DBS offers sustainability-themed products for retail customers in new LiveBetter platform

RETAIL customers of DBS can now see what their carbon footprint looks like via a new LiveBetter platform in the bank's digibank app.

In a press statement on Sunday (Oct 31), the bank said LiveBetter offers sustainability-themed funds as well as eco-friendly tips and options to donate to local green causes.

Additionally, LiveBetter will be offering an autonomous carbon calculator by January 2022, which will automatically generate carbon footprint profiles and insights based on customers' spending profiles.

DBS is also developing a function for retail customers to purchase carbon credits to offset their carbon footprint.

"This approach has been borne out in the findings from our recent DBS Consumer Sustainability Survey, where 73 per cent of respondents indicated a willingness to change their lifestyle to live more sustainably only if it was convenient for them," said Jeremy Soo, head of consumer banking group (Singapore), DBS.

The survey, done in July 2021 with over 1,000 Singapore residents 18 years and over, showed that majority of respondents (93 per cent) were aware they contributed to carbon emissions and 86 per cent were aware that their carbon footprint would impact the world. But few are taking action to live sustainably, with 73 per cent of respondents only willing to change their lifestyle if it's convenient for them.

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DBS Green Solutions have been showing good take up rates among retail customers. The popularity of its sustainability-themed funds has been growing steady, with fund purchases close to 3 times higher as at Sep 30, 2021 compared to January 2021.

The DBS Green Car Loan product, which offers loans for new and used electric and hybrid vehicles, now makes up 10 per cent of car loan volumes at DBS.

Also, the DBS Green Renovation Loan now comprises 85 per cent of new renovation loan bookings. The loan requires customers to fulfil 3 items - energy-efficient lighting and systems, using renewable power sources and utilising certified environmentally-friendly paints among others.

"Climate change impacts all of us, and we believe everyone has a role to play in building a better world. To encourage customers to adopt sustainable living habits, we take care to provide accessible green offerings that are highly competitive and easy to adopt," said Soo.