The new tool in its NAV Planner is part of DBS' plans to get 1 million customers insured and invested by 2023.
DBS is rolling out an enhanced version of its «Make-Your-Money-Work-Harder» digital investment advisor to help retail customers make better investment decisions.
The feature, available via NAV Planner on DBS digibank online and its mobile banking app, aims to remove guesswork and bias from investing by providing specific investment recommendations based on customer risk profile, and provide a real-time hyper-personalized experience for customers.
Underinvested and Uninvested
According to the bank, the majority of its customers are underinvested and for some, remain uninvested, with only two in 10 retail customers investing over the past 12 months.
For new investors, many need guidance to overcome intertia, DBS said. Even with personalized recommendations and nudges provided on NAV Planner, the bank found that only one in 10 customers could complete their investing journey.
Self-Directed Investing
DBS said that as customers are increasingly taking a self-directed approach to investing digitally, this approach helps investors determine their investment profiles to ensure they meet regulatory requirements before investing amid market volatility.
This approach mirrors the offline consultation a customer would have with its wealth planning managers, which safeguards the interests of investors. «As more look to self-directed investing, it is important we equip them with the right information and intelligence digitally to construct their portfolios,» Evy Wee, DBS' head of financial planning and personal investing, said.
More Involvement
DBS said it would be more involved in helping younger customers grow by investing and with their home planning journey, which is the most common and largest-sized liability on a customer’s balance sheet.
The bank will also focus on helping older customers monetize their assets and convert to cash for more liquidity to invest and prepare for retirement.
