{"id":2200720,"date":"2023-04-14T08:00:09","date_gmt":"2023-04-13T23:00:09","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200720"},"modified":"2023-04-13T19:26:11","modified_gmt":"2023-04-13T10:26:11","slug":"financial-service-commission-to-restrict-banks-from-closing-their-branches","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/financial-service-commission-to-restrict-banks-from-closing-their-branches\/","title":{"rendered":"Financial Service Commission to restrict banks from closing their branches"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s top financial regulator, the Financial Service Commission (FSC), <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20230413105751002?section=news\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> that banks in the country will not be allowed to close their branches without preparing alternative measures to provide customers with the same level of service. The ordinance will take effect starting next month. The FSC also requested banks to consider customers\u2019 feedback about branch closures before deciding to shut down their branches.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the FSC, there were 5,800 banks throughout the ROK by the end of 2022, which is 24% fewer than in 2012. The FSC has also said that bank branch closures accelerated during the pandemic as fewer people sought in-person banking services.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The most immediate beneficiaries of this new regulation are South Korean senior citizens \u2014 particularly those who live outside the Greater Seoul Metropolitan Area, which includes Seoul City, Incheon City and Gyeonggi Province. Increased digitization has led to increased demand for online banking services, and the COVID-19 pandemic forced banks to shut down branches with lower productivity. However, the practice has often led senior citizens who lack digital literacy to find themselves <\/span><a href=\"https:\/\/www.seoul.co.kr\/news\/newsView.php?id=20190125009007\"><span style=\"font-weight: 400;\">without access to banking services<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As banks will have to adopt other measures, such as scaling down working hours, banks will likely announce fewer layoffs. Thousands of workers in the banking sector were offered <\/span><a href=\"https:\/\/koreajoongangdaily.joins.com\/2022\/12\/24\/business\/finance\/korea-bank-early-retirement\/20221224070024085.html\"><span style=\"font-weight: 400;\">voluntary retirement packages<\/span><\/a><span style=\"font-weight: 400;\"> at the end of last year as financial institutions shut down their branches. Some of the workers were aged 40 and over.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/culture-society\/\"><span class=\"tag\">Culture &amp; Society<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s top financial regulator, the Financial Service Commission (FSC), announced that banks in the country will not be allowed to close their branches without preparing alternative measures to provide customers with the same level of service. The ordinance will take effect starting next month. The FSC also requested banks to consider customers\u2019 feedback about [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200721,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,25],"class_list":["post-2200720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-culture-society"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Service Commission to restrict banks from closing their branches - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/04\/financial-service-commission-to-restrict-banks-from-closing-their-branches\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Service Commission to restrict banks from closing their branches - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s top financial regulator, the Financial Service Commission (FSC), announced that banks in the country will not be allowed to close their branches without preparing alternative measures to provide customers with the same level of service. The ordinance will take effect starting next month. 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