Even if all public institutions are released, banks open 1 hour shorter
It has been four months since social distancing was lifted, but bank store opening hours have not recovered to pre-COVID-19. As in the midst of the pandemic, the bank is closing at 3:30 pm these days. Banks that promote non-face-to-face finance, reduce the number of stores, and improve the treatment of employees, are shifting the inconvenience of the transition process to customers, especially those who are vulnerable to digital finance such as the elderly.
●“The number of stores has decreased” in the elderly movement building
Before the COVID-19 pandemic, banks opened at 9 a.m. and closed at 4 p.m. After changing the business hours in April 2009 to match the working hours of public institutions and corporations, they have been punctual for over 10 years. Then in July last year, as part of social distancing due to the spread of Corona 19, the bank’s business hours were shortened from 9:30 am to 3:30 pm. Then, in October of the same year, the financial union added a clause to the wage and collective bargaining agreement stating that ‘business hours can be returned through labor-management agreement’. In order to return the bank closing time to 4 pm before the COVID-19 pandemic, a labor-management agreement must be reached. An official from the financial sector said, “As the ‘indoor mask wearing’, which was the standard at the time of the discussion on shortening business hours, is still in effect, there is no discussion about the recovery of business hours.”
●“Interlocking with indoor masks” Banks are behind only
In addition, the later the store closes, the more difficult it is to welcome the recovery of business hours for bankers who are in a situation where their subsequent tasks, such as organizing expenses and deposit documents, managing deposit and loan customers, and completing computer input tasks, are delayed. The financial union has announced a general strike next month, demanding improvements in treatment such as the implementation of the 4.5-day workweek, 36-hour workweek, and a 6.1% wage increase.
Unions aren’t the only ones advocating for maintaining business hours. This means that the bank has no incentive to actively push for an increase in business hours while reducing the number of offline stores and employees in line with the trend of non-face-to-face financial vitalization. According to the Financial Supervisory Service, as of the end of last year, the number of domestic bank branches stood at 6,094, down 311 from a year ago. Compared to five years ago, the number has decreased by more than 1,000. The number of employees also decreased by 1391 in the first half of this year at only the four major commercial banks: KB Kookmin, Shinhan, Woori, and Hana Bank. A bank official said, “In a situation where banks have to cut costs offline due to digital transformation, it is unlikely that they will try to return business hours to the previous one.”
Consumers who did not hear the guidance or explanation of the regular shortened business from the bank are complaining of not only inconvenience but also a sense of betrayal. This is because banks that had shortened their business as if they were a ‘temporary measure’ during the pandemic have blocked their way back to normal business. Ahn (63), a self-employed business owner, said, “When I go to the bank counter after hours of operation are reduced, there are so many people that I sometimes wait for an hour or so.” “There are still many banking tasks that can only be done at the window, such as when creating a children’s passbook or replacing your parents’ banking, and most of these tasks are related to the financially vulnerable,” said Hong (43), an office worker. Changing the business hours is like a bank making ‘incomplete sales’ to the financially vulnerable.”
Lee Min-hwan, a professor of global finance at Inha University, said, “The situation is completely different now than when the business hours were shortened, but the closing at 3:30 pm is still not a reasonable explanation. They are taking damage,” he said.
By Hong In-ki