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As financial institutions face declining performance, savings banks, insurance companies, and credit card companies are accelerating the closure of physical branches. This trend is driven by digital transformation and adverse economic conditions. Despite the lower reliance on branches by credit card and insurance consumers, these entities are reducing their physical presence to enhance channel efficiency and manage costs. Savings Banks Reduce Branches Amid Adverse Conditions Savings banks, a key player in the retail finance sector, have been rapidly closing branches. This is largely due to the irreversible trend towards digitalization and the deteriorating business environment. In the first half of this year, 13 savings bank branches were shut down. Notable closures include branches of SBI Savings Bank, JT Friendly Savings Bank, Shinhan Savings Bank, Pepper Savings Bank, and others. The number of savings bank branches has consistently decreased from 312 in 2018 to 276 in 2023, a 30% re...

the non-life insurance industry has been implementing voluntary retirement despite achieving record-breaking performance Recently, the non-life insurance industry has been implementing voluntary retirement despite achieving record-breaking performance. This move is seen not merely as a cost-saving measure but as a proactive step to address workforce restructuring and alleviate personnel bottlenecks in response to the digital age. This blog post will explore the background and purpose of these voluntary retirements and what lessons can be learned from this strategy. The non-life insurance industry has recently undertaken voluntary retirements even in the face of record-high earnings. KB Insurance, for example, has seen 115 employees leave through this program, with Meritz Fire & Marine Insurance and Hanwha General Insurance also experiencing a significant number of voluntary retirements. This trend is viewed as part of a broader strategy to realign the workforce in response to rapi...