'Paper' Disappears at Savings Bank Counters... Central Association Builds Digital Counter System

[Asia Economy Reporter Song Seung-seop] Paper will soon disappear from savings bank branches. The Korea Federation of Savings Banks has decided to create a 'paperless' environment for savings banks using its own system.

On the 6th, the Korea Federation of Savings Banks announced that it will establish a digital counter system to create paperless savings bank branches. The digital counter system is a service where customers fill out electronic forms on a touchscreen instead of paper forms and handle transactions. In December last year, a bidding announcement for the construction of the digital counter system was posted on the website, and the project has officially begun.

This service is expected to be provided by 63 savings banks that use the Federation's integrated financial information system and have applied to participate in the project. The 164 standardized paper forms and internal branch documents previously used by these savings banks will be developed into electronic forms. The service is scheduled to start in September, including a stabilization period.

The savings bank industry is optimistic about increased customer convenience and improved work efficiency. They also expect that big data construction, financial competitiveness, and digital innovation, which were difficult due to analog information storage practices, will become possible.

An official from the Korea Federation of Savings Banks stated, “The digital counter system replacing paper documents is relatively late compared to the first-tier financial sector,” but added, “Besides the basic goals of reducing customer waiting times and realizing paperless counters, it is expected to bring effects such as enhanced financial consumer protection and personal information security, establishment of an eco-friendly work environment, and reduced risk of document loss.”

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