DBS Hong Kong is introducing a new retirement planning tool that paints a visual portrait of what customers will look like when they reach their golden years.
The Face Your Future software uses facial recognition and artificial intelligence technologies to nudge users into thinking about financial planning, by estimating the user’s age, and creating a future portrait of the customer at retirement age.
Face Your Future’s proprietary algorithm estimates users’ retirement cost based on their choice of retirement lifestyle. Users can customise their lifestyle choices to define their retirement preferences, decide when they want to retire, and visualise what they may look like in the future.
Ajay Mathur, MD and head of consumer banking group and wealth management, Hong Kong, at DBS Bank, says: “Planning for the future and retirement is never easy, and is even more challenging given the current uncertainties surrounding the pandemic. As life expectancy increases, and lifestyle needs change, it is important to know how to finance for a longer life. Through Face Your Future, we hope to provide people with a better understanding of their retirement needs."