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

Excellent news for Singapore: SGFinDex now formally consists of insurance coverage information, 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 utility, 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 any case, 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 speak publicly about the newest addition of insurance coverage information to SGFinDex – an enormous breakthrough that was introduced by the Financial Authority of Singapore (MAS) early this month.

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 – by way of Singpass – our monetary data held throughout totally different authorities companies and monetary establishments.

Due to SGFinDex, now you can skip the handbook work and let expertise do it for you. Nonetheless, you’ll want an utility as a way to profit from SGFinDex. Whereas the totally different banks and monetary establishments are preventing to construct the greatest app to win market share, my favorite for now continues to be OCBC Monetary OneView.

OCBC Monetary OneView – a monetary planning instrument present in your OCBC Digital app – is likely one of the enhanced cellular purposes that you should utilize to sync with the improved SGFinDex proper now, to get a way of your total monetary information throughout all of the totally different authorities companies 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 excellent screenshots on my weblog and social media.

With OCBC Monetary OneView, you’ll be able to 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 take advantage of the app every month to verify 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 have to pay?
  • How a lot am I spending on insurance coverage this yr?
  • Is there an upcoming insurance coverage coverage fee due that I could have neglected?
  • How has my SGX portfolio allocation modified as a result of risky 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 that you would be able to undertake for your self to observe your monetary well being similar to how I do.

On this article, I’ll present you ways I take advantage of the app to verify I’m at all times on observe, financially.

Handle the whole lot in a single place with OCBC Monetary OneView and SGFinDex

The fruits of SGFinDex could be ineffective and not using a highly effective utility to make sense of all that information, and my alternative right here is OCBC Monetary OneView.

The perfect half is, the instrument is free to make use of for all OCBC clients.

Which ought to just about describe virtually each Singaporean, or at the very least, each Finances Babe reader as a result of the OCBC 360 account was one of many first few I advisable 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 you could 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 information with SGFinDex (see how right here).

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

Step 1: Join your insurance coverage information

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 will want to manually login to every of their portals as a way to join and sync the information over, so this will likely take some time relying on what number of totally different accounts you’ve got.

Step 2: Replace your monetary information 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 will want to refresh your reference to SGFinDex each month as a way to retrieve your newest information, since our funds are in a relentless state of change.)

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

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

Let me present you ways I do it every month.

1. Verify in your belongings vs. loans

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

What I’m looking for right here consists of:

  • 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 consists of:

  • My money and stuck 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 finally get added into SGFinDex, However until then, the excellent news is OCBC Monetary OneView instrument means that you can manually add your money holdings (in different banks) for better 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. If in case you have any belongings held in these monetary establishments that you simply’ll prefer to handle utilizing OCBC Monetary OneView, you’ll be able to merely add them manually right here on your personal reference.

2. Verify 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 total spending patterns, in addition to function a reminder to verify 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 foundation 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 if in case you have bank cards from an issuer that isn’t a part of the SGFinDex accomplice community, then that can be a niche that you simply’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.

Psst, whereas getting the OCBC staff to evaluation this text for factual accuracy, they informed me that they’re engaged on constructing the flexibility for customers to manually add some other loans that they’ve, so which may go stay quickly!

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

3. Observe your insurance coverage premiums

One in all my greatest fears entails 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 children’ insurance coverage insurance policies are underneath my title, 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 whole of what all your insurance policies price 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 once you simply need to see a fast overview of what you’ve got!

If in case you 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.

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

Assessment your protection gaps

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

As an example, earlier than I synced all my insurance coverage information over, it recognized that I may need a niche for Essential Sickness:

 and thus advisable me these plans:

For the file, I shouldn’t have a CI protection hole. I wished to see what could be advisable to me therefore I withheld syncing that data over at first.

You’ll be able to browse the advisable insurance policies to plug these gaps and even apply by way of the app, or use them as a place to begin to have a chat together with your FA and determine what could be greatest for you.

This additionally makes for simpler common opinions together 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 gentle of the inflationary setting we’re in, please ensure you’re effectively protected in opposition to your greatest monetary dangers!

4. Verify 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 Primary Retirement Sum 2 years in the past, I’ve gone on to hit the Full Retirement Sum earlier this yr.

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

Prime up your CPF immediately 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 immediately utilizing their OCBC app. As somebody who has been doing this manually for the previous few years, I can inform you, 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 accomplished 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 just some 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 numerous my monetary monitoring with the app. That is essential to ensure that I’m on observe to hitting my life targets, together with retirement and for my youngsters.

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

Begin by planning on your life targets utilizing OCBC Monetary OneView, then guarantee you’ve got a plan to get there. Alongside the best way, you’ll be able to obtain and make use of the monetary planning ideas personalised for you by the app, so as to make better-informed choices in the case of your funds.

Begin by planning on your life targets utilizing OCBC Monetary OneView, then guarantee you've got a plan to get there. Alongside the best way, you'll be able to obtain and make use of the monetary planning ideas personalised for you by the app, so as to make better-informed choices in the case of your funds. 

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

Due to 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 accomplished but” accountability 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 on your monetary targets
  • Monitor your belongings vs. money owed
  • Be sure you don’t exceed your bank card bills
  • Hold observe of your insurance coverage and get fee reminders for upcoming premiums
  • Assessment your protection and plug any safety gaps in time
  • Be certain that you’re on observe to hitting 1M65 in your CPF
OCBC Monetary OneView was not too long ago acknowledged on the newest 2022 World Retail Banking Innovation Awards (GRB Awards), profitable Best Cellular Banking Initiative for OCBC Financial institution.

The perfect 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 information throughout the totally different monetary establishments, and personally skilled the progressive modifications to the instrument made since then, which has helped me get much more readability and management alone funds. All opinions on this article are that of my very own.



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