Hong Kong banking authority presses lenders to shape up services for senior customers

The Hong Kong Monetary Authority (HKMA) issued requirements on Wednesday for banks to improve their services for elderly customers, as the proportion of the city’s population over the age of 65 increases rapidly.Banks will be required to upgrade their apps to meet the needs of elderly customers, improve branch facilities and ensure that staff members provide appropriate advice on investments, insurance and pension products.“As Hong Kong faces an ageing population, we expect more elderly customers would need financial products to meet their insurance and retirement needs,” said Arthur Yuen Kwok-hang, deputy chief executive of the HKMA.“The HKMA expects banks to continue upholding the principle of treating customers fairly amid the development of digital services, and to provide more convenient and inclusive banking services for the elderly and other customers with special needs.”The guidelines should also work to the benefit of banks, allowing them to capture opportunities in the so-called silver economy. The government has projected that by 2039 the city will have 2.5 million residents over 65, representing 31 per cent of the population, up from 1.5 million or 20 per cent in 2021.The government rolled out measures to promote the silver economy in mid-2025, pushing financial firms to provide products and services tailored to elderly customers.