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Deregulation Brightens Prospects for Internet-Only Banks

Deregulation Brightens Prospects for Internet-Only Banks

SEOUL, Aug. 8 (Korea Bizwire) — Prospects for Internet-only banks’ expansion received a major boost as President Moon Jae-in pledged to ease some regulations that ban nonfinancial companies from owning more than a 4 percent stake in a lender. Moon reversed his campaign pledge to keep the regulations intact Tuesday as he attended a meeting [...]

Chatbots in Banking Unable to Offer Full Personal Data Protection: Watchdog

Chatbots in Banking Unable to Offer Full Personal Data Protection: Watchdog

SEOUL, Jul. 31 (Korea Bizwire) — Banks and other financial institutions that increasingly rely on chatbots to interact with customers are vulnerable to breaches of personal data protection, the financial watchdog said Tuesday. A chatbot is a computer program or artificial intelligence that is used in various business sectors, enabling customers to communicate with firms [...]

Digital Disruption Sweeps Through Korean Banking Industry

Digital Disruption Sweeps Through Korean Banking Industry

SEOUL, January 30 (Korea Bizwire) – Digital disruption and cutthroat competition are shaking up the banking industry, with thousands of employees making the transition away from financial services jobs that were long considered as some of the most lucrative in Korea. The emergence of the fintech revolution leaves the prospects for the banking industry uncertain. [...]

Savings Rate Falls at the Same Time as Consumption

Savings Rate Falls at the Same Time as Consumption

SEOUL, Korea, Mar 6 (Korea Bizwire) – A while ago the Bank of Korea published a report on people’s tendency toward rarely opening up their wallets for fears of post-retirement livelihood. Then are Korean consumers saving more instead of spending? The reality is savings are falling as much as consumption. What’s going on here? According [...]