DBS (SGX:D05)/POSB retail clients are now able to access a new feature offered via DBS’ AI-enhanced financial and retirement planning tool, called NAV Planner, which will aim to offer specific investment recommendations that are well-suited for different investment profiles and requirements.
Evy Wee, Head of Financial Planning and Personal Investing, DBS Bank, stated:
“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.”
To get started, clients will first be asked to provide answers to a 5 -question assessment so that a suitable investment profile can be set up. The digital financial advisor will then use various AI and machine learning models to make appropriate recommendations for possible investment solutions across six different product classes.
Clients that get a “zero” risk profile after finishing up the assessment will not get any investment recommendations. Instead, they’ll be asked to review various insurance solutions, because they’ve stated that they aren’t willing to risk losing any invested capital.
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As covered in February 2021, advanced facial biometrics are now being used by Singapore’s DBS Bank to perform data authentication and verification. As reported in January 2021, DBS announced a new digitalized audit confirmation solution for both corporate and SME customers.