Banks can now provide banking and securities services at the same time. (image: Kobizmedia/ Korea Bizwire)
SEOUL, Oct. 28 (Korea Bizwire) – Consumers in South Korea can now enjoy banking and securities services in one sitting.
The Financial Services Commission announced on October 24 that it would allow banks to provide banking and securities services at the same time, as a follow-up to a plan to lift financial regulations reported last July.
Until now, it has been inconvenient for financial consumers to get both of the services as they have been offered by different service providers. Financial institutions can now offer one-stop service to let customers shop for various financial products provided by not only banks but also securities firms for their convenience.
As the first step, the number of specially integrated financial branches is planned to increase. Aside from banking and securities services, insurance products are expected to be phased in after additional discussions. “Banks currently provide insurance products in the form of bancassurance. Term life insurance products for which insurance planners should explain in detail about conditions will be gradually introduced,” an official in the commission said.
The branch offices are planned to be launched in the first quarter of 2015. “When financially integrated branches are introduced, consumers will be more convenient than before. Information on financial customers is going to be shared within an office, which means unnecessary processes are eliminated,” he added.
By Veronica Huh (veronicah@koreabizwire.com)
