Hana Bank said on Monday it has started running a "Dementia Peace of Mind Academy" and has renewed a will-substitute trust product to strengthen financial support tailored to different stages of dementia.

From March, Hana Bank will run the "Dementia Peace of Mind Academy" at its Hana The Next lounges in Euljiro, Seolleung Station, Seocho-dong and Yeongdeungpo. The programme is an education-oriented service that supports the entire process from dementia prevention to asset protection.

The academy is built around three themes: "Care" to provide dementia information and support prevention, "Comfort" to support emotional stability and hobbies, and "Guard" to help preserve assets and plan transfers. The bank plans to reduce in advance difficulties in financial transactions caused by dementia and support asset protection.

Earlier, Hana Bank set up the financial sector's first dedicated dementia organisation, the "Dementia Peace of Mind Financial Center", and is providing senior-tailored dementia-related financial services in cooperation with the Seoul Metropolitan Center for Dementia.

On the product side, Hana Bank renewed its existing will-substitute trust-based product, the "100-year Trust", into the "My Way Trust". The product is designed to allow integrated planning of asset management, withdrawals and transfers in preparation for declining judgement, including dementia.

It also allows management using various financial products and supports regular, instalment and on-demand withdrawal functions. In the event of an accident or death, customers can also set asset transfers or donations according to their wishes.

A Hana Bank official said financial support spanning the entire process from prevention to post-event management is needed to respond to the growing dementia population. The official added the bank will continue to expand integrated solutions that provide practical help to dementia patients and their families.