Standard Chartered Bank has launched an online financial planning solution that allows clients to independently plan and track their financial goals. Developed in collaboration with Singapore-based fintech startup BetterTradeOff, the free, do-it-yourself tool is available on SC Online Banking and SC Mobile.
The SC Goals Planner offers clients real-life simulations and insights specific to their life stages and financial status. It accounts for total household income, enabling clients to include loved ones in their financial plan and better take control of their finances.
Designed to be highly intuitive and interactive, the tool allows users to simply “drag and drop” new goals and events onto their timeline to simulate how it impacts their long-term financials such as cash flow, savings, and net wealth. This includes planning for goals such as property purchases, early retirement or funding a child’s education.
Users will also be able to project how negative events, such as unemployment, critical illness, or the sudden loss of the household’s main breadwinner, may impact a family’s ability to remain financially resilient and secure.
Eugene Puar, the bank’s head of wealth management, Singapore, Asean and South Asia, comments: “There is definitely heightened interest in better financial planning after an unprecedented year. This is where we believe we can close the financial literacy gap and empower clients to play a more active role in their financial planning.”
BetterTradeOff’s financial planning solution has been deployed in Singapore, Hong Kong, the Philippines, the United Arab Emirates, and Switzerland.