Busan Bank will focus on expanding non-face-to-face transaction channels and smart finance strategies, bank officials said Thursday.

The bank said the efforts were part of a bid to gain competitiveness in the emerging fintech era. Fintech, a relatively new term combining finance and technology, broadly refers to technology and software that is used to facilitate financial analysis and transactions.

The bank is currently working on creating mobile-based bankbooks, a credit card transaction system built for online and mobile banking, and an easy withdrawal system using smartphones. The bank has also put together a smart finance development team in charge of developing strategies for fintech and smart finance. 

In November 2014, Busan Bank rolled out a new online banking system that was smoothly compatible across operating systems and devices.

The 17-month project resulted in a more instinctive, customized platform that gives clients fast access to familiar functions and easy information about new products and services.

The most frequently used transaction functions are clustered together on one page for one-hand, one-click access. Users can find recommendations based on their age and financial circumstances, with data available for comparing other users’ choices.

Busan Bank also became the first bank to open a “tablet branch” on Dec. 15, offering door-to-door service for clients who cannot come to the bank branches for their transactions. Bank representatives who visit clients carry a tablet PC loaded with an electronic document system that allows all bank services to be conducted virtually. This improves time efficiency and client convenience, while also reducing the costs of filling out and scanning paper forms.

The goal is to work toward a so-called “omni-channel” system, which integrates all transaction channels including offline, online, mobile and phone channels, according to the bank.

Busan Bank is an affiliate of BS Financial Group, which also includes Kyongnam Bank. The group, which serves Korea’s southeast region, says it strives to grow with the regional community through its volunteer and charitable work in education, the arts and assistance to the needy.

Overseas, Busan Bank is focusing on building a presence in China and Southeast Asian countries like Vietnam. It has also begun providing microfinancing in Myanmar, with plans to expand to mainland Southeast Asia.

By Won Ho-jung and Yoon Jung-hee
(hjwon@heraldcorp.com) (cgnhee@heraldcorp.com)