The Association of Banks in Singapore (ABS) launched 20 new banking initiatives under a playbook called "Banking a Longevity Society," introducing new accessibility targets and support services for elderly customers.

The initiatives, backed by DBS Group Holdings (SGX:D05), Oversea-Chinese Banking Corporation (SGX:O39), United Overseas Bank (SGX:U11), and electronic payment provider Nets, include cash accessibility and legacy and support services.

Under the plan, the banks aim to establish an ATM, branch, or cashpoint within 500 meters of key public amenities by the end of 2026, expanding the coverage to every public housing block nationwide by the end of 2027, according to a statement on Thursday.

By the first quarter of 2027, member banks will implement streamlined legacy planning processes and standardized support systems for customers showing signs of cognitive decline.

The commitments follow a disclosure in January by Deputy Prime Minister and Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong, noting that the number of off-premise ATMs in Singapore has declined by an average of 2% annually over the past decade.