Banking services response to the pandemic should include attention to senior citizens

Jun 26, 2020 Letters

Dear Editor,

Recently, the banking services have pre-empted the decision-making process about relationships, in which ‘dear valued customer’ is confidently expected not to object, most overdoing the resort to technological communication against the convenient (for them) background of the current health pandemic, overlooking how their own customers (and families) could be otherwise discomfited.

It is in this regard that one takes opportunity to being to attention the more sensitive reaction, banks in Canada for instance have brought to current challenges in customer relations. Hopefully the following would be instructive – on the subject of a Code of Conduct for the Delivery of Banking Services to Seniors – it applies to banks operating under the Canadian Bank Act, and who are also members of the Canadian Bankers Association. For the purposes of the Code, Senior refers to persons 60 years and over.

Banks are required to incorporate the Code into their regulatory compliance management framework. In this regard the Financial Consumer Agency of Canada is responsible for monitoring the banks’ compliance with the Code.

Very briefly the commitments involved include the following:

 a member of the management be trained to promote the interests of Seniors
 Identification of circumstances where Seniors may require additional assistance with their banking activities
 Banks to implement measures to facilitate effective communication with Seniors
 Banks to provide employees and representatives with appropriate resources to help them assist seniors
 Banks to endeavour to mitigate potential financial harm to seniors
 Banks to publicly disclose the steps they have taken to support the Principles of the Code

Here is hoping that this commitment will catch not only the eye, but the conscience of the local banking community, and moreso the determination of the Bank of Guyana to dedicate some form of enforcement.

In the meantime we desperately need a Seniors Consumers Association.

Yours truly,
E. B. John