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The Paradox of the KB Kookmin Bank Strike, a Debate on ‘Idle Manpower’ at Banks

The Paradox of the KB Kookmin Bank Strike, a Debate on ‘Idle Manpower’ at Banks

SEOUL, Jan. 14 (Korea Bizwire) — A recent strike by employees of KB Kookmin Bank has raised controversy over idle manpower in the banking sector. Usually, when there is a strike, all operations should stop for a while, creating inconvenience to customers. However, most KB Kookmin Bank branches ran smoothly on the day of the [...]

Ads for Financial Products are Exaggerated: Poll

Ads for Financial Products are Exaggerated: Poll

SEOUL, Jan. 9 (Korea Bizwire) — About 60 percent of South Koreans say that advertisements for financial products are exaggerated, a survey showed Wednesday, underscoring customers’ mistrust towards the sector as a whole. The survey, conducted by Gallup Korea and commissioned by the Financial Services Commission (FSC), showed that 60.7 percent of the 2,194 respondents [...]

Cabinet Endorses Bill That Eases Ownership Rule for Internet-only Banks

Cabinet Endorses Bill That Eases Ownership Rule for Internet-only Banks

SEOUL, Jan. 8 (Korea Bizwire) – The Cabinet on Tuesday endorsed a bill that eases ownership rules for Internet-only banks as the government plans to grant approval to more web-only banks this year, the financial regulator said. The bill allows information technology firms, such as Internet portal Naver or gaming firm Nexon, to hold more [...]

New AI System Estimates Vehicle Repair Costs After Accidents

New AI System Estimates Vehicle Repair Costs After Accidents

SEOUL, Jan. 8 (Korea Bizwire) — The Korea Insurance Development Institute announced on January 7 that it has started developing a new assessment tool called ‘Automobile Repair Cost On-line Service-α’ (AOS-α). The system’s artificial intelligence (AI) will estimate vehicle repair costs by analyzing pictures of car wrecks caused by traffic accidents. The institute is planning [...]

KB Kookmin Bank Stages Strike, 600 Branches Affected

KB Kookmin Bank Stages Strike, 600 Branches Affected

SEOUL, Jan. 8 (Korea Bizwire) — Workers at KB Kookmin Bank, South Korea’s leading lender, launched a nationwide strike Tuesday for the first time in 19 years over wage system reforms and bonuses, its labor union said. The one-day walkout started at 9 a.m., as last-minute overnight negotiations between the labor and the management did [...]

2 Internet-only Bank Permits Can be Granted Next May: Regulator

2 Internet-only Bank Permits Can be Granted Next May: Regulator

SEOUL, Dec. 23 (Korea Bizwire) — The financial regulator said Sunday it can give preliminary approval to two Internet-only banks in May next year, but hinted that only one group could receive approval if another group is unsuccessful. Two Internet-only banks — K-Bank and Kakao Bank — were launched last year, challenging traditional banks in [...]

Borrowers Can Ask Banks to Lower Loan Rates via Internet, Mobile Banking in 2019

Borrowers Can Ask Banks to Lower Loan Rates via Internet, Mobile Banking in 2019

SEOUL, Dec. 20 (Korea Bizwire) — The financial watchdog said Thursday it has revised its guidelines to allow borrowers to make online requests to banks for lower loan rates starting in 2019. Currently, borrowers with a good credit score must visit a physical bank branch to ask a bank to cut their loan rate. From [...]