According to the Financial Supervisory Service (FSS), Tuesday, the country lost 1,189 bank branches over the past five years, leaving 5,690 operational as of last month. Additionally, the number of ATMs dwindled by 9,307 during the same period, reaching 27,157.
The closure of branches and ATMs is primarily driven by the rise of digital banking. As more customers opt for online and mobile banking, financial institutions are consolidating their operations to reduce costs.
While digital banking offers convenience, concerns remain about accessibility for vulnerable populations. The FSS highlighted the potential negative impact on the elderly, disabled, and those living in rural areas.
To mitigate these concerns, the FSS has urged banks to maintain a certain level of physical presence, especially in underserved areas. Additionally, the regulator emphasized the importance of financial literacy programs to help consumers adapt to the digital age.
Copyright ⓒ Aju Press All rights reserved.
