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Internet Banking Users in S. Korea Rise 8.5 pct in 2018

Internet Banking Users in S. Korea Rise 8.5 pct in 2018

SEOUL, Mar. 28 (Korea Bizwire) — South Korea’s Internet banking services grew at a fast clip last year, with the number of daily transactions and their total value reaching record highs, central bank data showed Thursday. The number of online banking service users came to a record 146.56 million as of the end of 2018, [...]

Desktop Internet Banking a Relic of the Past

Desktop Internet Banking a Relic of the Past

SEOUL, Dec. 11 (Korea Bizwire) — Only 3 in 10 South Koreans currently use desktop online banking, while the majority have turned to mobile banking services accessed via smartphones and tablet PCs, a new survey has found. According to data provided by pollster DMC Media, around 28 percent of South Korean bank account holders aged between [...]

Internet Banking Era a Nightmare for the Elderly

Internet Banking Era a Nightmare for the Elderly

SEOUL, April 13 (Korea Bizwire) – Last year, South Korea’s banking industry saw its employee count drop by 2,248 to 114,775, and 175 bank branches closed down – the biggest drop ever – with the number of ATMs falling to 48,474 from 51,115.  The trends are reflective of the inevitable prevalence of internet banking. Bank [...]

Banks Step up Downsizing amid Growing Mobile, Internet Banking

Banks Step up Downsizing amid Growing Mobile, Internet Banking

SEOUL, March 28 (Korea Bizwire) – Banks in South Korea sharply downsized their headcounts, branches and automated instruments in 2016 to cut costs amid rapid growth in mobile and Internet banking, government data showed Tuesday.  The combined workforce of lenders operating in the country stood at 114,775 as of the end of last year, down [...]

Financial Watchdog to Simplify Internet Banking Procedures

Financial Watchdog to Simplify Internet Banking Procedures

SEOUL, Nov. 24 (Korea Bizwire) – South Korea’s financial authorities said Thursday they will step up efforts to streamline Internet banking procedures by promoting the removal of unnecessary security software and the minimum use of digital certificates.  The measures are part of the government’s financial reform drive, and were drawn up by a council of [...]

Mobile Banking Use up 6.3 Pct in Q2: BOK Data

Mobile Banking Use up 6.3 Pct in Q2: BOK Data

SEOUL, Aug. 9 (Korea Bizwire) – South Korea’s mobile banking, mostly based on smartphones, continued to grow quickly in the second quarter of 2016, with the daily average transaction volume exceeding 3 trillion won (US$2.7 billion), central bank data showed Tuesday.  The daily transaction volume rose 6.3 percent on-quarter to 3.78 trillion won during the [...]

New Internet Bank to Stage Competition in Banking Industry

New Internet Bank to Stage Competition in Banking Industry

SEOUL, Nov. 30 (Korea Bizwire) - Kakao Bank led by online portal giant Kakao Corp. and KT Corp.-initiated K-Bank have been picked as the operators of South Korea’s first-ever Internet bank on Sunday. It is the first time in 23 years that a new commercial bank has opened in the country’s banking industry. Two big IT firms — Kakao and KT — won the rights to operate onlinebanks, beating the Interpark-led I-Bank consortium. As the operator [...]

Hardware Security Module Comes into Spotlight as Security Token

Hardware Security Module Comes into Spotlight as Security Token

Five of Korean Authentication Agencies will distribute a Hardware Security Module (HSM) to the public for free within this month that does not require people to save security module in their hard drive or a USB(Image:Wikipedia/Flicker) SEOUL, Nov.13 (Korea Bizwire) – Five of Korean Authentication Agencies will distribute a Hardware Security Module (HSM) to the public [...]

No. of Internet Banking Users Approaching 100 Mil.

No. of Internet Banking Users Approaching 100 Mil.

SEOUL, Aug. 20 (Korea Bizwire) — The number of Internet banking service subscribers is projected to reach 100 million within this quarter by the end of September. Of these, the ratio of smartphone-based banking customers has increased to 45.5 percent. According to the Bank of Korea on August 19, the total number of registered customers to Internet [...]