A proposal titled Strengthening Senior-Friendly Financial (Bank) Services was released Oct 27 at the China Financial Literary Education Summit 2020 at Sheraton Zhuhai Hotel in Wanzai.

Considered China's first self-discipline initiative for the financial industry to target services for seniors, it calls for an elder-friendly corporate culture with proper mechanisms, service standards, bank outlets, and products that cater to seniors. Also sought are procedures to resolve disputes over financial consumption and the dissemination of financial information among the elderly.

Additionally, the initiative proposes helping the elderly understand and use digital financial services, bridging the "digital divide" created by financial-technical development. Financial regulatory authorities are advised to encourage, support, and guide senior-friendly financial (banking) services.

China Financial Literary Education Summit [Photo courtesy Protection Federation of Financial Consumption Rights & Interests of Guangdong]

The summit attracted 200 Guangdong, Hong Kong, and Macao financial officials, organization and institution executives, university representatives, and experts to discuss digital financial services for the elderly as well as educational theories and practices.

Bai Hexiang, head of the People's Bank of China Guangzhou Branch, said at the opening ceremony that improvement of financial services must keep pace with the rapid aging of population, and that conveniences of fintech must be accessible to the elderly.

Zhuhai attaches great importance to the development of local financial industry and financial knowledge popularization and education, according to Li Chong, member of the Standing Committee of CPC Zhuhai Municipal Committee. The city will promote financial literary education to enable its citizens to keep up with the pace and enjoy the bonuses of financial development, as well as safeguard their rights and interests of financial consumption, Li said.

The initiative consists of eight proposals and suggests 16 associated measures based on the analysis of problems and advanced practices from home and abroad. It was issued by the Protection Federation of Financial Consumption Rights & Interests of Guangdong and Guangdong-Hong Kong-Macao Greater Bay Area Geriatric Education Research Base of the Open University of Guangdong.

The summit was organized by the Protection Federation of Financial Consumption Rights & Interests of Guangdong under the guidance of the People's Bank of China Guangzhou Branch, Guangdong Banking & Insurance Regulatory Commission, Guangdong Securities Regulatory Commission, and Guangdong Financial Supervisory Authority. The Financial Service Bureau of the Hengqin New Area Administrative Committee and Protection Federation of Financial Consumption Rights & Interests of Zhuhai handled it locally with the support of Visa.