Financial Supervisory Service Forms Task Force with Banking Sector to Enhance Financial Accessibility... 추진 Within the Year

Lee Bok-hyun "Financial Industry Must Reflect on Whether It Has Fully Considered Its Responsibilities"

The Financial Supervisory Service (FSS) has decided to establish a task force (TF) within this year, in collaboration with the banking sector, to enhance financial accessibility and develop practical improvement measures.

On the afternoon of the 26th, the FSS held the "Financial Sector Forum for Enhancing Financial Accessibility" at the Seoul Banking Hall and announced this plan. The event was attended by over 100 participants, including heads of six financial associations, consumer protection executives from financial companies, consumer groups, and organizations for people with disabilities.

The FSS recently identified key issues related to financial accessibility, such as ▲the trend of bank branch closures ▲digital exclusion of the elderly ▲and difficulties faced by people with disabilities in financial transactions. Notably, 1,189 bank branches have closed over the past five years, representing an average annual decrease of 8.5%.

On this day, Lee Bok-hyun, Governor of the FSS, stated, "In the process where about 1,000 branches disappeared and approximately 10,000 ATMs were reduced over the past five years, I believe it is necessary to reflect on whether the financial industry has sufficiently considered these responsibilities." He added, "The FSS will continue to provide necessary support to create an environment where anyone can easily access financial services."

As a countermeasure, the FSS plans to jointly form a TF with the banking sector to prepare ▲effective alternatives to branches and ATMs ▲activate mobile branches ▲and establish guidelines on consultation procedures and cost-sharing principles for installing branch substitutes such as joint branches.

Additionally, the FSS will systematically promote strengthening digital education for the elderly, resolving inconveniences in AI financial counseling, revising manuals for assisting people with disabilities, and expanding infrastructure for the disabled.

Governor Lee emphasized, "Guaranteeing consumers' rights to access financial services is a natural responsibility of the financial industry," and urged, "Let us, the financial industry and supervisory authorities, work together to implement tangible changes and practices that consumers can feel."

Meanwhile, the heads of the six financial associations also pledged to strengthen efforts to improve practices and expand infrastructure. The Korea Federation of Banks promised to actively seek alternative measures such as counter partnerships and joint ATMs to minimize inconveniences caused by branch reductions.