DBS opens DBS NAV Planner to the public

The AI-powered platform can now be used by customers and non-customers alike.

DBS has opened its personalised financial and retirement planning solution DBS NAV Planner to all Singaporeans harnessing the country’s public-private open banking initiative SGFinDex, according to a press release.

The AI-powered DBS NAV Planner can be accessed by both customers and non-customers alike via the bank’s digibanking platform.

Integrated into this, the DBS NAV Planner helps customers track, protect and grow their money whilst providing investment and financial insights. These insights are powered by more than 100 AI models that have already delivered more than 30 million financial planning insights to customers in 2020, according to DBS.

DBS’ decision to roll out the DBS NAVP Planner was anchored on the results of its recent study that found lower-income groups to constitute about half of all customers who experienced a drop in their salaries following the pandemic.

“Participation in financial markets is key to wealth creation, with those able to stay invested during crises often benefiting in the long run,” DBS stated in its press announcement.

“Yet most low-income groups do not participate in financial markets due to several factors. These include the lack of know-how and relevant insights; the tools and resources to monitor the market; the understanding of their own financials and risk appetite; and the excess savings to invest,” the bank further noted.

Since its launch in April, DBS NAV Planner has reportedly helped more than 1.8 million customers and driven more than 400,000 customers to become net savers.

Between August to October this year, DBS observed that eight in 10 new-to-guided investing customers have done so as part of their follow-up on a recommendation provided by DBS NAV Planner.

On 7 December, the Monetary Authority of Singapore and the Smart Nation and Digital Government Group launched the Singapore Financial Data Exchange (SGFinDex), a digital system that will allow Singaporeans to access their financial information across government agencies and financial institutions.