Singapore’s leading retail banks have launched a collaborative effort to address the banking needs of the country’s ageing population. The Association of Banks in Singapore (ABS) unveiled a playbook titled “Banking a Longevity Society,” outlining 20 initiatives under the SERVE framework to ensure seniors remain safe, enabled, resilient, valued, and engaged.
Among the key initiatives, banks will ensure that by the end of 2027, an ATM, branch, or cashpoint will be located within 500 metres of every Housing Development Board (HDB) block. This move aims to maintain cash accessibility for seniors who may not fully embrace digital payments. In the interim, these facilities will be available within 500 metres of key public amenities such as transport hubs and supermarkets.
To ease the burden on families during legacy planning and bereavement, banks will streamline processes related to Lasting Power of Attorney and estate administration by the first quarter of 2027. This includes clearer guidance and simplified procedures to support families in managing financial matters during difficult transitions.
Additionally, the banking sector is working with the Agency for Integrated Care to enhance support for seniors with cognitive decline. By 2027, banks will implement guidelines and protocols to help staff identify and assist vulnerable customers, ensuring they receive the necessary support.
This initiative marks the first industry-wide effort of its kind in Asia, reflecting a commitment to evolving banking services in line with the needs of an ageing society. ABS Director Ong-Ang Ai Boon emphasised the importance of addressing seniors’ needs holistically, whilst Professor Paulin Straughan from the Centre for Research on Successful Ageing praised the collaborative approach for empowering seniors and easing family responsibilities.
