Guideline on Elderly-friendly Banking Services of Hong Kong Association of Banks (2026-01-21)

This document summarizes the Hong Kong Monetary Authority (HKMA) Circular dated 21 January 2026, which draws attention to the "Guideline on Elderly-Friendly Banking Services" issued by the Hong Kong Association of Banks (HKAB). The circular emphasizes the HKMA's commitment to financial inclusion and enhanced support for elderly customers, outlining the new industry-wide expectations for promoting elderly-friendly banking practices.

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This HKMA Circular, identified by reference numbers B1/15C and G14/72C, serves to formally disseminate and endorse a new industry guideline developed by the Hong Kong Association of Banks (HKAB). The primary purpose of this circular is to mandate and encourage Authorized Institutions (AIs) to adopt the "Guideline on Elderly-Friendly Banking Services." This initiative is a key component of the HKMA's ongoing efforts to bolster financial inclusion within Hong Kong's banking sector, with a specific focus on improving the banking experience and support for the elderly population. The Guideline aims to promote widespread adoption of elderly-friendly practices across the entire banking industry.

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The core of this circular lies in its endorsement and dissemination of the HKAB's "Guideline on Elderly-Friendly Banking Services." This Guideline has been developed through close collaboration between the HKMA and the HKAB, involving engagement with relevant stakeholders to ensure its comprehensiveness and practical applicability. The overarching objective is to elevate the banking experience for elderly customers by addressing their unique needs and characteristics.

The Guideline seeks to achieve its objectives through several key areas:

• Enhancing Customer Experience: The Guideline provides principles and recommended practices designed to make banking services more accessible, understandable, and user-friendly for elderly individuals.
• Promoting Digital Inclusion: Recognizing the increasing digitalization of banking, the Guideline emphasizes measures to ensure elderly customers are not left behind. This includes facilitating their adoption and use of digital channels and services.
• Strengthening Financial Literacy: The Guideline advocates for initiatives aimed at improving the financial knowledge and understanding of elderly customers, enabling them to make informed financial decisions and protect themselves from financial risks.

The Guideline covers a broad spectrum of banking services and operational aspects, with specific recommendations relating to:

• Digital Enablement: Strategies and support mechanisms to help elderly customers navigate and utilize digital banking platforms, mobile apps, and online services.
• Accessibility: Ensuring physical banking facilities, as well as digital interfaces, are designed and operated with the needs of the elderly in mind, considering aspects like visual impairments, mobility issues, and ease of navigation.
• Physical Banking Facilities: Recommendations for branch design, layout, and available amenities to create a more comfortable and supportive environment for elderly customers.
• Information Transparency: Clear and concise communication of product information, terms and conditions, fees, and any changes to services, presented in a manner easily understood by elderly individuals.
• Consumer Education: Programs and resources to educate elderly customers about common financial products, services, and potential risks, including fraud prevention.
• Staff Training: Comprehensive and ongoing training for frontline staff on how to effectively communicate with, understand the needs of, and provide appropriate assistance to elderly customers.
• Customer Communication and Protection: Establishing robust communication channels and protocols to ensure elderly customers feel heard and protected, with a focus on safeguarding them against financial exploitation and fraud.
• Elderly-Friendly Design: Incorporating principles of universal design and user-centricity in the development and delivery of all banking products and services to cater to the elderly demographic.

The HKMA explicitly states its expectation that all AIs offering retail banking services, including digital banks, must adhere to the recommended practices outlined in the Guideline. Other AIs are encouraged to adopt these practices as they deem appropriate to enhance their services for customers in need. A critical aspect of implementation highlighted is the responsibility of AIs to provide adequate guidance and training to their frontline staff, who are the primary point of contact for customers. This training is essential to ensure staff can effectively communicate service arrangements and provide tailored assistance to meet diverse customer needs.

The HKMA will actively monitor the implementation of the Guideline and will continue its collaboration with the banking industry to advance the agenda of inclusive banking services in Hong Kong.

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The issuance of the "Guideline on Elderly-Friendly Banking Services" represents a significant and structured approach to enhancing banking services for the elderly, building upon previous industry efforts. The key changes and new requirements introduced by this Guideline, as disseminated by the HKMA circular, include:

• Formal Industry-Wide Mandate/Expectation: While previous guidelines were issued, this circular elevates the importance by stating the HKMA's *expectation* for all AIs providing retail banking services (including digital banks) to *observe* the recommended practices. This implies a more proactive and structured approach to compliance.
• Comprehensive Scope: The Guideline addresses a wider range of aspects compared to earlier initiatives, encompassing:
• Digital Enablement: Specific focus on bridging the digital divide for the elderly, including training and support for digital channels.
• Elderly-Friendly Design: An overarching principle for the design of products, services, and interfaces.
• Enhanced Staff Training: Emphasis on equipping frontline staff with specialized skills to cater to the elderly, beyond general customer service.
• Proactive Financial Literacy and Consumer Education: A structured approach to educating the elderly about financial products and fraud prevention.
• Strengthened Customer Communication and Protection: Measures to ensure clear communication and robust safeguards against exploitation.
• Integration with Existing Frameworks: This Guideline complements and builds upon previous industry guidelines related to financial inclusion. The circular explicitly references:
• The "Practical Guideline on Barrier-Free Banking Services" (first issued March 2018, with a second edition in January 2026). This indicates an update and continuation of efforts in accessibility.
• The "Guideline on Banking Services for Persons with Intellectual Disabilities" (December 2020).
• The "Guideline on Banking Services for Persons with Dementia" (December 2021).
  This suggests a maturing and broadening of the HKMA's financial inclusion agenda.
• Emphasis on Proactive Engagement: The HKMA's involvement in developing the Guideline, alongside the HKAB and stakeholders, signifies a commitment to fostering a collaborative and proactive approach to industry best practices rather than a purely reactive one.
• Monitoring and Continuous Improvement: The HKMA's stated intention to monitor implementation and continue working with the industry signals an ongoing commitment to evaluating effectiveness and driving further improvements.

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• 21 January 2026: Date of the HKMA Circular B1/15C & G14/72C. This is the date the circular was issued, formally drawing attention to the Guideline.
• Today (21 January 2026): The date the "Guideline on Elderly-Friendly Banking Services" was issued by the Hong Kong Association of Banks (HKAB), as stated in the circular.
• January 2026: This month marks the issuance of the second edition of the "Practical Guideline on Barrier-Free Banking Services." While not directly the subject of this circular, its coinciding release indicates a broader push for inclusive banking practices around this period.
• Effective Date of the Guideline: The circular does not explicitly state a separate effective date for the "Guideline on Elderly-Friendly Banking Services." However, by being issued today and with the HKMA's expectation for AIs to observe its practices, it can be inferred that the Guideline is expected to be implemented by AIs with immediate effect or within a reasonable, soon-to-be-defined transition period. Given the nature of such guidelines, a grace period for full implementation might be implied or communicated separately by HKAB.
• No specific deadlines or transition periods are mentioned in this circular. However, it is common for such industry-wide guidelines to have a phased implementation approach, and AIs are expected to plan accordingly.

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• Applicable Parties:
• All Authorized Institutions (AIs) providing retail banking services in Hong Kong: This includes traditional banks, virtual banks (digital banks), and other entities holding an Authorized Institution license that offer services directly to retail customers.
• Hong Kong Association of Banks (HKAB): As the issuer of the Guideline, HKAB is responsible for promoting its adoption within its member institutions.
• Hong Kong Monetary Authority (HKMA): The HKMA is the regulator overseeing the implementation and monitoring of the Guideline.
• Elderly Customers of Banks: The ultimate beneficiaries of the Guideline, who are expected to experience improved banking services.
• Frontline Staff of AIs: Directly impacted as they will receive enhanced training and are expected to implement new service protocols.
• Other Authorized Institutions (AIs): While not strictly mandated for those not providing retail banking services, they are "encouraged to adopt these practices, as appropriate." This scope might include wholesale banks, investment banks, or other financial institutions that interact with the public in certain capacities.

• Affected Institutions:
• All AIs that offer retail banking services are directly affected. This is a significant portion of the Hong Kong banking sector.
• Digital banks are explicitly included, highlighting the need for their digital offerings to also be elderly-friendly.

• Degree of Impact:
• High Impact: For AIs providing retail banking services, the impact will be substantial. It will likely require reviews and potential revisions of:
• Customer service protocols and training programs.
• Branch design and accessibility features.
• Digital platform design and user interface (UI)/user experience (UX).
• Communication materials and customer education content.
• Internal policies and procedures related to customer handling and complaint resolution for elderly customers.
• Moderate Impact: For AIs not primarily offering retail banking services but encouraged to adopt practices, the impact will depend on their specific business models and customer interactions. They may need to assess where elderly customers are encountered and if specific adaptations are beneficial.
• Beneficial Impact: The primary goal is a positive and beneficial impact for elderly customers, leading to greater financial inclusion, improved access to services, enhanced understanding, and better protection.

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The circular outlines the expectations for compliance with the "Guideline on Elderly-Friendly Banking Services." While specific, granular compliance steps are embedded within the Guideline itself (which is not provided here), the circular specifies the overarching requirements and responsibilities for Authorized Institutions (AIs):

1. Observation of Recommended Practices:

• All AIs providing retail banking services (including digital banks) are *expected to observe* the recommended practices set out in the Guideline. This is a direct and clear instruction from the HKMA.

1. Adoption of Practices for Other AIs:

• Other AIs (those not primarily offering retail banking services) are *encouraged to adopt* these practices, as appropriate. This implies a voluntary but strongly recommended approach for these institutions.

1. Guidance and Training for Frontline Staff:

• AIs must provide *proper guidance* and *adequate training* to their frontline staff. This is a critical compliance point, as frontline staff are the primary interface with customers.
• The training must ensure that staff:
• Fully understand the relevant services and arrangements.
• Can effectively communicate these services and arrangements to customers.
• Can provide appropriate services to address the specific needs of elderly customers.

1. Internal Policies and Procedures:

• AIs will likely need to review and update their internal policies, procedures, and operational manuals to align with the principles and recommendations of the Guideline. This includes aspects of customer service, complaint handling, product development, and risk management related to elderly customers.

1. Monitoring by HKMA:

• The HKMA *will monitor the implementation* of the Guideline. This suggests that AIs should be prepared for potential inquiries or reviews by the HKMA regarding their adoption of the elderly-friendly practices. While no specific reporting format is detailed in this circular, AIs should maintain records of their implementation efforts.

1. Continuous Engagement and Improvement:

• AIs are implicitly expected to engage with the banking industry and the HKMA on an ongoing basis to promote inclusive banking services, as the HKMA "continue[s] to work with the banking industry."

Reporting Requirements:

• This specific circular does not detail any explicit, formal reporting requirements (e.g., submitting compliance reports to the HKMA by a specific deadline).
• However, the HKMA's statement to "monitor the implementation" implies that AIs should have internal documentation and evidence of their compliance efforts that can be readily provided if requested.

Implementation Guidance:

• AIs should refer to the full "Guideline on Elderly-Friendly Banking Services" issued by HKAB for detailed implementation guidance. This circular serves as the official notification and endorsement.
• The emphasis on frontline staff training indicates a need for practical, hands-on training programs.
• The inclusion of "elderly-friendly design" suggests a need for a user-centric approach in all service development and delivery.

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This section extracts and clarifies important technical terms and concepts mentioned in the circular:

• Authorized Institutions (AIs): A legally defined term in Hong Kong under the Banking Ordinance. It refers to institutions licensed by the HKMA to conduct banking business. This category includes commercial banks, digital banks, and other deposit-taking companies.
• Retail Banking Services: Banking services offered to individual consumers, as opposed to corporate or institutional clients. This includes current/savings accounts, loans, mortgages, credit cards, etc.
• Digital Banks: AIs that operate primarily or exclusively through digital channels, without a significant physical branch network.
• Financial Inclusion: The concept of ensuring that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit, and insurance – delivered in a responsible and sustainable way.
• Digital Enablement: The process of providing individuals with the skills, tools, and access necessary to effectively utilize digital technologies and services. In this context, it refers to helping elderly individuals navigate and use digital banking platforms.
• Barrier-Free Banking Services: Banking services designed to be accessible to all customers, irrespective of their physical or cognitive abilities. This often involves considerations for accessibility features in physical branches and digital interfaces.
• Elderly-Friendly Design: A design philosophy that prioritizes the needs and characteristics of elderly individuals when creating products, services, and environments. This can encompass aspects of usability, readability, navigability, and safety.
• Stakeholders: Parties who have an interest in or are affected by the development and implementation of the Guideline. This would typically include elderly advocacy groups, consumer associations, banking industry representatives, and regulatory bodies.

Specific Data/Numbers Mentioned:

• 55th Floor, Two International Finance Centre: The address of the HKMA.
• 8 Finance Street, Central, Hong Kong: The address of the HKMA.
• B1/15C, G14/72C: Reference numbers for the HKMA Circular.
• 21 January 2026: The date of the HKMA Circular and the issuance date of the HKAB Guideline.
• March 2018: Original issuance date of the "Practical Guideline on Barrier-Free Banking Services."
• January 2026: Issuance date of the second edition of the "Practical Guideline on Barrier-Free Banking Services."
• December 2020: Issuance date of the "Guideline on Banking Services for Persons with Intellectual Disabilities."
• December 2021: Issuance date of the "Guideline on Banking Services for Persons with Dementia."
• financial\_inclusion@hkma.iclnet.hk: The email address provided for inquiries about the circular.

Attachments/Appendices:

• This circular does not explicitly mention any attachments, tables, or appendices being distributed with it. The circular's content is primarily focused on informing AIs about the existence and importance of the HKAB's "Guideline on Elderly-Friendly Banking Services." AIs are expected to obtain the full Guideline directly from HKAB.

This comprehensive summary provides executives with the necessary details for decision-making regarding the implementation of elderly-friendly banking services as mandated by the HKMA.