DBS has added a new feature on DBS’ AI-powered financial and retirement planning tool NAV Planner, which will provide specific investment recommendations that are tailored to their investment profile.
As customers increasingly take a self-directed approach to investing digitally only two in 10 retail customers took action to invest over the past 12 months. The bank has also observed a positive response to the personalised nudges and recommendations provided by its NAV Planner tool.
To make the investing journey seamless, DBS has also streamlined several processes such as amalgamating the Customer Knowledge Assessment (CKA) and Customer Account Review (CAR) assessments a customer must take and pass, before being permitted to invest in more sophisticated products. This rigorous approach, dubbed “Make Your Money Work Harder”, is available via NAV Planner on DBS digibank online and mobile banking app. It mirrors the offline consultation a customer would have today with the bank’s Wealth Planning Managers (WPMs), which safeguards the interests of investors as they grow their retirement nest egg.
Evy Wee, Head of Financial Planning and Personal Investing, DBS Bank: “Our ongoing efforts to democratise access to wealth management services not only enable more people to participate in the markets, but also help mitigate their risks. We found that only one in 10 customers could successfully complete their investment journey, because they actually prefer a lot more hand holding. So with today’s launch, we are augmenting the advice our customers receive with the expertise of our funds selection team, where we prioritise funds which are positively-rated by the team. The additional expert guidance will help our customers overcome investment inertia, and for some who are already savvy investors, to make more informed investment decisions.”
“Investors should only make investment decisions after fully understanding their risk profiles and risk appetites, and consult professional sources of information,” added Wee. “As more look to self-directed investing, it is important we equip them with the right information and intelligence digitally to construct their portfolios.”
