\n<\/p>\n
In a briefing with reporters on Thursday, ABS said there are still pockets of customers that like to use cash, as well as merchants that only accept cash.<\/p>\n
Some banks likely already have branches, ATMs or cashpoints within 500m of all public housing blocks, the association said.\u00a0<\/p>\n
But there are banks which will have to make some adjustments to meet the criteria by the end of 2027, it added without naming any bank.<\/p>\n
ABS acknowledged that digital banking transactions have grown in volume but said the need for cashpoints still remains, adding that the 500m target is a reasonable one.<\/p>\n
Across Singapore, the number of bank branches and ATMs that are located outside of the bank\u2019s premises have been on the decline.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Banks will also seek to reduce the administrative burden for those who have experienced a death in the family, said ABS.<\/p>\n
They will provide <\/strong>clearer guidance on the Lasting Power of Attorney, deputyship as well as documentation requirements.\u00a0<\/p>\n The enquiry processes for the deceased\u2019s banking information will also be standardised across the three Singapore banks.<\/p>\n By the first quarter of next year, there will be consolidated public guidance on estate administration through ABS, the association added.<\/p>\n 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.<\/p>\n They will then pilot \u201cclear and respectful escalation protocols\u201d in 2027.<\/p>\n \u201cThese measures will help banks to spot possible signs of cognitive decline earlier and connect vulnerable seniors to the right support sooner,\u201d said ABS, adding that it helps to protect customers who may be at risk of financial abuse, scams or other harm.<\/p>\n<\/div>\n CASH STILL KING FOR SENIORS In a briefing with reporters on Thursday, ABS said there are still pockets of customers that like to use cash,…<\/p>\n","protected":false},"author":1,"featured_media":63713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/dam.mediacorp.sg\/image\/upload\/s--DrDWE0VR--\/c_fill,g_auto,h_676,w_1200\/f_auto,q_auto\/v1\/mediacorp\/cna\/image\/2023\/10\/12\/atm_-_bugis_junction.jpg?itok=Hm9nIVIB","fifu_image_alt":"","footnotes":""},"categories":[2],"tags":[25407,14587,4088,1162,10561,25406,22143,4286],"class_list":["post-63712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-news-sg-global","tag-500m","tag-atm","tag-bank","tag-block","tag-branch","tag-cashpoint","tag-end2027","tag-hdb","wpcat-2-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/63712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63712"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/63712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/63713"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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