Singapore's DBS Bank has launched a financial planning centre which offers free advisory services, with no financial products being sold.
As part of a new financial planning initiative Singapore's largest banking group is targeting young adults. Named «NAV–Your Financial GPS,» the scheme is aimed at helping them navigate through landmark life decisions.
The «NAV Hub» is located in the central business district and is the first of its kind to be set up by a bank in Singapore.
Young adults can enjoy free personalised financial planning sessions where they can learn more about their current financial health, as well as understand their financial goals and how to achieve them.
Changing Attitudes to Bank and Banking
The financial planning sessions are conducted independent of sales and no financial products will be sold.They can also obtain financial planning tips and attend monthly financial planning classes conducted by industry experts.
Banking usage and habits among the younger generation, who prefer the digital route, has become alarmingly diluted forcing banks to adapt.
DBS has realised early that the younger generation is not connecting with banks the way older generations did. So expect to see more roll-outs like this across Asia as other banks move to establish their own engagement programs.
Next Generation Drifting Away
Banks are finding it harder to engage with younger clients as they turn away from traditional banking conduits and lean more towards non banking financial services using mobile payment apps and other on-line financial services.
The largest wealth managers in Asia also offer complimentary financial advice to their so called «next gen» clients in large part to keep engaged with that demographic in the hope that they maintain the relationship loyalty with the bank their previous generations offered.
