{"id":30358,"date":"2020-06-08T17:51:19","date_gmt":"2020-06-08T09:51:19","guid":{"rendered":"https:\/\/www.forcs.com\/en\/?p=30358"},"modified":"2023-07-20T16:56:07","modified_gmt":"2023-07-20T08:56:07","slug":"korean-banks","status":"publish","type":"post","link":"https:\/\/www.forcs.com\/en\/korean-banks\/","title":{"rendered":"How Korean Banks Compete"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#ecefef;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1185.6px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-1\"><h1 class=\"h1\" style=\"text-align: center; margin-bottom: 0.8rem;\">How Korean Banks Compete<\/h1>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:768px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 3.5rem;padding-right : 0px;padding-bottom : 0px;margin-bottom : 4.5rem;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#ecefef;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1185.6px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_3_4 3_4 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-2\"><p><span class=\"fusion-dropcap dropcap\">S<\/span>outh-Korea (hereafter referred to as \u201cKorea\u201d) often is referred to as an \u201cAsian miracle.\u201d Following the Korean War, which ended in 1953, the country overcame illiteracy, malnutrition, and poverty in less than four decades. A nation, poor in natural resources managed to achieve a vibrant economy through export-driven industrialization and focus on the development of skills and knowledge of its people.<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-1{width:75% !important;margin-top : 25px;margin-bottom : 25px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 2.56%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 2.56%;}@media only screen and (max-width:768px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_4 1_4 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-zoomin\"><img width=\"1319\" height=\"800\" alt=\"Digital transformation solutions\" title=\"Korean-bank_img2\" src=\"https:\/\/www.forcs.com\/en\/wp-content\/uploads\/2020\/06\/Korean-bank_img2.jpg\" class=\"img-responsive wp-image-31871\" srcset=\"https:\/\/www.forcs.com\/en\/wp-content\/uploads\/2020\/06\/Korean-bank_img2-200x121.jpg 200w, https:\/\/www.forcs.com\/en\/wp-content\/uploads\/2020\/06\/Korean-bank_img2-400x243.jpg 400w, https:\/\/www.forcs.com\/en\/wp-content\/uploads\/2020\/06\/Korean-bank_img2-600x364.jpg 600w, https:\/\/www.forcs.com\/en\/wp-content\/uploads\/2020\/06\/Korean-bank_img2-800x485.jpg 800w, https:\/\/www.forcs.com\/en\/wp-content\/uploads\/2020\/06\/Korean-bank_img2-1200x728.jpg 1200w, https:\/\/www.forcs.com\/en\/wp-content\/uploads\/2020\/06\/Korean-bank_img2.jpg 1319w\" sizes=\"(max-width: 768px) 100vw, (max-width: 640px) 100vw, 400px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-2{width:25% !important;margin-top : 25px;margin-bottom : 25px;}.fusion-builder-column-2 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 7.68%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 7.68%;}@media only screen and (max-width:768px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-3\"><p>Korea also has the highest internet penetration worldwide with 95.6% of the population having access to high-speed internet. The country was the first rolling out 5GB at the end of 2018. On the other hand, the banking industry is very regulated, restricting the possibilities and undermining global competitiveness. For example, the first digital banks, K-bank and KakaoBank were only allowed in 2017.<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-3{width:100% !important;margin-top : 25px;margin-bottom : 25px;}.fusion-builder-column-3 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:768px) {.fusion-body .fusion-builder-column-3{width:100% !important;}.fusion-builder-column-3 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-3{width:100% !important;}.fusion-builder-column-3 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-4\"><p>Korea has the highest percentage of its GDP spent on R&amp;D compared to the United States, the United Kingdom, and Germany. The country has a relentless focus on improving product design and quality. The Korean government is driving initiatives to improve efficiency and become a paperless society in 2021. In 2005, the government approved a framework for electronic signatures and, in 2012, for electronic forms. Companies can use electronic form solutions with digital signatures instead of paper, facilitating efficient handling of approval and contractual processes.<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-4{width:100% !important;margin-top : 25px;margin-bottom : 25px;}.fusion-builder-column-4 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:768px) {.fusion-body .fusion-builder-column-4{width:100% !important;order : 0;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-4{width:100% !important;order : 0;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-5\"><p>There are two main reasons for the government regulating the banking sector and fueling the aversion to disruption:<\/p>\n<ol>\n<li>The Asian financial crisis of 1997\/98, which led to IMF bailing the region out with USD 58mil<\/li>\n<li>The strong labor union impacting the financial authorities, making them reluctant to foster innovation that could disrupt the way traditional banks work<\/li>\n<\/ol>\n<\/div><div class=\"fusion-text fusion-text-6\"><p>Korean banks need to be able to operate in a fast-changing market and highly competitive but regulated environment. Banks focus on cutting costs by minimizing the time to complete tasks, and through this, build a better brand image. Most of the banking technology investments are focused on reforming the banking process management and transforming digitally to speed up the business ad tie customers to their brand.<\/p>\n<\/div><div class=\"fusion-text fusion-text-7\"><p>FORCS (For Customer\u2019s Success) is working with banks in Korea, helping them be more competitive by speeding up business processes through end-to-end paperless transactions. FORCS is offering an electronic form (e-Form), which are digital versions of any paper document, with the same look and feel that are customizable and integrate into existing business processes.<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-5{width:100% !important;margin-top : 25px;margin-bottom : 25px;}.fusion-builder-column-5 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:768px) {.fusion-body .fusion-builder-column-5{width:100% !important;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-5{width:100% !important;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-8\"><p>Electronic forms are not a new concept. However, the Korean developed OZ e-Form by FORCS is beating competitors and became the domestic market leader as it is differentiating with four key features:<\/p>\n<ol>\n<li><strong>Mirroring<\/strong> the same e-Form in real-time across multiple devices<\/li>\n<li><strong>Master-section management<\/strong> by updating the master section of an e-Form, other e-Forms that contain this same section, will be automatically updated<\/li>\n<li><strong>User input dependent<\/strong> resulting in changing the layout of e-Forms, depending on the user input; adding or removing forms sections, and combining different form (XML and PDF)<\/li>\n<li><strong>Language inclusive<\/strong> all languages are supported, one form could combine several languages<\/li>\n<\/ol>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-6{width:100% !important;margin-top : 25px;margin-bottom : 25px;}.fusion-builder-column-6 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:768px) {.fusion-body .fusion-builder-column-6{width:100% !important;}.fusion-builder-column-6 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-6{width:100% !important;}.fusion-builder-column-6 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-7 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-9\"><p>Korean banks are going to market differently, in two ways:<\/p>\n<ol>\n<li>By setting up smaller, 100% paperless branches in places that are highly frequented by their customers: shopping malls, coffee shops, and food courts. This is primarily for customer retention<\/li>\n<li>By meeting customers with a portable tablet branch, at the convenience of their customers. This is primarily for up-and cross-selling<\/li>\n<\/ol>\n<\/div><div class=\"fusion-text fusion-text-10\"><p>By focusing and excelling in customer service, banks create a more reliable brand and increase customer loyalty.<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-7{width:100% !important;margin-top : 25px;margin-bottom : 25px;}.fusion-builder-column-7 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:768px) {.fusion-body .fusion-builder-column-7{width:100% !important;}.fusion-builder-column-7 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-7{width:100% !important;}.fusion-builder-column-7 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-8 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-11\"><p>FORCS is facilitating these new ways of going to market, and a typical FORCS OZ e-Form banking project consisting of three phases:<\/p>\n<ol>\n<li>Front-office, to transform branches<\/li>\n<li>Extension of the branch to outdoor sales systems or portable branches<\/li>\n<li>Administration, or back-office. All business processes are covered, end-to-end, improving the existing to make it better, faster, and more efficient.<\/li>\n<\/ol>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-8{width:100% !important;margin-top : 25px;margin-bottom : 25px;}.fusion-builder-column-8 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:768px) {.fusion-body .fusion-builder-column-8{width:100% !important;}.fusion-builder-column-8 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-8{width:100% !important;}.fusion-builder-column-8 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-9 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-12\"><p><u>Working with FORCS, banks in Korea achieved the following results:<\/u><\/p>\n<p><strong>Faster time-to-market<\/strong><\/p>\n<ul>\n<li>Opening a new bank account in 5 minutes<\/li>\n<li>Approving a loan application in under 30 minutes<\/li>\n<li>Reducing the number of forms (minimum 35% reduction)<\/li>\n<\/ul>\n<\/div><div class=\"fusion-text fusion-text-13\"><p><strong>Reducing costs<\/strong><\/p>\n<ul>\n<li>Reducing labor costs (increase in sales efficiency by 60%)<\/li>\n<li>Reducing paper costs<\/li>\n<\/ul>\n<\/div><div class=\"fusion-text fusion-text-14\"><p>In Korea, the optimization of using e-Forms is the low hanging fruit for banks that want to achieve business results fast with minimum investment.<\/p>\n<\/div><div class=\"fusion-text fusion-text-15\"><p>If you would like to reach out with any questions or comments about how banks in Korea have evolved, email me at <a href=\"mailto:julie.govaert@forcs.com\" target=\"_blank\" rel=\"noopener noreferrer\">julie.govaert@forcs.com<\/a><\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-9{width:100% !important;margin-top : 25px;margin-bottom : 25px;}.fusion-builder-column-9 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:768px) {.fusion-body .fusion-builder-column-9{width:100% !important;}.fusion-builder-column-9 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-9{width:100% !important;}.fusion-builder-column-9 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":31871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[46],"tags":[72,111,141],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FORCS | Blog | Insights into How Korean Banks Compete<\/title>\n<meta name=\"description\" content=\"The Korean government is driving initiatives to become a paperless society by 2021. 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