This file photo shows ATMs of major South Korean banks. (Yonhap)
SEOUL, Sept. 23 (Korea Bizwire) — South Korea’s banking industry is performing a variety of experiments to ensure efficient and cost-effective branch operations, while, at the same time, speeding up the restructuring of branches as a way to promote a digital transformation.
KEB Hana Bank and the state-run Korea Development Bank (KDB) joined hands to attempt the nation’s first ‘branch sharing.’
Under this partnership, KDB customers will be able to use KEB Hana Bank’s 650 branches, automated teller machines (ATMs) and personal wealth management services starting from next year.
KEB Hana Bank plans to open its branches and ATMs across the country to KDB customers starting from the first half of next year, when the development of a joint computer system will be completed.
There have been a number of cases in which banks have partnered with convenience stores to develop ‘digital innovation branches.’
KEB Hana Bank teamed up with convenience store chain CU to showcase ‘finance-specialized convenience stores.’ These convenience stores will have a separate space for financial services.
Shinhan Bank formed a partnership with to establish finance-specialized convenience stores primarily in remote areas and on islands where the number of bank branches is limited.
After closing a total of 304 branches last year, the banking industry continues its branch restructuring drive this year in the midst of the strengthened digital and non-face-to-face trends.
J. S. Shin (js_shin@koreabizwire.com)
