DBS has launched a new financial app, allowing its customers access to the new digital financial planning solution NAV Planner within their internet and mobile banking accounts.
NAV Planner – an industry-first, feature-rich digital advisory solution leveraging big data and technology – enables customers to independently plan and monitor their financial goals by guiding them through insights and recommendations tailored to their life stages and financial circumstances.
Jeremy Soo, DBS’ Singapore Head of Consumer Banking Group commented: “Technology has helped the insurance, brokerage and wealth management industries scale up and reach more customers with their services. But we’ve noticed that even with digitalisation, financial information is still held in silos.
“Those who wish to review their overall finances either need to manually consolidate their holdings or look to their financial advisors to do so for them. Others who are not subscribed to these services are inadvertently left out.
“This is where we believe we can make a difference. NAV Planner leverages our digital expertise and data analytics to create a digital advisor for everyone that can not only consolidate, but also analyse and recommend.”
Using the balance sheet as a basis, NAV Planner will then provide users with insights, analyses and suggestions unique to them. Its guided advisory capability helps customers get started on their insurance and investments needs – which traditionally require face-to-face consultations – by computing whether the user has adequate protection coverage or funds to put towards investments, based on their life-stage.
Upon identifying any gaps, NAV Planner will recommend suitable solutions and relevant educational guides for the customer. It also provides a dashboard view of the customer’s entire investment portfolio – breaking down the different instruments they have, together with each instrument’s monthly performance. This feature is the first-of-its-kind to be offered to retail customers.
Evy Wee, Head of Personal Finance and Investing, DBS Bank added: “Over the next few months, we will enhance existing functionalities and provide a new integrated retirement planning tool that helps customers better visualise and plan for their golden years.
“Singaporeans now have longer life expectancy, and we want to go beyond focusing on immediate financial needs, which are addressed by many personal finance tools today. Instead, we aim to help our customers take a longer-term view of their finances and work towards their retirement nest egg.”