Financial Sector Strengthens 'Inclusive Finance' for 8.6 Million People Aged 65 and Over

"Eoreushin~ Use Banks Easily and Conveniently"
Expansion of Customized Services Including ATM Fee Waivers

Shinhan Bank expanded its senior-customized automated teller machines (ATMs) to all branches nationwide on the 5th. The senior-customized ATMs enhance visibility by using large fonts, simple financial terms, and color contrast.

[Asia Economy Reporter Kwangho Lee] The financial sector is providing various services to alleviate the inconvenience experienced by elderly customers in using financial services due to the digital transformation of financial transactions.

According to the financial sector on the 9th, Shinhan Bank is expanding its senior-customized automated teller machines (ATMs) featuring large fonts and simple language to all branches nationwide and waiving ATM fees for customers aged 65 and older.

Shinhan Bank expanded its senior-customized ATM service, first introduced in November last year to enhance digital financial accessibility for senior customers, to all branches nationwide. The senior-customized ATM uses large fonts and easy financial terms, enhances visibility through color contrast, and slows down customer guidance voice speed to about 70% of the original, significantly improving convenience for elderly customers.

Additionally, ATM usage fees for elderly customers are waived. Starting from the 5th, customers aged 65 and older who use Shinhan Bank ATMs during business hours to transfer funds to other banks will have all fees waived. From the end of this month, fees will also be fully waived for withdrawals or transfers using other banks' ATMs during business hours.

Earlier, six banks including KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, and IBK Industrial Bank decided to waive ATM usage fees during bank business hours for customers aged 65 and older starting this year. As of the end of September last year, these six banks operated 26,981 ATMs, accounting for about 83% of the total 32,558 ATMs nationwide.

The banks plan to first allow free use of their own ATMs during business hours within this month and gradually implement free use of other banks' ATMs during business hours by the first half of the year.

A representative from the Korea Federation of Banks said, "With the implementation of ATM fee waivers, about 8.6 million elderly customers aged 65 and older are expected to reduce costs related to cash deposits, withdrawals, and transfers via ATMs, and ATM usage convenience will increase."

Mutual finance institutions such as Saemaeul Geumgo and Credit Unions are also providing optimized financial services to ensure smooth access for elderly customers.

Saemaeul Geumgo launched 'MG The Banking,' a renewed version of its existing smart banking, making it easier for elderly customers to access. It also enhanced its customer center by establishing slow speech services and real-time voice-to-text conversion programs to improve convenience for elderly users. Services such as 'Slow Speech Service,' which provides key functions like balance inquiry and transaction history at a slower pace than other financial companies' ARS, and 'Visible ARS,' which visualizes voice ARS, are also offered.

Credit Unions are advancing their digital business and practicing inclusive finance for digitally marginalized groups. They have conducted on-site financial consultations for digital vulnerable groups unfamiliar with banking transactions. To enhance usability for elderly users, they introduced the biometric authentication 'Hands-On' service. This service allows simple financial transactions nationwide at Credit Union branches and ATMs using just one palm through biometric (vein) information registration.

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