They are busy in exploring ways to cope with the emergence of Internet banking, while closely monitoring how consumers are responding to the nation's first Internet bank K-Bank.
In a survey by the Korea Economic Daily conducted with digital and Fintech executives at the nation's four major commercial banks, namely Shinhan, KB, KEB Hana, and Woori, they gave high scores particularly on K-Bank's "Always Open" operation.
Commercial banks expect the rise of the Internet bank to accelerate the trend toward 100-percent digital banking. To cope with this trend, they are working on a number of initiatives. Shinhan Bank, for example, launched a service allowing youths aged below 14 to open their own accounts through mobile devices.