Banks Actively Working to Alleviate Financial Exclusion Among the Elderly

[Asia Economy Reporter Song Hwajeong] Amid the rapid digitalization deepening financial exclusion among the elderly, the banking sector is actively taking steps to address this issue.

According to the financial sector on the 11th, KB Kookmin Bank is planning to open the 'KB Senior Lounge' next month in cooperation with senior welfare centers in five districts of Seoul with a large elderly population.

The KB Senior Lounge is a mobile branch that circulates weekly on a designated day via a large van visiting senior welfare centers in five districts (Jungnang-gu, Eunpyeong-gu, Nowon-gu, Gangdong-gu, Gangseo-gu). Operating hours are from 10 a.m. to 3 p.m., with dedicated staff providing financial services mainly used by elderly customers, including ▲cash and check deposits and withdrawals ▲passbook reissuance ▲pension receipt, among others.

Through this, KB Kookmin Bank plans to improve financial accessibility by enabling elderly customers to conveniently handle banking tasks at welfare centers they frequently visit. Additionally, in cooperation with the welfare centers operating the KB Senior Lounge, financial education programs aimed at preventing financial fraud and voice phishing targeting elderly customers will be conducted, with plans to expand based on future demand.

Shinhan Bank recently conducted its first ‘Digital Financial Education for Seniors’ this year, targeting elderly people unfamiliar with digital devices.

The digital financial education for seniors will be held 50 times by the end of the year, recruiting about 20 participants per session using local hubs such as senior welfare centers and community centers, and providing on-site education nationwide to those excluded from financial education.

The financial education consists of theoretical lessons on types of digital financial fraud and prevention methods conducted by professional instructors, followed by small group sessions with assistant instructors. Participants experience mobile banking using the Shinhan SOL education app and try out senior customer-tailored ATM devices, offering practical content that can be immediately applied in daily life.

The senior customer-tailored ATM service is a service introduced by Shinhan Bank as the first in the financial sector to enhance digital accessibility for senior customers by implementing large fonts, easy financial terms, and slow voice guidance on ATMs, currently available at branches nationwide.

This content was produced with the assistance of AI translation services.