A Map App Launches to Instantly Check Financial Sector Branch Status

"Not only major banks but also secondary financial institutions such as savings banks and credit unions participate in the comprehensive financial sector app"

[Asia Economy Reporter Sunmi Park] A 'map' app that allows users to view the branch status of all financial sectors at a glance is set to be launched to enhance consumers' financial accessibility.

On the 3rd, the Financial Industry Bureau of the Financial Services Commission announced that it is improving the system to increase financial consumers' accessibility. Since November last year, the Financial Services Commission has been exploring ways to enhance financial consumers' accessibility through the 'Financial Sector Branch Rationalization TF,' which includes the Financial Supervisory Service, financial industry associations, banks, and mutual finance institutions.

Kwon Daeyoung, Director of the Financial Industry Bureau, said, "The Financial Services Commission is seeking a balanced development plan between branch rationalization strategies and financial consumer accessibility. The development of a branch app covering the entire financial sector can be one example. It is a comprehensive financial sector app that provides detailed information on the locations and services of financial companies such as banks and mutual finance institutions."

He added, "The comprehensive financial sector app will include not only commercial banks but also secondary financial institutions such as savings banks and credit unions, enabling users to grasp the financial information network of local communities at a glance. In the future, it will be expanded to include distribution ratios relative to the elderly population by region, which can be used as a reference for policies targeting digitally marginalized areas and groups."

Procedures for branch closures will also be improved as a way to enhance financial consumers' accessibility. He stated, "We plan to implement measures within the first quarter to encourage impact assessments before branch closure decisions and to require annual disclosure of new branch openings and closures."

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