DBS doubles down on financial wellness to tackle Asia's ageing needs

As people in rapidly ageing societies live longer, DBS is looking to enable more retail individual investors to plan earlier and do more with their money so they don't outlive their retirement nest-egg

- EVY WEE

Asian societies are rapidly ageing: the population of those aged 65 and above across 15 countries in Asia-Pacific will increase by 18.3 per cent to 620 million in 2025 and to 730 million by 2030.

In particular, a total of nine Asia Pacific countries or territories by 2025 would be considered as "super-aged" - the proportion of the population aged 65 and above reaches 21 per cent.

But many might not be on track to building their nest egg, much less achieve financial freedom, especially in recent times when consumer purchasing power has been dented by higher inflation rates and rising costs of living.

DBS Bank, Singapore's and South-east Asia's largest bank by assets (of S$739 billion), currently serves more than half of these "super-aged" economies (Taiwan, Thailand, mainland China, Hong Kong and Singapore).

It has harnessed artificial intelligence (AI) and technology innovation in the past decade to empower customers in Singapore to better manage their finances. Users of its AI-powered financial advisory tool (Plan by digibank) save 83 per cent more than non-users, invest four times more and are twice more likely to be insured.

Widening accessibility to financial planning advisory and solutions can help break the cycle of financial stress, leading to improved financial and mental well-being. This underscores the bank's commitment to "doing well by doing good", as pledged by top executives. The bank is now looking to replicate its successful model in Singapore across Asia, which includes Taiwan, Thailand, Hong Kong, India and Indonesia. By 2027, DBS hopes to quadruple the number of customers who can access the bank's financial advice and solutions in its markets.