/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
DBS customers can now see what they may look like when they reach retirement age

DBS customers can now see what they may look like when they reach retirement age

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."

Comments: (1)

David Avis
David Avis - AND Digital - Manchester 09 June, 2020, 14:58Be the first to give this comment the thumbs up 0 likes

Next step...make the projection look healther and more attractive based on making good retirement investment decisions!! 

It's a serious topic but think DBS are handling in quite a thought provoking way without needing to make the point about how serious retirement planning is.