Is it safe to use services like DBS know your net worth now that many banks are providing similar service?

Have been getting alerts from different banks to use their service to consolidate my information across various banks to know more about my net worth and debt. Was wondering if it is safe to use i.e. DBS know your net worth service.
My queries include is how are such information being handled within the bank, who has access to our information, and would the bank in turn use it to target clients to sell more products.
Any thoughts and if anyone has experience to share?

Discussion (2)

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Wrong Sean

Edited 03 Oct 2021

Are you referring to SG FinDex?

https://www.mas.gov.sg/development/fintech/SGFi...

Given that it is a MAS initiative, I believe the usual data security, privacy and protection are in place.

I have used this across a couple of banks(local and international) and I haven’t received any more calls to upsell me products more than usual. I personally find it useful and it is something that I have been looking for to have a more complete view of my financial situation.

It is interesting to see the implementation between the banks and what they use the information for. They also share information about the accounts differently. For DBS, they use it for their NAV planner offering to see where are some of the areas to improve. Of course they will recommend the products they offer.

That said, if you have concerns about the banks knowing your information, you can choose to use the MAS portal instead to have a view of your assets across the different banks and government services.

https://www.mymoneysense.gov.sg

And of course Seedly has an article about what it is too:

https://blog.seedly.sg/singapore-financial-data...

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Sharon

03 Oct 2021

Life Alchemist at School of Hard Knocks

Actually, you can do this in this free excel sheet provided by Investment Moat. You can give it a try.

https://investmentmoats.com/wealth-building-2/d...

I've been using it for 1-2 years and one thing I like is you can also track your whole life policy insurance cash bonus and investments which are also part of your net worth.

So far, it works OK for me and I don't see the need to get the service from the bank. Hope this helps.

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