About sixty percent of bank products sold online

October 9, 2018

SEOUL, Oct. 10 (Yonhap) — Some 60 percent of bank services and products, including deposits and lendings, are processed online, regulator’s data showed Wednesday, indicating a trend for non-face-to-face financial services.

Records provided by Financial Supervisory Service to Rep. Lee Hack-young of the ruling Democratic Party showed that, of the 11.69 million banking services and products handled between 2016 and the end of June this year at four major commercial banks, 7.19 million cases were carried out through Internet or mobile platforms, accounting for 61.1 percent.

The data showed that, as of end-June, 67.25 million customers out of 98.27 million users of the commercial banks were enrolled in Internet banking, meaning only about one third of the total number of clients do not use online services.

Banks had been concentrating on online products during the period as well, the same data indicated. Of the services and products sold during the measured period, only 21 percent were offered only face to face.