Singapore’s DBS has launched what it claims is the country’s first “holistic digital financial adviser.”
Your Financial GPS integrates with the bank’s existing banking apps. DBS says this “enables its budgeting functionality to provide analysis of customers’ bank account activity as income and expenses are automatically categorised. Customers are also provided with an overview of their set budgets, and can see how they are tracking against long-term financial-life goals with just a few clicks anytime, anywhere.”
It also provides “active analysis of customers’ current financial positions to offer tailored financial advice.”
“For example, if a customer sets up a home goal, Your Financial GPS will first propose an ideal savings amount he or she can consider and at the same time, offer advice on the small steps that can be taken to make saving for the property easier,” DBS said.
Your Financial GPS was developed based on feedback from more than 100 face-to-face customer interviews and 160 prototyping sessions. In addition, the bank also analysed huge volumes of user data and behavioural activity.