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FINANCIAL SERVICES | Staff Reporter, Singapore

OCBC rolls out financial advisory and lifestyle programme for elderly

It will train seniors on e-payments amongst other activities aimed at safeguarding their future.

OCBC has launched Silver Years by OCBC Life Goals, a financial advisory and lifestyle programme targeted for the financial well-being of Singapore’s senior population.

The bank identified 30 unit trusts and bancassurance products for seniors that took into account their overall risk appetite and desired return for an income-yielding portfolio.

“In our Silver Years by OCBC Life Goals programme, we offer solutions to these concerns. Celebrating what they have achieved is not nearly enough, we need to provide regular and timely financial advice,” said OCBC Bank head of consumer financial services Singapore Dennis Tan.

The bank will also distribute hospitalisation, personal accident and selected whole life insurance plans requiring no medical underwriting. OCBC will also be offering ElderShield supplementary plans provided by the Great Eastern Life Assurance Company Limited to enhance basic ElderShield’s benefits, such as increasing monthly pay-outs for life.

Through its partnership with Infocomm Media Development Authority, Silver Years by OCBC Life Goals will also assist the elderly in keeping up pace with digitalisation of the banking process.

The bank will develop a customised curriculum to teach seniors Internet banking and cashless payments at 30 Silver Infocomm Junctions islandwide which will provide experiential journeys on setting up bank accounts and using e-payments. Volunteers and staff will guide seniors how to navigate smartphones and how to use mobile banking apps to make e-payments.

“We also need to prepare them for the ever-changing digital transformation of the banking industry through workshops and provide access to relevant wealth and insurance products,” Tan added.

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