DBS leverages open banking (SGFinDex) and AI in Singapore

By Edil Corneille

Singapore-based DBS announced its plans to help retail customers, regardless of their income level or life stage, improve their financial wellbeing. The bank will harness its AI capabilities and the introduction of SGFinDex, a public-private open banking initiative, to avail its hyper-personalised financial and retirement planning solution DBS NAV Planner to Singapore residents. The AI-powered DBS NAV Planner is a digital financial planning solution and can be accessed by customers and non-customers alike, via DBS digibanking.

DBS CEO Piyush Gupta said, “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. With SGFinDex, we can now accelerate our plans for financial inclusion and scale AI-powered financial planning solutions to millions. DBS NAV Planner’s ability to consolidate finances across the industry, provide hyper-personalised insights and actionable recommendations, can help guide everyone to financial wellness, and ensure they are adequately prepared for retirement.”

Integrated into DBS digibanking (online and mobile), DBS NAV Planner helps customers track, protect and grow their money while providing personalised and actionable insights at every step of the way. These insights are powered by more than 100 AI models that have already delivered more than 30 million financial planning insights to customers this year.

Gupta added, “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.”