DBS announced on Dec 7 that it will help all its retail customers improve their financial wellbeing.
The bank will harness its artificial intelligence (AI) capabilities and the introduction of SGFinDex, the world’s first public-private open banking initiative to enable all Singapore residents to tap on DBS NAV Planner, its financial and retirement planning solution services.
DBS’s NAV Planner can be accessed via DBS digibanking by customers and non-customers alike.
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On the move, DBS CEO Piyush Gupta says, “Across the world and in Singapore, the income inequality gap is widening. This is compounded by rapidly aging populations and the pandemic is further exacerbating the situation.”
“We believe there is a very real opportunity to narrow this gap, by helping lower-income groups better manage their money. We recognise that lower-income groups face numerous obstacles to financial and retirement planning and have been building solutions to help all Singapore residents overcome these barriers for several years now,” he adds.
“Designed to address a fundamental social issue, DBS NAV Planner has been shown to be effective in turning users’ finances around. With SGFinDex, we are confident that this will be a tremendous value add for Singapore residents, while allowing DBS to build out an important new business in years to come – showing that it is possible to do good and do well.”
Shares in DBS closed 40 cents lower or 1.6% down at $25.26 on Dec 7.
