ATM machines in Seoul / Yonhap
The number of bank branches fell for the sixth year in a row in 2024 in line with the popularity of mobile and online banking services, data showed Thursday.
Korean banks ran a total of 5,849 branches at home and abroad combined as of the end of September, down 53 from a year earlier, according to the data compiled by the Bank of Korea (BOK).
The figure has been on a constant decline since September 2018.
The data for the entire year of 2024 is yet to be available.
Banks have opted to shut down branches as part of cost-cutting measures, as more customers prefer mobile and internet banking.
In response, authorities came up with guidelines for closures of bank branches to minimize inconvenience to customers, while encouraging banks to devise measures to further boost customers' access to banking services. (Yonhap)
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