HKMA and HKAB introduce new elderly-friendly banking guidelines
The Hong Kong Monetary Authority and the Hong Kong Association of Banks have introduced new guidelines to enhance banking services for elderly and impaired customers. The guidelines aim to strengthen support and promote financial inclusion.
Eight principles for silver economy
The Guideline on Elderly-friendly Banking Services establishes pragmatic standards to support the government's silver economy initiative.
It outlines eight core principles for banks to implement, including digital enablement, accessibility of basic services, and distribution of physical banking facilities.
The guideline also emphasizes transparency of authorisation information, education and outreach, staff training, customer communication and protection, and elderly-friendly design.
A key objective is to enhance elderly customers' financial literacy and digital adoption through strengthened financial education efforts.
Enhancing access for diverse needs
The second edition of the Practical Guideline on Barrier-free Banking Services introduces enhancements to facilitate access for customers with diverse needs.
This includes persons with physical, visual, and hearing impairments, as well as the elderly.
HKMA Deputy Chief Executive Arthur Yuen stated that the HKMA has been working closely with the banking industry to promote financial inclusion.
He expects banks to continue upholding the principle of treating customers fairly amid digital service development, providing more convenient and inclusive banking services.
Proactive step, implementation key
These new guidelines represent a significant and proactive step by the banking industry to address crucial accessibility and inclusion gaps.
While the principles are sound, their true impact will depend entirely on diligent and consistent implementation across all institutions.
The challenge now lies in translating these recommendations into tangible, measurable improvements for customers.