SINGAPORE – From easier access to ATMs and cash withdrawal services, to stronger safeguards for customers showing signs of cognitive decline, banks are stepping up efforts to help seniors remain independent and financially secure as they age.
DBS, OCBC and UOB, together with NETS, will provide an ATM, branch or cashpoint within 500m of key public amenities such as hawker centres and major supermarkets by 2026, and an ATM branch or cashpoint within 500m of every HDB block by 2027. This coverage will continue for growing and new towns.
A cashpoint is a participating merchant here that allows customers to withdraw cash using their Singapore bank ATM or debit card while making a purchase via NETS.
DBS customers have access to cash through a network of more than 1,800 ATMs and POSB cash points at merchants including Giant, Cold Storage, 7-Eleven, Guardian, Buzz and Jasons Deli.
UOB’s cash point partners are 7-Eleven, HAO Mart, U Stars Supermarket, Shell and Sheng Siong, while OCBC’s are 7-Eleven and Sheng Siong. The two banks share a network of nearly 1,000 ATMs.
The move to increase convenient access to cash is to “reduce the risk of seniors feeling excluded or left behind as banking habits evolve”, The Association of Banks in Singapore (ABS) said.
Despite the rise of digital payment adoption, cash still plays an important role for some Singaporeans, including seniors, ABS noted.
With Singapore hitting the “super-aged” status where one in five citizens is now aged 65 and above, local banks unveiled 20 initiatives aimed at better serving the banking needs of seniors. These were outlined in a playbook, Banking a Longevity Society, published by ABS on June 25.
Singapore bank branches and off-premise ATMs have fallen by an average of about 2 per cent annually over the past decade, according to figures disclosed by Deputy Prime Minister Gan Kim Yong, who is also chairman of the Monetary Authority of Singapore (MAS), in a written parliamentary reply in January.
Concerns were raised in Parliament in February over the lack of ATMs in some parts of Sengkang, prompting calls for the authorities and banks to ensure convenient banking access for underserved communities.
When asked how many new ATMs and cashpoints would be needed, ABS said the banks and NETS will assess where additional support may be most needed. Some banks may already be close to meeting the required coverage, while others may need to expand their networks further.
Speaking at ABS’s annual dinner held at Marina Bay Sands, ABS chairman and OCBC chief Tan Teck Long said that the banks came together as an industry in July 2025 to find ways to better support seniors and their families. This collaboration is the first of its kind in Asia
Tan also unveiled two other new initiatives targeted at addressing key points of need.
Banks will help reduce the administrative burden on families during legacy planning or when a family member dies.
By the first quarter of 2027, banks will align their procedures to provide clearer guidance, simpler processes and better support for family members in estate administration, such as Lasting Power of Attorney deputies, and help with account closures for the deceased.
Since the start of June, OCBC has enabled executors and administrators to submit multiple instructions through a single comprehensive Deceased Estate Form to close a deceased’s savings, current and investment accounts.
Banks will also support customers showing signs of cognitive decline, including introducing a common set of guidelines to help frontline staff spot possible signs of cognitive decline by 2026 as well as piloting clear and respectful escalation protocols through an industry-wide referral approach throughout 2027.
For instance, UOB has been strengthening anti-scam education for seniors through banners and pamphlets, and has trained branch staff to identify and better serve customers with dementia.
Meanwhile, DBS conducts digital literacy and anti-scam workshops in active ageing centres, hawker centres and other community spaces in partnership with the Infocomm Media Development Authority and Cyber Security Agency of Singapore.
Banks here will also expand their services at community centres and active ageing centres, and simplify and digitalise Supplementary Retirement Scheme withdrawals.
Speaking at the gala, DPM Gan said: “As our population ages, the financial needs of seniors will become even more important. But seniors are not a homogenous group. Some are digitally confident. Some need more help. Banks must respond to this diversity.”
