Hong Kong Forces Banks to Better Serve Growing Elderly Population

Hong Kong's central bank has ordered all banks to urgently improve services for elderly customers. The directive comes as the city's population rapidly ages. The Hong Kong Monetary Authority (HKMA) issued the new requirements on Wednesday. Banks must now upgrade mobile apps to be more senior-friendly. They must also improve physical branch facilities. Staff will receive specific training. They must provide clear, appropriate advice on complex products like investments, insurance, and pensions. “As Hong Kong faces an ageing population, we expect more elderly customers to use banking services,” the HKMA stated. The proportion of people aged 65 and above in Hong Kong is rising quickly. The rules aim to protect older residents from financial risks. They also ensure this large customer group can access essential services easily. Banks must comply with the HKMA's enhanced guidelines.