Kwon Dae-young, Secretary-General of the Financial Services Commission, expressed the opinion that banks should take the initiative to resolve the issue of branch closures.
On the 28th, Secretary-General Kwon attended the symposium titled 'Challenges for Banks in Managerial Efficiency and Inclusive Finance in the Digital Age' held at the Bank Headquarters in Jung-gu, Seoul, where he delivered a congratulatory speech and expressed this opinion. This symposium was co-hosted by the Korea Financial Research Institute and the Korea Finance Association.
Secretary-General Kwon explained, "Traditional finance fundamentally internalizes exclusion. Refusing loans or denying insurance coverage are examples of this." He added, "The issue of branch closures, which arose as digitalization accelerated, can also be seen as a matter of exclusion."
Secretary-General Kwon emphasized the importance of a system that approaches innovation and inclusion in a balanced manner, stating, "Ultimately, the issue of branch closures starts from financial firms, so they must solve this problem." He also noted, "If necessary, it might be required to support with systems and regulations," indicating the willingness for assistance from financial authorities.
Secretary-General Kwon added, "Financial firms must achieve sustainable innovation, rather than limiting themselves to one-time or ceremonial actions."