Transforming the Banking Experience: A Journey from the Past to the Future

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Transforming the Banking Experience: A Journey from the Past to the Future

In the ever-evolving landscape of modern finance, there's one aspect of our daily lives that many of us find inconvenient - the bank. Let me take you on a journey through time, reflecting on my own experiences and observations as we explore the transformation of the banking industry.

The 80s: A Different Era

Back in the 1980s, when I graduated from college, I had a distinct perception of the corporate world. Two sectors that I believed were the least appealing were government jobs and banks. These institutions seemed entrenched in conservatism, and even my gypsy style long hair was deemed unacceptable by most of them. Instead of pursuing a career in these sectors, I decided to join a small but honest and outstanding listed company. It turned out to be a pivotal decision that would shape my professional journey.

Learning the Ropes

Working for a small company, I had the opportunity to immerse myself in various aspects of Finance and Administration, commonly known as Shared Services today. From cost accounting in manufacturing to payroll, corporate tax, asset revaluation, treasury operations, import/export tasks, and even stock exchange dealings, I got a comprehensive education in financial operations.

The Bank Visits of Yesteryears

One distinctive memory from those days is the daily visits to the bank. Every morning, I would make my way to the bank for essential tasks such as checking account operations (bill settlements), loans, foreign exchange L/C settlements, and bill discounting. These transactions were conducted using physical documents and required original paperwork. I always carried the corporate seal and nameplate in my bag, ready for any work-related need.

On payday, I would embark on the task of distributing wages. Bundles of cash, meticulously reserved at the bank, were placed in the president's car trunk (a Japanese-made Super Saloon at the time). I would then distribute these funds in sacks at each factory, where they would be further divided into individual wage envelopes. It was a time-consuming yet essential part of my job.

The Transition to Modern Banking

Fast forward to today, and I can't help but reminisce about those old days. The banking landscape has changed significantly. Although it's unclear exactly when banks ceased to progress and fully embrace the internet age, my interactions with banks have dramatically dwindled over the past 40 years. Nowadays, my only interactions involve an annual visit for loan renewals and the occasional monthly ATM withdrawal.

It was indeed a milestone when the traditional paper scribbling and signing for loan renewals were replaced by electronic signatures. However, I can't help but question whether this is the pinnacle of progress. Waiting in line for hours at a bank teller just for this process seems far from efficient.

The Challenge of Inefficiency

The inconvenience I face is not unique to me alone. It raises broader questions about the inefficiency of bank clerks and the high cost of banking services. Banking is an industry where the state grants monopolistic authority and business rights. When this sector operates inefficiently, it's time for us to reflect on the reasons behind it.

Rather than imposing endless hardships on citizens with complex authentication processes, we should consider how we can reinvent ourselves as an international financial hub in Far-east Asia. The Korean banking sector has the potential to evolve and become a world-leading industry, just like the semiconductor sector. This transformation can elevate the status of institutions like K-Bank and contribute to reducing the disparities in capitalism.

In Conclusion

As we reflect on the transformation of the banking industry, from the days of physical paperwork to the digital age, it's clear that there's still room for improvement. Let us collectively work towards a more efficient and customer-centric banking experience, ultimately shaping a brighter financial future for all. The journey continues, and it's up to us to lead the way.

p.s. I really appreciate a help from the Shinhan bank "Gangnam station Center"