The solutions, which will be launched from this week, will also help bolster Singaporeans’ financial resilience amid the ongoing economic uncertainty, says the bank.
The new tools include a new “Map Your Money” interactive dashboard which can project a customer’s future retirement needs based on their current finances.
DBS says it is also introducing a retirement planning portal that helps its customers to better understand estate planning topics with access to relevant services such as CPF nomination, will writing, and setting up a Lasting Power of Attorney (LPA).
Additionally, the CPF Board and DBS are working together – in a first-of-its-kind collaboration – to train DBS’s wealth planning managers and loan specialists on CPF schemes.
The new initiative will help customers and their wealth planning managers identify and address any blind spots or gaps in their retirement planning lifestyle.
“During these uncertain times when people are worried about declining incomes and outliving their savings, DBS has an even greater responsibility to extend our expertise in managing money and simplifying retirement planning for Singaporeans,” says Jeremy Soo, head of consumer banking at DBS.
“Coupled with our partnership with CPF, we are offering Singaporeans an industry-first holistic retirement proposition that provides greater clarity around their financial future based on the assets they have, including those held under government schemes such as CPF and the Supplementary Retirement Scheme (SRS). This unparalleled access to insights and resources will enable Singaporeans to make more informed investment decisions that will strengthen their financial resilience during their golden years and protect the financial health of their loved ones,” he adds.
As at 10.08am, shares in DBS are changing hands 17 cents lower, or 0.9% down, at $19.60.
