Every HDB block to have an ATM, cashpoint or bank branch within 500m by end-2027

Over the past decade, the number of bank branches and off-premise ATMs have decreased by an average of 2 per cent each year, Deputy Prime Minister Gan Kim Yong said in a written reply to a parliamentary question in January this year.

Mr Gan, who is also chairman of the Monetary Authority of Singapore, said at the time that Singapore has more than 1,600 off-premise ATMs and over 150 retail bank branches operated by DBS, OCBC and UOB.

NEW BANKING INITIATIVES

Banks will also seek to reduce the administrative burden for those who have experienced a death in the family, said ABS.

They will provide clearer guidance on the Lasting Power of Attorney, deputyship as well as documentation requirements. 

The enquiry processes for the deceased’s banking information will also be standardised across the three Singapore banks.

By the first quarter of next year, there will be consolidated public guidance on estate administration through ABS, the association added.

Banks will also try to provide more targeted support for vulnerable seniors, and will work with the Agency for Integrated Care to introduce a set of guidelines to help frontline staff spot possible signs of cognitive decline in customers by the end of the year.

They will then pilot “clear and respectful escalation protocols” in 2027.

“These measures will help banks to spot possible signs of cognitive decline earlier and connect vulnerable seniors to the right support sooner,” said ABS, adding that it helps to protect customers who may be at risk of financial abuse, scams or other harm.