Financial Services Association, November 14 (Reporter Wang Hong) Today, the General Administration of Financial Regulation issued the “Guiding Opinions on Further Improving the Level of Financial Services Suitable for Aging” (hereinafter referred to as the “Guiding Opinions”), which proposes specific tasks in six areas, including encouraging the good use of intelligent technological achievements, enriching age-appropriate products and services, and optimizing traditional service methods.

Experts said that at present, the supply of financial products in the third pillar of pension in China is still limited, and there are pain points such as some pension savings not being able to target pension use, limited supply of pension wealth management products, and the diversity and inclusiveness of pension insurance still need to be strengthened. A Financial Services Association reporter noticed that in response to industry pain points, the “Guiding Opinions” put forward requirements such as increasing research and development of financial products suitable for the elderly, supporting insurance companies to raise the upper age limit for insurance coverage, and paying attention to the insurance coverage needs of people aged 70 and above.

Lou Feipeng, a researcher at the Postbank, told CFA reporters that on the basis of the obvious results achieved in the early transformation of financial services to adapt to aging, the State Financial Supervisory Administration has coordinated deployment to guide financial institutions to further improve the level of adaptation of financial services to aging, which will help further deepen financial supply-side structural reforms, improve the quality of financial services for the elderly, and better meet the financial service needs of the elderly.

Promote the age-appropriate transformation of Internet applications and strengthen the age-appropriate upgrading of mobile apps

The “Guiding Opinions” state that with a focus on solving the practical difficulties faced by the elderly in the financial field, various financial services will be promoted to adapt to aging, and to effectively guarantee the basic financial service needs of the elderly.

How to improve the level of age-appropriate services? The “Guiding Opinions” indicate the direction of promoting the transformation of Internet applications to adapt to aging, optimizing mobile app service processes and functions, optimizing self-service, and promoting the use of portable intelligent services.

For example, the “Guiding Opinions” suggest that financial institutions should strengthen the barrier-free upgrading and transformation of Internet websites, mobile Internet applications, etc. to suit aging, further optimize interface interaction, and provide functions such as reading content aloud, operation tips, and voice assistance, so that the elderly can easily obtain information and services. Financial institutions should strengthen the barrier-free upgrading of mobile apps to suit aging, optimize verification methods on the basis of ensuring the effectiveness of identity verification and confirming the true intentions of the elderly to handle business, and further optimize processes such as user registration, bank card binding, and payment.

Lou Feipeng pointed out that for financial institutions, it is necessary to focus on the characteristics of the financial service needs of the elderly, comprehensively advance financial products, service channels, etc., to further improve the pertinence of financial services through age-appropriate transformation, so that suitable financial products can effectively reach the elderly through appropriate channels, and improve the financial service experience satisfaction of the elderly with high-quality financial services.

The General Administration of Financial Supervision also stated that the “Guiding Opinions” put forward comprehensive and systematic requirements for the financial industry to improve the level of service adaptation to aging, which is an important measure to push the financial industry to respond positively to the aging population. The publication of the “Guiding Opinions” will help the elderly to better share the results of financial development and continuously enhance the sense of attainment and satisfaction of elderly financial consumers.

Increase the supply of age-appropriate financial products and support raising the upper age limit for insurance

The “Guiding Opinions” also state that financial institutions should step up research and development of financial products suitable for the elderly. Support banking financial institutions to fully consider the characteristics of the elderly's relatively conservative risk appetite and steady financial management needs, develop and launch more products for elderly customers in line with the actual needs of the elderly such as investment, medical care, and pension, and provide services such as financial planning and fund management for the elderly.

“Although China currently has practices in pension savings, insurance, financial management, funds, trusts, etc., the supply of financial products for the third pillar of pension is still limited,” Yang Juan, a researcher at the Bank of China Research Institute, told the Financial Services Association.

Specifically, “In terms of pension savings, only pension savings products included in personal pensions can ensure that the function of targeted support for old age is achieved; no other savings product can target the use of pension. In terms of pension financial management, since it is still in the pilot phase and the supply of products is limited, there are only 77 pension wealth management products in existence as of the end of October. In terms of pension funds, as of October 31, there were only 199 fund-type personal pension products, and there are still more than 60 pension target funds (including pension target date funds and pension target risk funds) that are not included in the category of personal pension products. In terms of pension trusts, special needs trusts with services such as pension consumption and medical payments for the purpose of old-age care are rarely practiced.”

Yang Juan also said that in terms of pension insurance, there is a relatively large supply of products, but their diversity and inclusiveness still need to be strengthened.

In response to these pain points, the “Guiding Opinions” state that insurers are supported to raise the upper age limit for insurance coverage, pay attention to the insurance coverage needs of the elderly aged 70 and above, scientifically adjust the application conditions and provide reasonable protection for elderly people with pre-existing conditions and chronic diseases; support insurance companies to accelerate the development of long-term medical insurance and provide stable health insurance covering the entire life cycle.

In terms of strengthening protection, the “Guiding Opinions” state that insurance companies are supported to focus on the special needs of the elderly, such as disability, mental disability, chronic illness, and living difficulties, and implement an “insurance+ service” business model in accordance with the law, integrating service methods such as disease prevention, chronic disease management, health consultation, and long-term care, and exploring ways to increase the link between insurance products and health management and old-age care services. Insurance companies are encouraged to explore specific nursing institutions for disabled and mentally disabled groups, provide comprehensive liability insurance products for pension institutions with risk reduction management functions, and enhance care service capabilities for disabled and mentally disabled elderly people.