DBS Bank rolls out Singapore’s first in-app digital financial advisor that’s called ‘Your Financial GPS’ – here’s what we know

The “Your Financial GPS” in-app feature and NAV Hub are part of DBS Bank’s new financial planning initiative.
DBS Bank

DBS Bank recently announced a new in-app holistic digital financial advisor which it called “Your Financial GPS”  – said to be the first of its kind in Singapore.

If you’re a DBS/POSB Bank member and have recently used your iBanking or digibank app, you might have noticed the new feature already available on the app’s main page.

In a statement on Tuesday (May 8), DBS said the feature is an extension of its financial planning initiative “NAV – Your Financial GPS”, aimed at helping customers “navigate through life’s changes, uncertainties and opportunities”.

With the launch of “Your Financial GPS”, more than 2.5 million DBS/POSB customers would have received immediate access to the digital advisor, according to DBS.

The digital advisor is integrated into customers’ banking transactional activities through the iBanking and digibank apps.

This enables budgeting functionality to provide analysis of customers’ bank account activity due to automatic categorisation of income and expenses.

Customers are provided personalised overviews of their set budgets and can see how they fare with regards to achieving their long-term financial-life goals.

DBS Bank

In addition, “Your Financial GPS” is capable of offering tailored financial advice and “actionable” insights, enabling customers to better decisions about their money while formulating plans for savings and investments.

A DBS spokesman told Business Insider: “‘Your Financial GPS’ was conceptualised and developed from end-to-end entirely by the teams within DBS. We embarked on this project with the purpose of embedding financial planning into the everyday lives of our customers, and we do this seamlessly and conveniently across our digital channels.”

Furthermore, as part of efforts to understand the financial planning needs of its customers, DBS carried out “extensive customer immersions” – which involved more than 100 face-to-face customer interviews – and over 160 prototyping sessions, she said.

She added: “Through these, we drew core insights which helped us optimise the customer journey for Your Financial GPS that is a direct response to our customers’ needs.”

And that’s not all DBS has to offer for those interested to gain mastery in managing their personal finances.

In July 2017, DBS launched NAV Hub, a financial planning centre catered for young adults.

At the centre, which spans approximately 1,100 sq ft in size, customers are offered free advisory services provided by the “NAV crew”, with no financial products being sold.

It is located in the central business district at Tanjong Pagar.

Members of the NAV crew are former wealth planning managers who are trained in financial planning, said the spokesman.

“During a consultation session, our NAV crew will offer practical and actionable financial advice to a customer based on his current financial health and his financial-life goals,” she noted.

“We may offer general guidance on saving and investing, as these are important steps to financial freedom, but we will not recommend or sell any products.”

Customers can also obtain financial planning tips and advice on the NAV website and attend monthly classes conducted by industry experts at the NAV Hub.

Brandon Lam, DBS Singapore’s head of Financial Planning Group, said: “Financial planning can be confusing for some, as it covers a broad spectrum of interconnected topics. Helping our customers fulfill their financial-life goals and understand how to better manage their finances is of great importance to us as Singapore’s largest bank.”