Digital financial planner helping S'poreans invest more and plan for retirement: DBS

Using a digital financial planner has helped Singaporeans to save twice as much and invest five times more of their funds, as well as start retirement planning, according to DBS Bank’s data.

- Sue-Ann Tan Business Correspondent

Users were also nearly three times more insured than nonusers.

The digital financial planner is designed to help customers stay on top of their finances and make informed decisions based on their needs, said Mr Calvin Ong, the bank’s Singapore head of consumer banking.

“It provides timely reminders that encourage positive financial habits - whether it is saving regularly, setting aside an emergency fund or taking the next step to invest idle cash balances,” he said.

Launched in April 2020, DBS’ financial adviser, powered by artificial intelligence (AI), has developed into an all-in-one enhanced platform called digiWealth.

The two other local banks also have digital tools in their apps to help with financial planning.

For instance, OCBC Bank has a Money Insights feature on the app that helps customers “save smarter” through spending graphs, saving projections and budget-setting for various categories such as food and shopping. It also provides tips for trimming expenditure in each category.

UOB’s app has a feature that shows customers insights personalised to their financial habits. It tracks when regular monthly payments are made, provides spending patterns, suggests ways for customers to hit a $500 spending target to get bonus interest on their One accounts and tracks the interest they get each month.