HSBC first to offer dementia-friendly banking service in Hong Kong
- The new account addresses the need for such services as between 20 to 30 per cent of Hong Kong residents over the age of 80 suffer from dementia disorders like Alzheimer’s
HSBC Hong Kong has introduced a new type of bank account specifically aimed at customers with dementia, a growing public health concern among the city’s rapidly ageing population.
The bank account, which HSBC says is the first of its kind in Hong Kong and second for the lender globally after the UK, enables customers living with dementia to retain access to a bank account, but one with limited features and additional control by a legal designee, such as a son or daughter.
Dementia is an increasing health concern as the city’s population grows older, with nearly a third of Hong Kong residents expected to be aged 65 or older or in 20 years’ time, according to a January 2019 analysis by Hong Kong’s Office of the Government Economist.
“We want customers with diminished mental capacity to continue to be able to manage their finances safely and with an appropriate degree of independence,” said Greg Hingston, head of retail banking and wealth management in Hong Kong, at the launch of the service on Thursday.
The “HSBC basic banking account with independence” is meant to guard against financial mismanagement by customers with impaired mental capacity, who face challenges understanding bank documents, remembering pins, and communicating with bank staff, according to an HSBC-commissioned survey conducted last year by the Hong Kong Alzheimer’s Disease Association.
“There is definitely a need there, and when you look at demographics that’s just going to become more material going forward,” Hingston said.