Savings Bank Industry Strengthens Voluntary Commitment to Consumer-Centered Management

Park Jae-sik, President of the Korea Federation of Savings Banks (sixth from the left), and representatives of the savings bank industry are taking a commemorative photo after a voluntary pledge for consumer-centered management at the New Year's meeting held on the 6th at the Sejong Hotel in Jung-gu, Seoul. Photo by Korea Federation of Savings Banks

[Asia Economy Reporter Kim Min-young] The savings bank industry has pledged a voluntary commitment to consumer-centric management.

According to the Korea Federation of Savings Banks, at the New Year's meeting of savings banks held on the 6th at the Sejong Hotel in Jung-gu, Seoul, CEOs and industry officials stated, "It is very important for savings banks to prioritize consumer protection and rights through customer-centered management," and made a voluntary pledge.

The voluntary pledge includes 11 detailed action tasks across three areas: practicing management to restore customer trust, fulfilling the fundamental role as a financial institution for ordinary citizens by strengthening inclusive finance, and preparing for a new 50 years together with customers ahead of the 50th anniversary of its establishment in 2022.

Park Jae-sik, Chairman of the Korea Federation of Savings Banks, said, "Since the large-scale restructuring of savings banks, there have been significant achievements such as improved financial soundness and strengthened internal controls, leading to stabilized management conditions," and emphasized, "For the continuous growth and development of savings banks, consumer-centric management that prioritizes consumer protection and rights is necessary." Chairman Park added, "We expect this voluntary pledge to serve as a turning point for improving awareness among all savings bank employees and restoring customer trust," and said, "Savings bank representatives will further strengthen efforts to practice customer-centered management and protect consumers in the future."