Singapore is swiftly becoming a super-aged society, with 21% of its populace projected to be 65 and above by 2026. As a leading bank serving over 6 million customers, DBS recognised the crucial need to empower our ageing population with accessible, secure, and delightful banking experiences. This initiative falls under the broader "Banking a Longevity Society" under a bankwide programme, with a significant track led by the COO Office. This particular track aims to protect, empower, and enable seniors to confidently manage their finances and achieve their financial goals through both physical and digital channels.
This track of the "Banking a Longevity Society" programme tackles two primary challenges faced by seniors in banking:
Evolving Scam Tactics: The rise of sophisticated scam tactics targeting seniors, particularly those involving cash withdrawals from ATMs, posed a significant threat to their financial security. In response, we introduced cognitive breaks and fortified our touchpoints to remind and check customers, actively safeguarding our elderly customers.
Banking Convenience & Comfort: To truly serve an ageing population, it was crucial to address the evolving needs for convenient and comfortable banking experiences, particularly for seniors with varying mobility or physical capabilities, ensuring they can seamlessly manage their finances and plan for their future.
Strategy
The "Banking a Longevity Society" programme implements a multi-faceted approach:
1. Proactive Measures to Combat Scams: We introduced enhanced cognitive breaks and increased vigilance to safeguard seniors from evolving scam tactics.
Process Breaks: A new declaration threshold for cash withdrawals exceeding S$15,000 (down from S$100,000) was enforced. This intentional friction provides staff with additional touchpoints to enquire about transaction purposes, impart warnings, and offer reminders before significant withdrawals, preventing potential fraud.
Cognitive Breaks at Cash Withdrawal Touchpoints:
ATM Alert Screens: Strategically placed warning messages on ATM screens during cash withdrawal journeys directly alert and educate customers about potential scams.
Bilingual Warning Cards: Staff are equipped with bilingual cards to visually and verbally reinforce scam warnings during overriding processes, ensuring clear communication.
Enhanced Staff Scripts: Comprehensive and empathetic probing scripts guide staff to engage with customers about transactions without being invasive, fostering trust and proactive intervention.
Branch-wide Awareness: Scam awareness posters and imagery featuring top trending scam types are prominently displayed in all branches. Anti-scam content is continuously updated and incorporated into branch-related digital literacy classes.
External Partnerships: In collaboration with the Association of Banks in Singapore (ABS), "Scameleon envelopes" and "Government Official Impersonation Scam" alert cards with scam reminder messages are distributed to customers, extending awareness beyond bank premises.
2. Enhancements for Banking Convenience & Comfort: This track focuses on creating an inclusive and comfortable banking environment for all seniors.
Seamless Legacy Planning:
LPA Awareness: Increased Lasting Power of Attorney (LPA) awareness in branch digital literacy classes encourages early protection.
Staff Training: Staff are trained in LPA-related knowledge to better assist customers.
Joint Account Holder Support: Streamlined processes for joint account holders ensure more seamless estate handling for loved ones.
Convenience for Less Mobile Seniors:
Bedside Banking: This innovative service enables seniors with mobility restrictions to continue banking from their homes.
Nursing Home Collaborations: Partnerships with institutions like NTUC Health's nursing homes, in collaboration with IBG, expand reach and service to more seniors.
Strengthened Branch Inclusivity:
Ergonomic Branch Design: Following a review with an architect consultant, branch redesigns are progressively implemented to enhance safety, comfort, and efficiency. This includes:
Replacing seating with chairs that have back and armrests.
Revising standing counters to ergonomically suited seating counters.
Issuing buzzers for hearing/visually impaired customers in queues.
Incorporating expanded passageways for customers with mobility devices/wheelchairs.
Adding priority queues for seniors.
Branch Connect Kiosk: The introduction of quick-serve counters, such as the Branch Connect Kiosk at POSB Compass One, facilitates passbook updates and renewals, reducing waiting times and improving efficiency.
Dementia-Friendly Banking: To further enhance empathetic and effective service, a comprehensive dementia training programme has been implemented for frontline staff. Collaborating with Dementia Singapore and AIC, this initiative equips staff with the knowledge and skills to handle customers with dementia with understanding and empathy. To date, 138 participants across all frontliners, from branches and CCTR, have been trained from April to June 2025, utilising real-life case studies to foster practical understanding.
Results
Through enhanced vigilance, cognitive breaks, and comprehensive staff training, DBS successfully intervened in 3 times more scam cases in H2 2025 (totalling $16.3 million) compared to H1 2025 ($5.3 million). This substantial increase in intervention highlights the programme's direct impact on preventing financial losses for vulnerable seniors.
