Social Distancing Lifted... Bank Business Hours Still Shortened

100% of Commercial Banks, 78% of Savings Banks Maintain Reduced Operating Hours
Unlike Large Marts and Cinemas, Causing Financial Consumer Inconvenience
Park Jae-ho, Democratic Party Lawmaker, "Active Review Needed in Financial Sector"

On December 28, 2020, the first day of implementing 'Social Distancing at Bank Branches,' a notice regarding the 10-person limit was posted in front of the lobby at the Myeongdong Hana Bank headquarters in Jung-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] Despite the lifting of social distancing measures to prevent the spread of COVID-19, banks are still maintaining shortened business hours, unlike supermarkets or movie theaters. There are calls to normalize business hours to alleviate the inconvenience of those unfamiliar with non-face-to-face financial services.

According to data submitted by the Financial Supervisory Service to Park Jae-ho, a member of the National Assembly's Political Affairs Committee from the Democratic Party of Korea, 94% (16 institutions) of commercial banks and 82% (65 institutions) of savings banks shortened their business hours from 9:00 AM?4:00 PM to 9:30 AM?3:30 PM last year as part of social distancing efforts, through sectoral negotiations by the Financial Industry User Council or cooperation requests from the Korea Federation of Savings Banks.

Although social distancing has been lifted, 100% (16 institutions) of commercial banks and 78% (51 institutions) of savings banks continue to operate with reduced hours. Only a few savings banks, such as Pepper Savings Bank and DH Savings Bank, have returned to their previous business hours.

Savings banks shortened their hours either by their own decision or at the request of the Korea Federation of Savings Banks, but commercial banks decided to reduce hours through labor-management negotiations. Therefore, to revert this, both sides must negotiate again. However, the positions between labor and management have not yet been reconciled, as evidenced by the nationwide financial industry labor union strike on the 16th, the first in six years.

Assemblyman Park points out that while convenience facilities such as large supermarkets, movie theaters, department stores, and museums have returned to their original business hours after the end of social distancing, banks have not, causing inconvenience to financially vulnerable groups, including elderly people unfamiliar with non-face-to-face services, and those requiring face-to-face transactions. He stated, "The reduction of financial institutions' business hours was a preventive measure to curb the spread of COVID-19," and added, "As complaints and inconveniences from financial consumers continue to be raised, active consideration by the financial sector to change business hours is necessary."

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