DBS launches digital adviser offering investment suggestions to customers

The Make Your Money Work Harder digital adviser (left) will recommend investment products to customers like Mr Ric Krusemann (above), who says the digital advisory feature helps him check his existing investments against its suggestions.
The Make Your Money Work Harder digital adviser (above) will recommend investment products to customers like Mr Ric Krusemann, who says the digital advisory feature helps him check his existing investments against its suggestions.PHOTO: DBS
The Make Your Money Work Harder digital adviser (left) will recommend investment products to customers like Mr Ric Krusemann (above), who says the digital advisory feature helps him check his existing investments against its suggestions.
The Make Your Money Work Harder digital adviser will recommend investment products to customers like Mr Ric Krusemann (above), who says the digital advisory feature helps him check his existing investments against its suggestions.PHOTO: DBS

DBS Bank customers can now get specific recommendations on investment products to buy through the bank's financial and retirement planning platform.

The bank yesterday launched a service to provide these suggestions based on customers' investing knowledge and financial goals.

The Make Your Money Work Harder digital adviser will be housed on DBS' NAV Planner platform, which customers can access via the DBS digibank online platform and mobile banking app.

Investors will be able to receive suggestions on specific investment solutions across six product classes. For a start, these products will include collective investment schemes, insurance solutions, and the Asia and Global portfolios managed by DBS' robo-investment platform digiPortfolio.

Ms Evy Wee, the bank's head of financial planning and personal investing, said: "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."

Customers will first have to complete a five-question assessment to determine their financial objectives, risk profile, investment preferences and financial situation. This will also help them complete knowledge assessments required under regulatory requirements.

Users who obtain a "zero" risk profile will not receive investment recommendations and will be advised to review insurance solutions instead.

Those who have recorded a negative cash flow on the tool will also be unable to access the advisory service. They will be given advice to help turn their finances around or be prompted to consolidate their holdings via the Singapore Financial Data Exchange, Singapore's public-private open banking infrastructure.

Finance professional Ric Krusemann, 32, said the digital advisory feature helps him check his existing investments against its recommendations.

"It also helps me consider and evaluate other product types," said Mr Krusemann, whose portfolio consists of exchange-traded funds, unit trusts and stocks.

Other banks here also offer similar features in their financial planning services.

OCBC Bank's digital financial dashboard Financial OneView recommends the types of investment products customers can get into based on their risk appetite and the amount of effort they want to put into investing.

Meanwhile, UOB launched Portfolio Advisory Tools in 2019. They are used by the bank's relationship managers to help emerging affluent consumers manage their investment portfolios.

A version of this article appeared in the print edition of The Straits Times on April 09, 2021, with the headline 'DBS launches digital adviser offering investment suggestions to customers'. Subscribe