How much are you worth?

We all know the value of Elon Musk (a cool $254 billion as of August 2022), and we’ve all seen the rich lists. But if you could add the balances in all your bank accounts, minus all of your debts and empty every pocket for change, what's your value? How healthy are your finances?

This question is on everyone's lips, it seems, at the moment. From Instagram to TikTok, global headlines to local newspapers, everyone has an opinion on your money and what you should do with it. In uncertain economic times such as these, with the cost of living rising and global inflation spiraling, getting control of your finances and learning your value has never been more critical.

But where do you even start?

Finances: They're Hard Work™

Well, getting in control of your finances the traditional way is hard work and takes time. Think spreadsheets, account balances, calculating yields and capital gains tax. Think about saving up to get on the property ladder, improving your credit rating, and worrying about interest rates and insurance. It's overwhelming and can be complex.

We know what you're thinking: who has time for that? The likelihood is that you're just too busy to get started.

Global trends repeatedly show that people under 45 tend to work more hours than previous generations and are likely to have more than one job. That's a lot of balancing. Yet when we're finished with work, we still have all these life admin tasks that mount up. Doing the laundry, visiting family members, keeping up with your friendships, looking after the kids — the chances are that we're all too busy to seriously monitor our finances.

It isn't just time holding you back from getting financial control. Our generations simply don't meet traditional expectations for wealth and security, meaning getting loans and proving our value to banks and financial institutions is harder. Maybe you have multiple bank accounts and do most of your spending with a mobile wallet — meaning getting a credit card is tricky. Perhaps you're working in the gig economy and have a great income but don't easily get approved for finance.

Moreover, our financial data isn't easily accessible in one place. Southeast Asians love exploring new technologies, especially regarding our finances. In Singapore, 45% of adults surveyed by STICPAY said they enjoy exploring smart technologies like e-wallets to make payments and billing easier. These percentages are similar across the region, with 48% of Malaysians, 40% of Indonesians, 39% of Thai, and 29% of Taiwanese adults saying the same. While these stats are exciting — who doesn't love technology that makes our lives easier?! — there are drawbacks to this trend. Adults in Southeast Asia are more likely than other global regions to have financial data spread across many apps and accounts, making it tricky to keep track.

As a result, our generation is getting left behind. In a 2022 study of over 1,000 Singaporean adults by SmartWealth, 55.2% of respondents said they were 'financially illiterate', with more than half (52%) unsure how much they spend every month. Moreover, a recent survey from Indeed Singapore found that a third of those surveyed under 24 are unsure that they will achieve their financial goals, irrespective of how much they work.

We have less time, more disparate data, and are less likely to meet traditional wealth milestones than the generations before us. Looking at this bigger picture, it's clear that our current way of managing our finances is not up to scratch.

Why Businesses Need YOU

But it isn't all doom and gloom.

We often forget that we, as consumers, have the power to change this. We are valuable to banks and businesses — we are their source of income, after all!

The reality is that banks and financial institutions are suffering from these changes, too: they are running out of customers. Credit providers, merchants and lenders can only offer their products to a select group of people who meet their criteria. As fewer and fewer people meet traditional financial milestones, their pool of potential customers dwindles. Businesses – including banks, credit card providers and lending institutions – are competing for the same customer group.

In fact, this is becoming such a problem that the average credit card user in Singapore now has ! Yet almost 50% of Southeast Asia's population is classed as 'unbanked', without access to banking services at all. A further 24% are estimated to be 'underbanked'. In a nutshell, the financial services industry in Southeast Asia is competing for the custom of only a tiny percentage of the entire population.

Plus, the unstable economic situation is starting to bite them too. Profits are dwindling, and customers are tightening their belts. Inflation is increasing, and returns on investments are down. To survive, banks and financial institutions must adapt to find new customers and better understand their existing customers to offer them the right products.

This is where we all have the power as consumers. We are the new customers that they need. Armed with our financial value, we have the power to shift the way things are done. We think it's time they came to us rather than us going to them!

The Solution? Meet Dobin!

If only there were a way for customers to manage their financial data easily and prove their value to businesses… Oh, wait!

Meet Dobin, the solution for us all.

Dobin is a new app that uses open finance to analyze your financial data and give you new insights into your finances. First, Dobin combines all your financial data from your different bank accounts, e-wallets, cards and investments into one dashboard. This helps you keep track of how much you're spending and saving each month — simply open the app and check your dashboard for your totals. With Dobin, you're always on top of your finances. Your income, spending and saving balances are right there on your phone. They can be updated every time you make a transaction.

Now you're in control, it's time to show the banks what you're worth. The next time you want a new credit card or loan, simply open the app and fill in what you need, like how much you want to borrow or what rewards are essential to you in a credit card. Then, let the banks and lenders come to you. Dobin extracts unique insights from your financial data, using advanced data analytics methods, to create your financial profile. This isn’t just your financial data but is our insights, including your most likely future income, and the maximum you can afford to repay every month. Then, only with your permission, we share this anonymized financial profile with financial service providers when you’re looking for a loan.

Your financial profile helps service providers see how much of a valuable customer you are. They can see what you want and what's important to you and compete with each other to offer you the best deal. All you need to do is browse their offers and select which one you like best.

Dobin isn't just great for loans and cards. Share your purchase profile with your favorite brands and get huge discounts and personalized merchant offers just for you. Whether you're a huge tech fan, always buying sneakers or love online clothes shopping, your data shows your favorite brands how valuable a customer you are. They want to reward you for being a great customer by sending you the best offers they know you'll love. Take advantage of great discounts, rewards and offers specially selected for you based on your financial data. The best thing? All these rewards are personalized, so you won't get rewards you never use for products you're not interested in. These are discounts that will really save you money.

With Dobin, your data is totally secure and anonymous. Although you can see which companies are offering you what, they can't see any personal information about you until you accept their offer or make a purchase. You won't get spammy offers, and we'll never share your contact information or financial data if you don't want us to. You're 100% in control, as you should be!

Take Back Control of Your Finances

With Dobin, we're removing the barriers to achieving your financial goals and putting you back in the driver's seat. With just one app, you can get on top of your finances and get personalized, valuable offers and deals designed just for you.

It's so easy to get started with Dobin, just download the app and follow the steps to get set up. We’re launching the app in January, but right now you can get exclusive early access via our website and be the first to see how Dobin can truly revolutionize your finances.

Download Dobin to discover the power of your financial data.