Singapore banks align on longevity and legacy planning services

Key retail banks in Singapore have jointly published a playbook, Banking a Longevity Society, through the Association of Banks in Singapore (ABS), outlining 20 initiatives to improve banking services for seniors across what they describe as the full ageing journey.

The 20 initiatives put forth by the banks are guided by the SERVE framework designed to help seniors to remain Safe from financial abuse and scams; Enabled to access financial products and services; Resilient financially; Valued, with financial arrangements that are protected and honoured; and Engaged in community beyond banking.

Of the 20 initiatives, three key ones are detailed below:

(a) Providing more convenient cash access to seniors who need it:

While more Singaporeans are adopting digital payments, cash still plays an important role for some, including seniors. To ensure seniors continue to have access to cash, the three Singapore banks (DBS, OCBC and UOB) and NETS will commit to providing an ATM branch or cashpoint within 500 metres of every HDB block by the end of 2027. In the interim, the banks and NETS will ensure that there will be an ATM branch or cashpoint within 500 metres of key public amenities, public transport hubs, hawker centres and major supermarkets.

(b) Easing the burden on loved ones and families:

During legacy planning or when there is a family bereavement, it is important to reduce the administrative burden on families and enable them to navigate important financial matters with greater clarity and consistency. By the first quarter (1Q) of  2027, banks will align their procedures to provide clearer guidance, simpler processes, and better support for family members in estate administration, such as Lasting Power of Attorney (LPA) deputyship and aiding families with account closures for the deceased.

(c) Greater support for vulnerable seniors:

To provide more targeted support for those with cognitive decline, the industry is working with the Agency for Integrated Care (AIC) to strengthen community safety nets by driving a coordinated approach across banks and society at large. By 2027, banks will introduce a common set of guidelines as well as a set of protocols with the AIC for the frontline banking staff to identify and provide additional support for senior customers showing signs of cognitive decline.

This industry-led effort is the first of its kind in Asia and reflects a shared recognition across the banking sector that ageing is a journey and that banking services must evolve alongside the evolving needs of seniors. The key retail banks will continue to review and enhance their initiatives in partnership with government agencies and community organisations to ensure the continuous refinement of the banking experience for seniors.

Ong-Ang Ai Boon, director of ABS, said, “Banks in Singapore have always supported their customers through their different life stages, each in their own way. We have now come together as an industry to address the needs of senior customers holistically across the full ageing journey.

“Seniors today are generally healthier, more independent and want to make their own decisions for longer. Their families want clarity, not onerous paperwork, when difficult transitions come. And the community wants to know that banks are trusted partners. The three key commitments we are making today respond to the different needs of senior customers and their family and caregivers.”

Paulin Straughan, director of the Centre for Research on Successful Ageing, Singapore Management University, said: “As we surge forward with advances in digital technology in finance and banking, we often worry about our seniors who might be left behind. I am so pleased to see the banking industry work hand in hand with government agencies and community partners to embrace a holistic approach to developing a compassionate and practical ecosystem. This empowers seniors to live independently while easing the responsibilities of their loved ones. These initiatives show the power of collective action, and I am proud to see Singapore’s banks stepping forward together to make ageing a journey of dignity, clarity and care.”

Re-disseminated by Wealth and Society