Mobile Banking Archives | Be Korea-savvy
Convenience Stores Open New Biz Opportunities for Banks

Convenience Stores Open New Biz Opportunities for Banks

SEOUL, Jul. 14 (Korea Bizwire) — Convenience stores are emerging as the darling of South Korean lenders that are trying to cope with rising costs amid the fast-changing business environment centered on growth in online and mobile banking services. At the forefront of such a move are Internet-only banks such as K-Bank, which have no [...]

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 [...]

S. Korea 6th Biggest Target of Trojan Horse Malware Attacks: Report

S. Korea 6th Biggest Target of Trojan Horse Malware Attacks: Report

SEOUL, March 16 (Korea Bizwire) – South Korea was the sixth-biggest target of Trojan horse malware attacks in mobile banking last year, a multinational cybersecurity firm said Thursday.  The most vulnerable country was Russia, followed by Australia, according to the Kaspersky Security Bulletin 2016.  The Russian multinational cybersecurity and anti-virus provider, Kaspersky Lab, said it [...]

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 [...]

Paper Bankbooks Will Disappear into History after 120 Years of Existence

Paper Bankbooks Will Disappear into History after 120 Years of Existence

SEOUL, July 30 (Korea Bizwire)-Bankbooks have been issued ever since banks were established in Korea.But aftermore than 100 years of existence, they are going the way of the dodo. Bankbooks will no longer be issued from September 2017, but starting in September this year, in order to ease people into the new system, incentives will [...]