If COVID Worsens, Only Half of Commercial Bank Headquarters Staff Will Report to Work

Financial Services Commission Holds Video Conference on Quarantine Response
Partitions and Barriers Installed in Call Centers and Others

[Asia Economy Reporters Hyojin Kim and Minyoung Kim] As the novel coronavirus infection (COVID-19) spreads beyond the Seoul metropolitan area to various parts of the country, the financial sector is also on high alert for crisis response. With social distancing level 2 expected to continue for another week, financial companies are swiftly preparing response measures that comply with level 2 principles while keeping in mind a possible escalation to level 3.

On the 28th, according to financial authorities and the financial sector, the Financial Services Commission will hold a video conference in the afternoon with related financial institutions and representatives from sector-specific associations to discuss COVID-19 prevention and response measures.

A Financial Services Commission official explained, “We plan to check how financial institutions are currently implementing quarantine measures and urge strict compliance with government guidelines.” The FSC and others will also share a rough plan for response direction in case social distancing is raised to level 3 and will continue discussions to minimize any gaps in quarantine measures if escalation occurs.

Major commercial banks are focusing on expanding the proportion of dispersed head office personnel currently in place if social distancing is raised to level 3, while refining detailed guidelines. NH Nonghyup Bank currently has 20% of its entire head office workforce working from home or dispersed to alternative workplaces. If level 3 is raised, they plan to increase this proportion to around 50%, a super-strong measure allowing only half of the head office staff to come to work.

Shinhan Bank also plans to expand its current 15% work-from-home and dispersed work ratio to 30% and has prepared a plan to ban all face-to-face contact activities. Currently, meetings, dinners, face-to-face workshops, customer events, and meetings with outsiders are all completely prohibited. KB Kookmin, Hana, and Woori Banks also plan to significantly increase the proportion of dispersed head office personnel, currently around 20%, if level 3 is raised.

Banks are also focusing on quarantine measures for call centers and branches vulnerable to COVID-19. Each bank’s call center is implementing dispersed work, and partitions have been installed at each workstation to minimize contact with other employees. Branches have installed barriers at each counter to prevent contact between customers and staff. Disinfection of ATM monitors, pin pads, and intercoms is also conducted frequently.

The secondary financial sector is also making every effort to respond to COVID-19. Since the 24th, Dongyang Life Insurance has instructed 50% of its entire workforce to work from home. Meritz Fire & Marine Insurance has continued its rotating work-from-home system that started in February. Samsung Fire & Marine Insurance and DB Insurance are also conducting rotating work-from-home, and KB Insurance operates a staggered commuting system by dividing employees’ start times into 8, 9, and 10 a.m.

Samsung Life Insurance is implementing dispersed work and work-from-home for pregnant employees. Fubon Hyundai Life Insurance, which had a confirmed COVID-19 case at its telemarketing center last week, is having head office employees alternate working from home in halves. The telemarketing center will suspend operations until the end of this month.

Savings banks are also implementing dispersed and work-from-home systems and plan to minimize the number of employees commuting and shift to a full work-from-home system for all employees if level 3 is raised. A financial sector official predicted, “If social distancing rises to level 3, customer service at branches will face significant restrictions.”

This content was produced with the assistance of AI translation services.