As Singapore embraces its identity of a super-aged society, age-friendly banking must become part of the nation's successful ageing strategy in tandem with healthcare and social support, said Singapore Management University's Centre for Research on Successful Ageing (ROSA).
SMU ROSA Director, Prof Paulin Straughan, welcomed Singapore banks' first coordinated effort to redesign banking services around the needs of seniors, calling it an important step towards helping older adults remain financially independent while easing the burden on their families.
Launched by The Association of Banks in Singapore (ABS) on 25 June 2026, the new initiative titled Banking a Longevity Society brings together major retail banks under a common framework to better support seniors through 20 initiatives spanning financial inclusion, scam protection, legacy planning and support for vulnerable customers.
While digital banking has become the norm, many older adults continue to rely on physical banking services. By the end of 2027, DBS, OCBC, UOB and NETS will ensure that every HDB block has an ATM, branch or cashpoint within 500 metres, helping seniors continue to access essential banking services conveniently.
"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.”
The launch of the playbook by ABS reflected an important shift in how Singapore supports its growing older population with measures that extend beyond healthcare and housing. Speaking at the press briefing hosted by ABS on 25 June 2026, Prof Straughan said: “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."
Ageing is a family journey
According to the playbook, ageing is a family journey. Within this context, banks will streamline estate administration processes, including those involving Lasting Powers of Attorney, deputyship and the closure of accounts after bereavement, making these transitions less burdensome for families during emotionally difficult periods.
Recognising that cognitive decline is an increasing concern in an ageing society, banks are also partnering with the Agency for Integrated Care to develop common protocols that equip frontline staff to identify customers who may require additional support and connect them with appropriate assistance.
Mrs 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.”
Read the ABS press release here.
Refer to the full playbook here.
View the infographic here.