DBS’ AI-powered NAV Planner nudges customers towards financial and retirement planning

DBS Bank is making its most comprehensive effort yet to nudge its retail customers towards taking concrete action in their journey towards “financial freedom”, which Evy Wee, DBS’ head of financial planning, investments and insurance solutions, defines as financial independence and the freedom to pursue passion projects or pause work.

The linchpin of its efforts is a digital tool, DBS NAV Planner, which harnesses fintech and AI to enable clients to get started on a personalised financial planning road map. To date, an estimated 2.8 million customers have tapped the DBS NAV Planner for financial and retirement planning. Of these, about 35 per cent or nearly 1 million are active users.

Wee said that the goal is to get at least 1 million customers to take steps to address their needs, either through investments or insurance. “We saw a 4-fold increase in customers who were able to complete their investment journeys, in which AUM (assets under management) of digitally managed investments grew by 52 per cent last year.”