Singapore Is Redesigning Banking Services for Its Ageing Population

Singapore’s banking sector is redesigning services for older customers as the country prepares for a future in which a growing share of its population will be over 65, according to Singapore Management University’s Centre for Research on Successful Ageing (ROSA).

ROSA said age-friendly banking should become a key part of Singapore’s ageing strategy alongside healthcare and social support, helping older adults maintain financial independence while reducing pressure on families.

The initiative, launched by the Association of Banks in Singapore (ABS) on June 25, brings together major retail banks under a common framework called “Banking a Longevity Society.” It includes 20 measures covering financial inclusion, scam prevention, legacy planning and support for vulnerable customers.

SMU ROSA Director Professor Paulin Straughan welcomed the effort, saying it marked an important step in adapting financial services to the needs of an ageing population.

“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,” said Prof Straughan.

“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.”

Under the plan, DBS, OCBC, UOB and NETS will ensure that every Housing and Development Board (HDB) block has access to an ATM, branch or cashpoint within 500 metres by the end of 2027, aimed at helping seniors who continue to rely on physical banking services.

Speaking at an ABS briefing on June 25, Straughan said the needs of older Singaporeans were changing as more people entered the post-65 age group.

“We have to remember that we are addressing the emergence of a super aged society, so that’s what has changed, right? That more Singaporeans are crossing over to post 65 years, so within that age group is a very savvy group, but we do hear a preference, for example, you’re terribly fixated on ATMs, but the other commitment from the banks is they will be also looking at putting out branches, and we do hear from Singapore Life Panel members that they really want a branch, because some of the complicated matters that they’re dealing with, they really want to see a person who can guide them and walk them through the process. So, I think that the very fact that the ABS has committed to do this is certainly much welcomed by people like us.”

The banking industry initiative also focuses on supporting families managing ageing-related financial matters, including estate administration, lasting powers of attorney, deputyship arrangements and account closures following bereavement.

Banks are working with Singapore’s Agency for Integrated Care to develop common protocols that will help frontline employees identify customers experiencing cognitive decline and connect them with relevant support.

Mrs Ong-Ang Ai Boon, Director of ABS, said banks had traditionally supported customers through different life stages but were now taking a coordinated approach to address the needs of older customers.

“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.”

Singapore is among the world’s fastest-ageing societies, with policymakers increasingly focusing on how financial systems, housing and healthcare services can adapt to longer life expectancy and changing demographic needs.

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