Hong Kong banking authority presses lenders to shape up services for senior customers
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The Hong Kong Monetary Authority (HKMA) issued new requirements on Wednesday for banks in Hong Kong to improve services for elderly customers. This directive comes as Hong Kong's population ages, with projections estimating 31% of residents will be over 65 by 2039. Banks are now expected to upgrade their apps, improve branch facilities, and ensure staff provide suitable financial advice on investments, insurance, and pension products. The HKMA expects these changes to benefit both customers and banks, allowing them to capitalize on the growing "silver economy." The government is also promoting the silver economy and pushing financial firms to provide products and services tailored to elderly customers by mid-2025.
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