DBS leverages open banking (SGFinDex) and AI for financial planning inclusion

The bank will harness its AI capabilities and the introduction of SGFinDex, the world’s first public-private open banking initiative, to avail its financial and retirement planning solution DBS NAV Planner to all Singapore residents. The AI-powered DBS NAV Planner is a digital financial planning solutions and can be accessed by both customers and non-customers alike, via DBS digibanking.

Integrated into DBS digibanking (online and mobile), DBS NAV Planner helps customers track, protect and grow their money while providing personalised and actionable insights 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. 

Since its launch in April, DBS NAV Planner has already helped more than 1.8 million customers make sense of their financial data and overcome inertia by empowering them to make better informed decisions with their money. The solution has also since helped more than 400,000 customers to become net savers. Between August to October this year, DBS observed that 8 in 10 new-to-guided investing customers have done so as part of their follow-up on a recommendation provided by DBS NAV Planner. More customers are coming forward to invest not just in cash, but also via their CPF or even SRS accounts, and the number of DBS/POSB customers who topped up their CPF accounts more than doubled this year.

Designed specifically to leverage data-sharing initiatives such as SGFinDex, DBS NAV Planner includes a built-in flexibility where customers can input information of their external holdings to complete their balance sheet. Prior to SGFinDex’s launch, more than 40,000 customers had manually input their external holdings in DBS NAV Planner.

All Singapore residents – including non-DBS/POSB customers – can now access SGFinDex through DBS NAV Planner to consolidate their financial data. DBS/POSB customers can log into DBS digibanking (either online or mobile) to access DBS NAV Planner, whereas new-to-bank customers can sign up for a DBS digibanking account in four steps with MyInfo. Only upon customer consent via SingPass authentication will the exchange and consolidation of financial planning data take place. For more information on how to connect to SGFinDex via NAV Planner, visit: https://www.dbs.com.sg/personal/deposits/digital-services/sgfindex/