Saturday, May 27, 2023

Handle all of your funds in a single place with OCBC Monetary OneView


Excellent news for Singapore: SGFinDex now formally contains insurance coverage knowledge, which implies that you and I are lastly in a position to handle our financial institution accounts, CPF, HDB, IRAS, CDP investments and insurance coverage insurance policies all inside one place. To take action, you’ll want an software, and the one I personally use essentially the most is OCBC Monetary OneView. Right here’s how one can take advantage of out of it, like I do.

It’s no secret that I’m an enormous fan of SGFinDex. In spite of everything, it’s due to this that I used to be lastly in a position to ditch the Excel sheets and see all my financial institution accounts in a single place final yr. And though I’ve recognized this was coming for a while, I’m glad I can now discuss publicly about the newest addition of insurance coverage knowledge to SGFinDex – an enormous breakthrough that was introduced by the Financial Authority of Singapore (MAS) late final yr.

Should you haven’t been following, SGFinDex is the world’s first public digital infrastructure that permits people such as you and I to securely entry – through Singpass – our monetary data held throughout totally different authorities businesses and monetary establishments.

Because of SGFinDex, now you can skip the guide work and let know-how do it for you. Nevertheless, you’ll want an software with a view to profit from SGFinDex. Whereas the totally different banks and monetary establishments are combating to construct the finest app to win market share, my favorite for now remains to be OCBC Monetary OneView.

OCBC Monetary OneView – a monetary planning software present in your OCBC Digital app – is likely one of the enhanced cell purposes that you should use to sync with the improved SGFinDex proper now, to get a way of your general monetary knowledge throughout all of the totally different authorities businesses and monetary establishments. It additionally occurs to be my private favorite as a result of I’m a sucker for the beautiful UI design, which makes for nice screenshots on my weblog and social media.

With OCBC Monetary OneView, you possibly can leverage the facility of SGFinDex to take again possession and management of your funds, as now you can consolidate, plan forward, observe targets and even get personalised insights.

In my case, I exploit the app every month to test on the next:

  • Are my belongings rising over time?
  • Are my money owed or mortgages decreasing / manageable?
  • Did I overspend on my bank cards in my final invoice assertion(s)?
  • Are there any upcoming insurance coverage premiums that I must pay?
  • How a lot am I spending on insurance coverage this yr?
  • Is there an upcoming insurance coverage coverage cost due that I could have missed?
  • How has my SGX portfolio allocation modified as a consequence of unstable inventory value actions in latest months?
  • Am I on observe to hitting my 1M65 CPF goal?
  • Am I optimising my SRS funds?

These are pertinent questions which you could undertake for your self to observe your monetary well being identical to how I do.

On this article, I’ll present you ways I exploit the app to ensure I’m all the time on observe, financially.

Handle every part in a single place with OCBC Monetary OneView and SGFinDex

The fruits of SGFinDex can be ineffective with out a highly effective software to make sense of all that knowledge, and my selection right here is OCBC Monetary OneView.

The very best half is, the software is free to make use of for all OCBC prospects.

Which ought to just about describe virtually each Singaporean, or no less than, each Funds Babe reader as a result of the OCBC 360 account was one of many first few I really useful most of you to open since I began this weblog in 2014 (the account made its debut only a yr earlier than this weblog was born).

Should you’ve already used it earlier than, all it’s worthwhile to do is to sync to replace your newest month balances. But when that is your first time utilizing, you’ll first want to attach your newest knowledge with SGFinDex (see how right here).

I’ll cowl the beneath steps for these of you who’ve but to sync your insurance coverage knowledge, since that’s the brand new improvement.

Step 1: Join your insurance coverage knowledge

Begin by tapping on “Your Monetary OneView”.

Choose “Handle” (on the prime proper nook).

Alternatively, scroll to the underside of your abstract web page and select “Add or take away” portion so as to add your insurers.

Choose “From SGFinDex” so as to add the insurers that you’ve got insurance policies with.

Be aware: You’ll need to manually login to every of their portals with a view to join and sync the information over, so this will take some time relying on what number of totally different accounts you’ve got.

Step 2: Replace your monetary knowledge with SGFinDex

Subsequent, sync to replace your newest month balances throughout the totally different insurers, banks, CPF, IRAS, HDB and SGX CDP.

(Be aware: You’ll need to refresh your reference to SGFinDex each month with a view to retrieve your newest knowledge, since our funds are in a continuing state of change.)

If that is your first time, take a look at my earlier article right here on how you can join with SGFinDex.

Now that you’ve got a view of your newest knowledge, congratulations, you’re able to handle it.

Let me present you ways I do it every month.

1. Test in your belongings vs. loans

Each month, I’ll sync my knowledge so I can test on my belongings and what I owe.

What I’m searching for right here contains:

  • Are my belongings rising?
  • What my short-term money owed (bank cards) did I incur this month, and have they already been paid?
  • Are my long-term debt (a mortgage) repayments nonetheless manageable on this period of rising rates of interest?

In fact, there are nonetheless some limitations that I nonetheless can’t use SGFinDex to trace for now. Proper now my listing contains:

  • My money and glued deposits held in different banks (e.g. CIMB)
  • My equities / securities custodized with different brokerages, which don’t sit in my CDP (particularly for US and HK shares)
  • My investments in robo-advisors

I’m hoping these will ultimately get added into SGFinDex, However until then, the excellent news is OCBC Monetary OneView software permits you to manually add your money holdings (in different banks) for larger readability and fuller image of your funds.

Merely return to Step 1 and choose “Handbook entry” so as to add what you’ve got within the different banks (and even your piggy financial institution financial savings).

Banks like CIMB, BOC and RHB are nonetheless not a part of the SGFinDex community. You probably have any belongings held in these monetary establishments that you just’ll prefer to handle utilizing OCBC Monetary OneView, you possibly can merely add them manually right here to your personal reference.

2. Test your bank cards bills

Within the earlier step, I already noticed how a lot I’ve spent throughout all my bank cards.

To trace how a lot I’ve spent on every card final month, I’ll then click on on the “Merchandise” overview on my app. This helps me to trace my general spending patterns, in addition to function a reminder to test whether or not I’ve paid off my bank card invoice.

By monitoring this month-to-month, I’m in a position to spot if there are some months the place I’ve spent greater than I usually do, and align again to the basis trigger (normally as a result of insurance coverage premiums have been due in that month, or we went on a household vacation).

Be aware that when you’ve got bank cards from an issuer that isn’t a part of the SGFinDex companion community, then that can be a spot that you just’ll need to deal with individually by yourself…for now. In my case, my CIMB bank card warrants separate consideration, because it doesn’t present up right here.

Now that I’ve reviewed my credit score spending and am happy with the well being of my bank cards for the month, I am going on to test on the standing of our insurance coverage.

3. Monitor your insurance coverage premiums

One in every of my largest fears includes insurance policies lapsing as a result of we forgot to pay the premiums. Fortunately, the newest from SGFinDex now permits me to lastly (!) see most of my insurance coverage insurance policies on OCBC Monetary OneView.

All of our youngsters’ insurance coverage insurance policies are underneath my identify, so with this, I’m in a position to observe how a lot I’m paying yearly and get reminders when any upcoming premiums are due.

Now you can observe your insurance coverage premiums, each individually for every coverage and the gross complete of what all your insurance policies value you.

Want extra particulars on a specific coverage? Merely faucet on it to view – this protects you the trouble of getting to log into the insurer’s web site or app individually if you simply need to see a fast overview of what you’ve got!

You probably have insurance policies with different insurers who are usually not within the SGFinDex community, you’ll need to proceed monitoring them individually. Sadly, this implies I’ll nonetheless have to trace my FWD insurance policies with my Excel spreadsheet for now.

Psst, whereas getting the OCBC workforce to evaluation this text for factual accuracy, they instructed me that they’re engaged on constructing the flexibility for customers to manually add another insurance coverage that they’ve, so which may go dwell quickly!

P.S. If it helps, I’m at present utilizing this for consolidating and sharing our household’s insurance coverage insurance policies with my husband.

Overview your protection gaps

In fact, in case you’re undecided whether or not you’re adequately insured, you should use OCBC Monetary OneView to assist spot any protection gaps and see what they advocate for you, primarily based in your annual earnings.

As an illustration, earlier than I synced all my insurance coverage knowledge over, it recognized that I might need a spot for Essential Sickness:

 and thus really useful me these plans:

For the document, I don’t have a CI protection hole. I wished to see what can be really useful to me therefore I withheld syncing that data over to start with.

You may browse the really useful insurance policies to plug these gaps and even apply through the app, or use them as a place to begin to have a chat along with your FA and resolve what can be finest for you.

This additionally makes for simpler common opinions along with your partner and/or monetary advisor, and equips you with extra data when listening to your FA’s suggestions on what to purchase.

In mild of the inflationary setting we’re in, please ensure you’re properly protected in opposition to your largest monetary dangers!

4. Test your CPF balances

My CPF is my security nest for retirement, so I began making voluntary top-ups in my mid-20s and continued that observe till now. Since hitting the Fundamental Retirement Sum 2 years in the past, I’ve gone on to hit the Full Retirement Sum earlier this yr.

I prefer to test on my CPF balances to ensure I’m on observe to attaining 1 million by 65 (examine the 1M65 technique right here).

Prime up your CPF instantly from OCBC

A couple of months in the past, OCBC grew to become the primary financial institution to allow Singaporeans to make CPF top-ups instantly utilizing their OCBC app. As somebody who has been doing this manually for the previous couple of years, I can let you know, this has made my life a lot simpler.

Open your CPF balances and faucet on “Make a CPF top-up”.

P.S. Should you haven’t already performed your CPF top-ups for this yr, ensure you do it earlier than the yr ends if you wish to qualify for tax aid!

And that’s it!

As soon as I’ve synced with SGFinDex, doing the above evaluation of my monetary well being takes me only a few minutes on OCBC Monetary OneView every month.

Get your monetary life underneath management

I’ve been utilizing OCBC Monetary OneView with SGFinDex because it was launched, and do a whole lot of my monetary monitoring with the app. That is vital to guarantee that I’m on observe to hitting my life targets, together with retirement and for my children.

Should you’ve not already been utilizing it, you then’re actually lacking out!

Begin by planning to your life targets utilizing OCBC Monetary OneView, then guarantee you've got a plan to get there. Alongside the best way, you possibly can obtain and make use of the monetary planning suggestions personalised for you by the app, with the intention to make better-informed choices in relation to your funds. 

Everyone knows the significance of monetary planning, however beginning your plan and usually reviewing it was a tedious chore. Not anymore.

Because of SGFinDex and OCBC, planning and monitoring your progress every month is now a lot simpler.

I hope that having walked you thru how I personally do it, now you can replicate the identical and acquire that confidence to benefit from the current…with out having to fret about this “must-do however not performed but” duty that lingers in the back of your thoughts. It’ll now simply take you a few minutes!

TLDR: use OCBC Monetary OneView like I do to:
  • Plan to your monetary targets
  • Monitor your belongings vs. money owed
  • Be sure to don’t exceed your bank card bills
  • Preserve observe of your insurance coverage and get cost reminders for upcoming premiums
  • Overview your protection and plug any safety gaps in time
  • Make sure that you’re on observe to hitting 1M65 in your CPF
OCBC Monetary OneView was just lately acknowledged on the newest 2022 International Retail Banking Innovation Awards (GRB Awards), profitable Best Cell Banking Initiative for OCBC Financial institution.

The very best half is that the app is free, so what else are you ready for?

Disclaimer: It is a sponsored submit written in collaboration with OCBC. I’ve been utilizing OCBC Monetary OneView ever since SGFinDex enabled me to attach all my knowledge throughout the totally different monetary establishments, and personally skilled the progressive modifications to the software made since then, which has helped me get much more readability and management by myself funds. All opinions on this article are that of my very own.


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