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[Alpha Biz=(Chicago) Reporter Paul Lee] While the number of stores in the four major commercial banks (KB Kookmin, Shinhan, Woori, and Hana) has decreased, more than 200 ATMs have disappeared this year. Concerns are raised that the inconvenience of the digital financial underprivileged, such as the elderly who are relatively familiar with using cash, could grow.
According to the financial sector on the 29th, there are 16,639 ATMs operated by the four major banks as of the 24th of this month. Compared to the number of ATMs (16,843) installed at the end of last year, it decreased by 204 in about six months. In particular, as many as 93 disappeared in a month from the end of last year to the end of January this year (16,750), and more than 40 disappeared every month from February to April. In May, the number increased by 24, but it is on the decline.
Commercial banks are removing ATMs following their branches because they do not use as much cash as they used to. Digital financial transactions are active through applications of each bank As a result, the willingness to expand ATM is inevitably reduced in terms of cost reduction and management efficiency.
However, it is pointed out that it is necessary to prepare for related side effects as the decrease in ATM can increase the inconvenience of financial consumers. Participants who attended the "Council of Related Agencies on Currency Distribution Systems" held by the Bank of Korea on the 19th stressed the need to establish customized policy measures because the number of bank stores and ATMs varies from region to region.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
