Commercial banks and brokerage firms are extending operation hours in branches frequented by nine-to-fivers to get ahead in the race for market share.
The business hours of banks here have been almost identical, opening at 9 a.m. and closing at 4 p.m., with the exception of Standard Chartered Bank Korea Ltd. and some branches of NongHyup Bank.
Some branches in industrial complex areas, such as Gasan-dong and Wongok-dong in Seoul, had been extending business hours to provide more wiring and foreign currency exchange services for international workers, but the majority of branches still adhere to the 9-to-4 norm.
This has made those who work past 4 p.m. feel restricted from visiting banks, despite making up a large part of banks’ clientele. Even with the advancement of smartphone banking, they are still bound to visit banks for loans and consultations on financial products.
Domestic banks are now marketing extended opening hours to pull up the performance of individual branches.
KB Kookmin Bank and Woori Bank have assigned separate brand names to special branches that operate in the evening.
KB Kookmin Bank recently launched its fourth “AfterBank” in Wumyeon-dong, southern Seoul, that opens from 2 p.m. to 9 p.m. The branch targets working couples in particular, and provides consultations on real estate, taxes and investments of the bank and its affiliate financial companies.
KB Kookmin plans to set up more AfterBanks in Seoul and other metropolitan areas if it proves to be a success, a bank spokesperson said.
Woori Bank’s moves have been more conservative than KB Kookmin’s, converting its conventional branch in Seolleung, located among densely packed office buildings, into its first “Nine-to-Seven Branch” in May.
“The Nine-to-Seven Branch is still at a testing stage,” said a spokesperson of Woori Bank, noting that the bank paid overtime to its employees.
The Nine-to-Seven Branch project surfaced after Woori Bank extended the hours of its Doosan Tower branch in Eulji-ro, downtown Seoul, to 6 p.m. in November 2011, and launched weekend opening for international customers in four of its branches between 2006 and 2011.
Shinhan Bank does not operate evening shift branches, except at its foreign exchange center in Wumyeon-dong, frequented by foreign workers, and “S20 Smart Zone” near Kyunghee University and Hongik University. Instead, Shinhan created “Bank Bird,” a mobile bank, visiting regions that are located far from banking facilities.
Standard Chartered Bank Korea said it was currently not considering launching after work branches for working customers, since it had been running on flexible working hours, with two shift schedules a day.
Citibank Korea abides by the traditional 9-to-4 business hours. Changing the working hours entails multiple procedures, such as getting approval from the labor union, it said.
Following banks’ move toward evening shifts, large brokerages and securities firms are reinforcing night desks to attract more working customers.
“We recently began doing night desks particularly for working people to get more new customers. Night desks have become a trend now in the securities field,” a Daishin Securities spokesperson said.
Shinhan Securities and Samsung Securities are also beefing up their night desks for working customers.
By Chung Joo-won (
joowonc@heraldcorp.com)
