DBS is also using facial recognition technology and artificial intelligence to help users better visualise their retirement future. Dubbed “Face your Future”, the tool, which will be launched this month, taps on algorithms to estimate a customer’s retirement needs based on his or her lifestyle choices and even creates a photographic portrait of how the customer looks at retirement age. Evy Wee, Head of Financial Planning and Personal Investing, DBS Singapore, said: “We’ve found that many procrastinate on retirement planning because the different rules, calculations and information required to get started can often be intimidating. Our retirement solutions aim to simplify a complex journey. For Map your Money, customers simply need to indicate their retirement aims, and the tool does the rest of the work – automatically taking into consideration varied factors such as cashflows, income, lifespan, CPF, SRS rules and schemes – to provide the requisite retirement projections and insights. There is no magic number that customers need to set aside. All they need is to ensure they have sufficient money to fund their desired quality of life after they retire, and our solutions easily map the way forward for them.” DBS Retirement Planning Portal DBS is launching a new virtual Retirement Planning Portal (go.dbs.com/retirement) on 8 August for customers who are keen to safeguard the financial security of their loved ones but may not have the necessary knowledge or skills to ensure that their estate will be properly handled after their deaths. The portal tackles the common challenges faced by customers in understanding estate planning and aggregates relevant resources within a single portal, making it easier for customers to find the information they need and seek help.
For a start, the portal will offer services, provided by DBS’ partners, that allow customers to:1. Access CPF nominations online quickly: To date, 57% of CPF members, who are eligible to make nominations, have not done so.
