Singapore banks are moving to cut the friction families face when ageing, cognitive decline or bereavement turns banking into paperwork.
The Association of Banks in Singapore (ABS) has published a senior banking playbook as the country becomes a “super-aged” society, with one in five citizens now aged 65 and above.
Banking a Longevity Society sets out 20 initiatives covering scam protection, banking access, financial resilience, estate matters and community support for seniors.
A key focus is legacy planning and bereavement support, where families often face unclear processes during difficult transitions.
By the first quarter of 2027, banks will align procedures to give families clearer guidance on Lasting Power of Attorney, deputyship and account closures for deceased customers.
DBS, OCBC and UOB will also harmonise processes for LPA, deputy accounts and deceased customers’ banking information enquiries to reduce confusion for families and caregivers.
Banks will streamline existing processes to help bereaved families withdraw small balances and close a deceased customer’s account without a Grant of Probate or Letter of Administration.
This applies where the total balance across accounts with the bank does not exceed S$5,000.
Banks Add Safeguards for Vulnerable Seniors
The playbook also sets out support for vulnerable and at-risk seniors.
Banks are working with the Agency for Integrated Care to introduce common guidelines by end-2026 to help frontline staff identify possible signs of cognitive decline.
The industry will pilot escalation protocols in 2027 through an industry-wide referral approach.
Branch officers will be trained to recognise when customers may need more help and connect them to the right support.
About 74,000 people in Singapore were living with dementia in 2023, with the number expected to rise to 152,000 by 2030.
The playbook also includes a cash access measure, with DBS, OCBC and UOB, together with NETS, committing to ensure an ATM, branch or cashpoint within 500 metres of every HDB block by end-2027.
Banks Frame Ageing as an Industry Issue
ABS Director Ong-Ang Ai Boon said,
“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.”
ABS described the effort as the first of its kind in Asia, adding that retail banks will continue to review the initiatives with government agencies and community organisations.
Featured image: Edited by Fintech News Singapore, based on image by rajacuann via Magnific