The BankSafe Dementia Hub

Think of this as a one-stop shop—a definitive resource that may help your financial organization better recognize and serve consumers experiencing cognitive decline.

01 WHAT IT IS

Help starts with empathy

Understanding is the first step to treating consumers with dignity while protecting their financial well-being.

02 WHO WE SERVE

Don’t let dementia drain their dollars

Cognitive decline has a significant impact on financial decision making. We equip financial organizations with the tools that may help those affected.

03 HOW WE HELP

01 WHAT IT IS

02 WHO WE SERVE

03 HOW WE HELP

WHAT IS COGNITIVE DECLINE?

Cognitive decline is a noticeable reduction in cognitive abilities and skillsfrom memory and language to thinking and judgment. It can range from normal aging to more severe disorders such as Alzheimer's, Parkinson’s and Huntington's. These changes in the brain can affect one's decision making and ability to perform everyday tasks.

What role does the Dementia Hub play?

The BankSafe Dementia Hub is a resource center that may help you and other financial organizations better understand what it's like to experience cognitive decline, and what policies and procedures you can implement to better serve your customers, clients and members. The hub curates the latest tools, templates and research from around the world to help U.S. financial organizations become leaders in dementia friendly practices and policies.

80

of people who care for those with dementia report some level of financial mismanagement by the individual.^[2]

1/3 of individuals over the age of 65 experience some form of cognitive decline.^[3]

75^%

of people with dementia have difficulty using banks.^[1]

THE BUSINESS CASE

Millions of people experience cognitive decline, and 83% of those with memory challenges are more likely to choose businesses that cater to their needs.^[4] Becoming a leader in dementia-friendly practices can benefit your organization—and everyone—beginning with improved service. With increased knowledge and awareness of dementia, your staff will feel more confident and compassionate in their interactions.

01 COST

Older adults lose an average of 50% of their median net worth prior to a dementia diagnosis.^[5]

(From an average of $217,000
to slightly over $104,000)

02 FREQUENCY

84% of financial professionals at a large investment firm reported having a client with dementia.^[6]

financial professionals say they do not feel prepared to handle people experiencing cognitive decline^[6]

03 OUTCOMES

Your employees may be among the first to recognize signs of cognitive decline in consumers. Here are ways you can help create better outcomes for your clients, customers or members.

MANAGE

Create policies and programs to help better serve consumers

EMPATHIZE

Respond to each unique situation with care and understanding

RECOGNIZE

Know the signs of cognitive decline

SAFEGUARD

Use your position to steer the best possible outcomes for consumers and institutions

01

COST

02

FREQUENCY

03

OUTCOMES

Older adults lose an average of 50% of their median net worth prior to a dementia diagnosis.^[5]

(From an average of $217,000 to slightly over $104,000)

84% of financial professionals at a large investment firm reported having a client with dementia.^[6]

of financial professionals say they do not feel prepared to handle people experiencing cognitive decline^[6]

Your employees may be among the first to recognize signs of cognitive decline in consumers. Here are ways you can help create better outcomes for your clients, customers or members.

MANAGE

Create policies and programs to help better serve consumers

RECOGNIZE

Know the signs of cognitive decline

EMPATHIZE

Respond to each unique situation with care and understanding

SAFEGUARD

Use your position to steer the best possible outcomes for consumers and institutions

What to watch out for

Frontline financial professionals should familiarize themselves with warning signs to better empathize with consumers. The presence of one sign doesn't necessarily mean they are experiencing cognitive decline, so it's important to keep a watchful eye without jumping to conclusions.

Read our Deciphering Dementia tip sheet to learn more. DOWNLOAD

IN-PERSON INTERACTIONS

Taking a long time to
organize cash or fill out forms

Difficulty completing
complicated tasks

Repeatedly asking
the same question

PATTERNED BEHAVIORS

Excessive contributions
to charitable orgs^[5]

Missed bill payments
and loss of numeracy

Develop subprime
credit scores

How does this look in real life?

See a real-life scenario of a frontline financial professional interacting with a consumer showing signs of cognitive decline.

SHARE THIS VIDEO WITH YOUR STAFF

CREATING A NETWORK
OF SUPPORT

It's crucial to plan ahead so your employees can respond with empathy in real time. Establishing a network of support with family members, friends or caregivers will help your frontline staff know and understand how to communicate with consumers suffering from cognitive decline and their trusted contacts.

23^% increase

Financial organizations that adopted an effective Trusted Contact Person (TCP) form increased the likelihood that an older consumer would appoint a trusted contact—a person designated to act as a point of contact in case of concerns or emergency—by a remarkable 23%.^[7]

What are the barriers
to appointing a TCP?

It's best to reassure your customers, clients or members, and help them feel comfortable with the idea of a TCP since it's not required. Understandably, they may have a variety of hesitations that can vary from person to person. The Ontario Securities Commission found several biases that have a great impact on decision-making as individuals age, especially when appointing a TCP.^[7]

OPTIMISM
BIAS

People tend to underestimate the likelihood that something negative or unfortunate could happen to them. "Nothing bad will happen to me."

AVOIDANCE OF
NEGATIVE EMOTIONS

People don't like thinking of themselves in unfortunate situations or emotions. "I won't need help from others."

ILLUSORY
SUPERIORITY

People tend to overestimate their qualities, when compared to other people. "This is for someone else, not me."

Download the full list of potential biases

Overcoming barriers

1 BUILDING
TRUST

When explaining the need for a TCP, make sure your employees understand it's a tool they can use to gain the consumer's trust. It's important for all employees to understand not only what a TCP is and when to use it, but also how to discuss/introduce/bring up the topic with the consumer:

Acknowledge that this is a potentially difficult or uncomfortable topic, and that's a perfectly normal feeling
Help them maintain control over their financial decisions and health
Explain the realities of financial exploitation today ("it happens to millions of people and can happen to anyone") and the likelihood of potential cognitive decline
Reassure them that the TCP does not replace or assume the role of an attorney under Power of Attorney
Explain that a TCP is essentially an "emergency contact" and does not have the authority to make any decisions on their behalf or transact with their account
Illustrate the importance of naming a TCP who is not an attorney with POA and is not involved in decision-making with their account

2 ADD KEY ELEMENTS
OF TCP FORM

Implementing these key elements in a TCP form can increase the likelihood of it being filled out:^[7]

Include a statement about the prevalence of fraud and the increased frequently in older adults
Include a sentence indicating that most people support the concept of a TCP
Require users to make an active choice to appoint or not appoint a TCP
Simplify language by using bullet points
Don't attempt to positively or negatively influence older consumers prior to informing them about a TCP

Small change. Big impact.

Research conducted by the Ontario Securities Commission^[7] showed that making small behavioral changes in the design of the form can have significant impact.

Click the different forms to compare:

ORIGINAL TCP FORM:

MODIFIED TCP FORM:

DOWNLOAD MODIFIED FORM >

3 INCENTIVIZE
STAFF

Offer incentives and integrate bonuses to employees that get their customers, clients or members to fill out the TCP form.

4 KNOW WHEN TO
CONTACT THE TCP

Ensure that all employees understand and are in compliance with TCP policies, namely that the institution notifies the consumer's trusted contact when:

There are signs of financial exploitation
The consumer exhibits signs of decreased mental capacity to make decisions involving financial matters
The consumer cannot be reached after multiple attempts and where failure to get in touch would be considered unusual
The name and contact information of a legal guardian, executor, trustee, attorney under a power of attorney or any other legal representative needs to be confirmed

5 RESOURCES &
EXAMPLE TCP FORMS

TCP INDUSTRY RESOURCES

Here are some effective resources and sample forms you can use and adapt for your organization's TCP policy.

Ontario Securities Commission's research on behavioral insights. See Page 19 for the most effective TCP form.

Download >

Ontario Securities Commission’s guidance for how to incorporate TCPs into your organization's procedures.

Download >

Sample form from SIFMA’s Senior Investor Protection Toolkit.

Download >

TCP CONSUMER RESOURCES

Here are some valuable resources created by the Canada Securities Administrators that your employees can share with consumers.

You're My Trusted Contact Person. Form and checklist that outlines the roles of a TCP.

Download >

Is Your Advisor Asking You for a Trusted Contact Person? Factsheet to educate consumers about TCPs.

Download >

3 keys when talking to TCPs

When it's time to contact a Trusted Contact Person, there are three key things to keep in mind before reaching out:

1

Review the TCP form in full, including specific instructions and consents that will protect their wishes and autonomy.

2

Review your institution’s privacy policy and obligation to the consumer under client agreements and legislation.

3

Review your institution’s guidelines for when it is appropriate to engage a TCP in instances where financial exploitation or concerns about the consumer's mental capacity to make financial decisions is apparent.

POLICIES AND PROCEDURES TO GET YOU STARTED

Pairing empathy and understanding with the latest technology and procedures can help your organization better serve consumers. Proactive training, guidelines and processes will help your organization mitigate risk and be ready in the moment.

What to do without a diagnosis

If there are potential signs of dementia, what action can and should be taken?^[8] Consider your organization's policies and ask yourself:

Who can we ask/tell?
What can we say?
What do we do in the meantime?
Should we allow transactions that we have concerns about?

Attempts have been made to determine whether a consumer with no known diagnosis has the capacity to make financial decisions but no diagnosis has been given or disclosed. What action can be taken?^[8] Consider your organization's policies and ask yourself:

Where do we draw a line with our inquiries?
Do we now treat aggressive behavior as unacceptable?
Do we ignore our ongoing concerns?

While uncertainties exist, always rely on your organization's established policies and legal guidelines to inform your procedures when a dementia diagnosis is not present.

Next, consider the size and reach of your organization. Based on size, you may be more or less likely to recognize signs of cognitive decline in your customers, clients or members.^[8]

SMALL RURAL BRANCH

Regular customers, clients or members means more face-to-face interactions
More likely for employees to recognize odd or changing behavior
More likely to recognize unusual transactions

LARGE CITY BRANCH

See more consumers and are less likely to have regulars
Less one-on-one time with consumers
Less familiar with behavior so not likely to recognize changing or unusual requests

Explore and adopt dementia-friendly policies and procedures

SUITABLE PRODUCT OFFERINGS

Ensure all your products can meet the needs of people affected by dementia, no matter the stage
Make sure your product range is flexible
Meet your consumers needs by helping them select the best products for them
Ensure you have affordable products available

MACHINE LEARNING

By incorporating machine learning into your systems, you help better protect consumers by:
Identifying behavioral anomalies including abnormal withdrawal and transfer patterns
Detecting financial mismanagement, such as failing to pay bills on time
Discovering uncommon transaction patterns from unusual merchants, sudden transaction frequency changes or uncommon shifts from card to cash transactions
Flagging patterns of confusion, such as frequent password resets or repeating an identical transaction many times in a short period

VOICE BIOMETRICS

Establishing a voice print enables the consumer to verify their identity quickly and securely without the risk of forgetting a password or PIN
Voiceprints are created using unique characteristics including pitch, accent and other behavioral characteristics for a secure alternative to traditional verification methods
Before you adopt a voice biometrics policy, consider the limitations of automated speech recognition technology that could result in disparities related to consumers’ race, gender or ethnicity

PROVEN INTERVENTIONS

Train staff on tools and processes that can help them protect consumers from fraud or unwise financial decisions including:
Placing a financial hold on a specific transaction
Using a limited credit card with monitoring and alerts
This layer of protection enables spending within safe limits; examples include setting up spending alerts and spending limits
Setting up processes to help employees escalate issues, including designating an employee to talk to, and mitigate financial risk for clients
Ensuring employees know how and are empowered to report financial abuse if they uncover a scam

TRAINING & EDUCATION

Provide staff with education on how to interact with someone who is displaying signs of cognitive decline
Provide ongoing training to help employees practice and maintain communication skills; provide a forum for coworkers to share their experiences with each other
Distribute in-house training on policies and procedures
Share this hub across your institution

ADDITIONAL RESOURCES

Here are some resources to help you craft your own policies and procedures:

Real-world examples

Independent Bank Account

In partnership with Alzheimer's Society, a leading UK financial institution launched the Independence Account, a simple bank account designed to provide financial independence for individuals who may struggle to manage their finances. Complex financial needs, like savings management, remain accessible only to someone holding power of attorney (POA), not the account holder. Learn more in the Alzheimer's Society's Dementia-Friendly Finance and Insurance Guide.

“Tell Me Once” Policy

A "Tell Me Once" policy aims to reduce the need for consumers to repeatedly share sensitive information. The policy includes face-to-face training, using a person with dementia as an example, and introduces the Money Advice Trust's TEXAS drill to standardize how vulnerability is documented. This approach minimizes the burden on consumers to repeat personal details. Learn more about the "Tell Me Once" policy and the TEXAS drill in the UK Alzheimer's Society's Dementia-Friendly Finance and Insurance Guide.

Create a climate of compassion

By learning how to recognize the signs of cognitive decline, your employees can better serve the needs of your customers, clients or members. People experiencing cognitive decline are likely to find financial tasks more difficult if they feel under pressure or are in a noisy environment, unfamiliar circumstances or trying to make a complex decision.^[8]

You can develop policies that foster compassion, patience and empathy in order to create this more comfortable environment.

Click the boxes to explore the guidelines.

Be genuine, be patient and speak calmly. If the person seems confused or are repeating questions, the proper response should be reassurance and validation.

Be prepared to orientate a confused person. Move conversations away from loud noises and into a comfortable setting, sit them down and make them feel at ease. When people with cognitive decline feel more comfortable, they are more likely to be able to focus.

Avoid interpreting or trying to rephrase what a person says, as it can lead to frustration and anger. Keep them well- informed as to what you are doing and why.

Provide a written summary after each meeting, highlighting what was discussed, attendees, recommendations you made and agreements reached.

Add notes to accounts about signs of cognitive decline, describing a person’s specific needs for tailored support.

Encourage employees to use community service supports if they suspect financial exploitation.

Creating a calm, accessible environment for people living with dementia is vitally important. It can build their confidence, so they feel empowered to continue doing things for themselves. You can ensure that your financial institution’s environment is safe and comfortable for individuals experiencing cognitive decline by including:

Highly visible and accessible entrances
Easily legible signage
Well-lit environments
Simple, level flooring
Quiet, clutter-free seating areas
Unique or “interesting” branch or offices, since people with dementia often use “landmarks” to identify locations

Download these helpful tip sheets

Creating a Dementia-Friendly Environment

Dementia-Friendly Hints & Tips

We could use your help

The Dementia Hub is updated regularly. Simply fill out the form to share what resources you would find useful, so we can add to the experience.

The AARP BANKSAFE^TM INITIATIVE is a free online intervention platform developed in collaboration with more than 2,000 industry professionals to help financial organizations take actions that meet consumer needs and safeguard their assets in four ways: preventing financial exploitation; empowering financial caregivers; helping those with dementia; and making the banking environment easier to access.

LEARN MORE

RESOURCES

BankSafe Dementia Hub, including all content and features, is offered for informational purposes and to educate users on cognitive decline, including dementia, and financial security. Nothing in the service should be considered, or used as a substitute for, medical advice, diagnosis, or treatment, financial advice, or legal advice.

WHAT IS COGNITIVE DECLINE?

01 COST

02 FREQUENCY

03 OUTCOMES

1 BUILDING TRUST

2 ADD KEY ELEMENTS OF TCP FORM

3 INCENTIVIZE STAFF

4 KNOW WHEN TO CONTACT THE TCP

5 RESOURCES & EXAMPLE TCP FORMS

1 BUILDING
TRUST

2 ADD KEY ELEMENTS
OF TCP FORM

3 INCENTIVIZE
STAFF

4 KNOW WHEN TO
CONTACT THE TCP

5 RESOURCES &
EXAMPLE TCP FORMS