Waiting in line with a number ticket is a thing of the past... Banks enter the reservation era

Consultation Immediately After Reservation
Growing Trend of Bank Sector Adoption

[Asia Economy Reporter Sunmi Park]Jung Unhoo (41 years old, pseudonym), who works in Yeouido, recently visited his main bank, Shinhan Bank, for a loan consultation but left without proceeding. The waiting time was getting longer, and he was worried about being late for a pre-scheduled meeting. When he confided in a nearby employee, he learned that some branches offer a service allowing customers to make reservation visits during less busy times. The next day, Mr. Jung booked a visit time at Shinhan Bank’s Seo-Yeouido branch via mobile and was able to conduct his transaction immediately.

With social distancing measures and the enforcement of the Financial Consumer Protection Act (FCPA), banks are working to reduce customer density inside branches, leading to the expansion of branch visit reservation services using bank applications (apps) or portal sites.

According to the financial sector on the 11th, IBK Industrial Bank of Korea has begun selecting a contractor for the “Advancement of the Queue Guidance System for Branch Visit Reservation Service.” Currently, a bidding announcement is underway, with proposal submissions expected to be completed within this month. The final contractor will be selected aiming to launch the service within the year.

This service allows customers using the bank app i-ONE Bank or big tech platforms (large information and communication companies) to make branch visit reservations via mobile in advance for tasks such as personal loans and asset management. When a customer books a branch visit via mobile, the bank aggregates the reservation status and prepares for consultations in advance. When the customer visits the branch on the reserved date, the bank prioritizes their queue number, calls the customer, and proceeds with the consultation.

The consultation details are registered in the Customer Relationship Management (CRM) system. The inconvenience of visiting the branch, taking a physical queue ticket, and waiting for the turn is eliminated. Through reservation visits, customers can prepare the necessary documents in advance as guided at the time of booking, improving work efficiency without waiting in line.

IBK Industrial Bank of Korea stated regarding the expected benefits of the branch visit reservation service, “By linking with Personal Financial Management (PFM) services that utilize an individual’s financial information scattered across banks, cards, insurance, and other financial sectors, it is possible to create synergy by connecting PFM service users’ demand for professional consultations to exclusive bank customers through the visit reservation service.”

Expansion of Reservation Services in Banking Sector... Reducing Waiting Time and Increasing Work Efficiency

Currently, some commercial and regional banks provide branch visit reservation services through their own bank apps and are expanding these services to portal sites. Banks that have not yet implemented such services are also promoting the introduction of visit reservation services via bank apps in response to digital transformation and the shift toward mobile-centered financial environments.

KB Kookmin Bank operates a service called the “Smart Reservation Consultation System.” Customers can directly set and reserve specific times at branches, and applications can also be made through internet banking or the Star Banking app. Separately, in December last year, Kookmin Bank introduced a “Pre-Completion Service” allowing customers to fill out necessary documents on a tablet PC during waiting times for banking tasks.

Shinhan Bank offers visit reservation services through its bank app “SOL,” call centers, and branch counters. This service, which began as a pilot in 41 branches in July 2019, is now available in 238 branches and is planned to be expanded to all branches within the year. Customers can specify the date, time, and type of service at the branch they plan to visit and make a reservation within 10 business days. Reservation requests are notified to the responsible staff in real time via messages. NH Nonghyup Bank is preparing a financial product reservation consultation service through an artificial intelligence (AI) banker.

A representative from a commercial bank said, “With the enforcement of the FCPA, the processing time per customer has increased, causing longer waiting times than before. The banking sector is making efforts not only to reduce waiting times through visit reservations via apps but also by developing and deploying AI bankers capable of handling tasks at a level similar to actual staff.”

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