In our post-financial crisis world, there is a much bigger onus on banks to prioritize responsibility and accountability. This extends to financial institutions’ (FIs’) internal checks and compliance methods, but should it also apply to customer relations and helping people to manage their money?
One thing that’s clear is that banks are in a unique position to help consumers take a sensible and efficient approach to their finances.
The Association of Banks in Singapore (ABS) recently announced the Debt Consolidation Plan (DCP), a repayment scheme designed to help borrowers reduce their debts over time. Fourteen FIs have committed to the plan, including American Express International, ANZ, Bank of China and Standard Chartered Bank.
Customers who meet eligibility criteria – including annual earnings between S$ 20,000 (US$ 14,000) and S$ 120,000, and net personal assets of less than S$ 2 million – can consolidate their existing unsecured credit across lenders with just one participating FI.
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