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New Savings Accounts Combine High Interest and Travel Benefits

New Savings Accounts Combine High Interest and Travel Benefits

SEOUL, Sept. 5 (Korea Bizwire) — Recently, commercial banks have been offering a series of “travel-themed” installment savings products. Subscribing to related products has become popular as account holders can receive airline mileage or travel-related benefits along with basic interest at maturity. On Wednesday, KEB Hana Bank unveiled its one-year installment savings product “My Trip,” [...]

New Virtusa Study Finds Digital Customer Experience, Innovation, and Cost Reduction are Top Priorities for Banks

New Virtusa Study Finds Digital Customer Experience, Innovation, and Cost Reduction are Top Priorities for Banks

SOUTHBOROUGH, Mass., Aug. 19 (Korea Bizwire) – Virtusa Corporation (NASDAQ GS:VRTU), a global provider of digital strategy, digital engineering, and IT outsourcing services that accelerates business outcomes for its clients, today announced the findings from The Top Global Banking Technology Trends, a July 2019 research paper commissioned by Virtusa and conducted by Finextra. The paper highlights the [...]

Banks to Fully Open Payment System to Fintech Firms in December

Banks to Fully Open Payment System to Fintech Firms in December

SEOUL, Jun. 20 (Korea Bizwire) — South Korean banks will fully open their payment system to fintech firms in December, officials said Thursday, in a move that could encourage the development of new payment services and greater competition in the financial sector. Currently, the financial payment network in South Korea has a closed system accessible [...]

Banks Push Initiatives to Boost Efficiency Ahead of 52-Hour Workweek Implementation

Banks Push Initiatives to Boost Efficiency Ahead of 52-Hour Workweek Implementation

SEOUL, Jun. 19 (Korea Bizwire) — South Korea’s major commercial banks have begun cutting unnecessary work hours ahead of the full implementation of the government’s new 52-hour workweek policy in July. The banking sector introduced the 52-hour workweek system earlier this year, but since the actual legal enforcement date is from the first day of [...]

Gov’t to Let Banks Open Payment Systems to Fintech Firms

Gov’t to Let Banks Open Payment Systems to Fintech Firms

SEOUL, Feb. 20 (Korea Bizwire) — The government plans to let banks open their payment systems to financial technology firms, in a move that would provide a level playing field for new players and increase competition in the financial industry, officials said Wednesday. The plan was announced at a meeting chaired by Finance Minister Hong [...]

Major Commercial Banks to Adopt Shorter Working Hours This Year

Major Commercial Banks to Adopt Shorter Working Hours This Year

SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s leading lenders have wrapped up their labor deals for the new year that aim to help employees better strike a balance between work and their personal lives, industry watchers said Monday. Late last week, the labor and the management of KB Kookmin Bank reached a deal on [...]

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 [...]

Banks Encouraged to Provide Policy Loans to Desperate Borrowers

Banks Encouraged to Provide Policy Loans to Desperate Borrowers

SEOUL, Dec. 21 (Korea Bizwire) — The financial regulator said Friday it will encourage banks to provide mid-rate policy loans worth 1 trillion won (US$886 million) to desperate borrowers from next year, as part of ongoing efforts to relieve their debt burdens. About 3 million borrowers, who have no option but to borrow money from [...]

Despite Decent Earnings, Banks Move to Cut Jobs in Digital Era

Despite Decent Earnings, Banks Move to Cut Jobs in Digital Era

SEOUL, Dec. 9 (Korea Bizwire) — Major local banks have been offering or plan to offer voluntary retirement programs to their workers as part of restructuring efforts amid a greater application of digital-driven technology, industry sources said Sunday. Nonghyup Bank announced a voluntary retirement program last month. A total of 610 employees applied for the [...]