DBS, which says a third of its customers had negative cash flow January to June 2020, is in the process of revamping its suite of digital financial planning solutions and tools.
Alongside the GovTech pilot, the bank is also adding new solutions that the bank from this week include a Map Your Money interactive dashboard that can project a customer's future retirement needs based on their current finances.
Amid one of the greatest disruptions ever witnessed in our time, we are more cognisant than ever about the importance of leveraging digital technology," Jeremy Soo, head of consumer banking group at DBS Singapore
And on 8 August, DBS will launch a retirement planning portal to help customers better understand estate planning issues, the company said.
Jeremy Soo, the head of consumer banking group at DBS Singapore, said "Amid one of the greatest disruptions ever witnessed in our time, we are more cognisant than ever about the importance of leveraging digital technology to quickly serve up solutions that benefit the wider public."
"In line with Singapore's Smart Nation agenda, we have been introducing innovative digital solutions over the years that provide easier, more seamless ways to bank. Together with GovTech Singapore, we aim to support those who are journeying into digital banking for the first time, and to help foster resilient digital habits that will last for years to come."