A Korean Federation of Community Credit Cooperatives (KFCC) official promotes the apex organization’s digital branch in Seoul. Photo courtesy of KFCC

Apex organization tests-run digital banking services

The Korean Federation of Community Credit Cooperatives (KFCC) announced on July 26 that the outfit would start to test-run two “paperless branches” in Seoul this week.

The foremost apex organization for Korea’s cooperative banking sector said that based on the pilot run, the “digital branches” will be adopted across the country.

At the digital branches, all procedures will be carried out through touch-sensitive monitors instead of paper documents. The KFCC said the digital interface is designed to be intuitive so that users can easily take advantage of them.

More than 100 banking tasks will be conducted at the new-concept branches, including cash deposit & withdrawal, opening new accounts, consultation of loans, application of electronic financial services, and issue of check cards.

On top of that, the KFCC is scheduled to launch “tablet-based branches” next month _ its officials will visit customers to provides tailor-made financial services.

“By embracing paperless environments at our branches, we will do away with the inconvenience of dealing with paper documents as well as take part in the ESG management,” KFCC Chairman Park Cha-hoon said.

Short for Environmental, Social, and corporate Governance, ESG refers to the three central factors in measuring the sustainability of a company or business.

Over the past few years, ESG has emerged as a significant managerial value across the world.

Spearheaded by Chairman Park, the KFCC has also stressed the significance of the ESG management.