Banks, NETS to have ATM, branch or cashpoint within 500m of every HDB block

As part of efforts to better serve the banking needs of seniors, three Singapore banks — DBS, OCBC, UOB — along with NETS, will provide an ATM, branch, or cashpoint within 500m of every HDB block by end-2027.

The move is part of 20 initiatives put forth by key retail banks in Singapore to help seniors remain safe from financial abuse and scams, while remaining enabled to access financial products and services.

This will allow them to be financially resilient and remain engaged in the community, beyond banking needs, the Association of Banks in Singapore (ABS) said in a statement on Thursday (June 25).

Explaining the rationale for providing convenient cash access to seniors who need it, ABS said that cash still plays an important role for some, including seniors, despite the increased adoption of digital payments.

To this end, the three banks and NETS have committed to providing an ATM, branch, or cashpoint within 500m of every HDB block by end-2027.

In the interim, they will ensure that this accessibility is within 500m of key public amenities such as public transport hubs, hawker centres and major supermarkets.

ABS director Ong-Ang Ai Boon noted that banks in Singapore have always supported their customers through their different life stages, in their respective ways. 

"We have now come together as an industry to address the needs of senior customers holistically across the full ageing journey," she said.

Singapore Management University Professor Paulin Straughan, who is also a director of the university's Centre for Research on Successful Ageing, said there are often concerns about seniors who might be left behind with the advances in digital technology in finance.

"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 professor added.

Two other key initiatives include easing the burden of a family bereavement on loved ones and families, and providing greater support for vulnerable seniors.

To do this, 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, deputyship and aiding families with account closures for the deceased.

This is expected to be ready by the first quarter of 2027.

On support for vulnerable seniors, ABS said the banking industry will work with Agency for Integrated Care (AIC) to strengthen community safety nets by driving a coordinated approach across banks and the society at large.

By 2027, banks will introduce a common set of guidelines as well as a set of protocols with the AIC for frontline banking staff to identify and provide additional support for senior customers showing signs of cognitive decline.

"This industry-led effort is the first of its kind in Asia and reflects a shared recognition across the banking sector that ageing is a journey and that banking services must evolve alongside the evolving needs of seniors," ABS said.

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