Seoul: The number of bank branches fell for the sixth year in a row in 2024 amid the popularity of mobile and online banking services, data showed Wednesday. South Korean banks operated 5,792 branches both domestically and internationally as of the end of December, marking a decrease of 57 branches from the previous year.
According to Yonhap News Agency, the data compiled by the Bank of Korea (BOK) indicates a consistent decline in the number of bank branches since September 2018. This trend reflects the banking sector's response to evolving consumer preferences, with more customers opting for the convenience of mobile and internet banking services.
The reduction in branches is part of broader cost-cutting measures adopted by banks, aiming to streamline operations and enhance efficiency in light of the growing digital banking landscape. As online banking continues to gain traction, traditional brick-and-mortar branches face ongoing challenges in maintaining their relevance.