Fund Distributor (ARN-155319)
^Exit charges may apply for early redemption / switch cases, and, not applicable for ELSS funds
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About DBS:
DBS is a leading financial services group in Asia across 19 markets. DBS is known for its global leadership, being recognised as the"World's Best Bank" thrice by Global Finance since 2018. DBS was also recognised as the"World's Best Bank" by Euromoney in 2021 for the second time in three years and "Global Bank of the Year"by The Banker in 2021. The bank is at the forefront of leveraging digital technology to shape the future of banking with its recognition as the"World's Best Digital Bank" by Euromoney in 2021 and the world's "Most Innovative in Digital Banking" by The Banker in the same year. Apart from these accolades, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 14 consecutive years from 2009 to 2022. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.
DBS Bank has been present in India for 28 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India. In 2016, DBS launched India's first mobile-only bank, digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. The bank now has a network of ~530 branches in 19 Indian states.
DBS provides a full range of consumer, SME, and corporate banking services. As a bank born and bred in Asia, DBS understands the intricacies of business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities. It established an SGD 50 million foundation to strengthen its corporate social responsibility efforts across Asia by supporting social enterprises: businesses with a double bottom line of profit and social and environmental impact. In 2020, DBS introduced the "Towards Zero Food Waste" initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste. In 2022, DBS committed an additional SGD 100 million to deepen the ability to create an impact beyond banking, catalysing the bank's various philanthropic and crisis relief measures.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment, and can-do spirit of our 30,000+ staff representing over 40 nationalities. For more information, please visit: www.dbs.com/India.
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