The Monetary Authority and the Hong Kong Association of Banks launched the "Elderly-Friendly Banking Service Guidelines." If elderly individuals engage in high-risk transactions, staff can contact their family members

The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced today the launch of the "Elderly-Friendly Banking Service Guidelines." The Assistant Chief Executive of the Monetary Authority, Au Yuk-lun, stated that among the 53 guideline measures, those related to security will require banks to enhance customer communication and protection, as well as transparency of authorization information within 18 months. This means that elderly customers can authorize trusted individuals, such as family members, as contacts for the bank. When elderly customers make large withdrawals or high-risk transactions such as transfers to third parties, bank staff can contact the authorized individuals at any time to provide reminders, protecting the elderly from being scammed. Banks are also required to provide clear authorization guidelines that outline relevant responsibilities and risks. Strengthening Support for Elderly Use of Banking Services Au Yuk-lun mentioned that as of mid-last year, there were a total of 30.16 million retail banking customer accounts in Hong Kong, with 8.46 million accounts held by individuals over 60 years old, of which 51% have electronic accounts. In response to the needs of the elderly, these guidelines have been introduced to enhance support for their use of banking services. The Vice President of the Monetary Authority, Yuen Kwok-hang, stated that the guideline measures also include requirements for banks to provide appropriate mobile banking app services for the elderly, such as simplified mobile apps; to offer basic account services without account opening amounts and minimum balance requirements; and to improve branch service environments by adding waiting seats and providing information on busy and non-busy periods at branches. Au Yuk-lun added that currently, HSBC, Bank of China (2388), and Hang Seng Bank have already provided simplified mobile apps, with one of the simplified services having over 800,000 commonly used accounts, and seven other mobile apps offering font enlargement features. The Global Trend of Reducing Branches Hong Kong banks are continuously reducing the number of branches. Yuen Kwok-hang admitted that as more people use mobile banking apps, foot traffic in branches has significantly decreased over the past decade, and the reduction of branches is a long-term trend worldwide. Au Yuk-lun pointed out that from 2019 to 2023, the number of bank branches in Hong Kong decreased by 13%, from 1,093 to 946. However, this reduction is less than that in the UK, Australia, and Singapore, where the average population served by each branch is over 7,000, compared to more than five times that number in Singapore. By 2025, the number of bank branches in Hong Kong is expected to further decrease to 907. Additionally, he noted that the volume of ATM withdrawal transactions in Hong Kong has halved over the past eight years. Last year, there were a total of 3,087 ATMs in Hong Kong, a decrease of 7% compared to ten years ago. Implementation of 53 Measures Within 18 Months According to the "Elderly-Friendly Banking Service Guidelines" and the "Accessible Banking Service Practical Guidelines (Second Edition)," the Monetary Authority requires all banks to fully implement a total of 53 specific recommendations within 18 months. The new guidelines are framed around the eight main principles of "S.E.N.I.O.R.S +," aiming to comprehensively enhance elderly-friendly services "from the inside out." The eight principles cover electronic service support, basic service convenience, distribution of physical banking facilities, transparency of authorization information, education and promotion, employee training, customer communication and protection, and elderly-friendly service environments In terms of specific measures, the guidelines require banks to improve internal service processes and external community communication. For example, banks need to provide user-friendly mobile financial applications for the elderly, create user manuals or voice tutorial videos, and hold digital education activities. At the physical service level, banks should assess the needs and impacts in areas densely populated by the elderly, strive to maintain or enhance physical banking facilities, and provide convenient ATM locations. Phased Implementation The Hong Kong Monetary Authority will follow up on progress The Hong Kong Monetary Authority has issued a notice requiring banks to fully implement all measures within 18 months. Considering that some measures involve system changes, banks should prioritize easier-to-execute items within six months after the issuance of the guidelines, with the remaining measures implemented in phases. The Hong Kong Monetary Authority stated that it will follow up on the progress of banks implementing the "Elderly-Friendly Banking Service Guidelines" in its daily regulatory work and continue to collaborate with the industry to promote financial inclusion. The Hong Kong Monetary Authority also announced an updated version of the "Accessible Banking Service Practical Guidelines," further strengthening accessibility measures for physically disabled, visually impaired, or hearing-impaired customers, as well as the elderly, covering branch environments, self-service facilities, electronic channels, and staff training