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What we do
Banking Industry Advocacy
- One of our major responsibilities is to respond actively to various legislative, regulatory and administrative initiatives that may affect the development of the banking industry in Korea. Continuous efforts have been made to identify potentially inappropriate or irrational burdens caused by banking laws and regulations, administrative guidance and guidelines, and to recommend their revisions to the relevant regulatory authority. In addition, we identify and respond to implicit issues that may hamper the industry's competitiveness and further growth. All these efforts are made eventually to discover new opportunities and growth engine for the economy and financial industry of Korea.
Improvement of Banking Operations
- We serve our members by promoting the status of banks as the preeminent provider of financial services. To bolster the industry's ability to provide effective services, we facilitate communication and cooperation with and among member banks through meetings, taskforces and administrative support. The goal of improving banking operations can be accomplished by supporting its members to enhance operational efficiency through the KFB's various communication channels among the members, related organizations and regulatory authorities, and solidifying overall consumer trust in banks and their services.
Financial Consumer Protection
- With the aim of boosting consumer protection and confidence in financial services, the KFB takes measures to rectify potentially irrational financial practices throughout the banking sector. We put emphasis on devising industry guideline and disclosure system to help consumers gain knowledge, information, security, and choices. Recently, the KFB has also been focusing on developing financial education program, especially for teenagers.
Financial Inclusion and Support for Startups
- The KFB believes that banks are the lifeblood of economy and that financial inclusion is a key enabler to reducing poverty and boosting prosperity. Thus, it is our responsibility as the voice of Korea's banking industry to make financial services accessible at affordable costs to all individuals and businesses. Our activities aimed to fulfill this responsibility include making financial products available to wider range of consumers, financially supporting SMEs and start-ups, and contributing to the efforts to improve the youth unemployment rate.
Social Contribution of Banks
- The KFB has been responsive to public demands that the banking industry should fulfill its social responsibilities and contribute to improving social welfare. We encourage our member banks to take on both independent and jointly conducted social responsibility initiatives via the Committee on Bank Social Responsibility. Recently, we have also been focusing on global social contribution, especially in Asian countries.
- In order to support its members' efforts to strengthen their global presence and thus contribute to the development of the Korean banking industry, the KFB has committed to strengthen international cooperation with its counterparts and related organizations throughout the world.
- In the recent years, the KFB has established close relationship with financial authorities and regulators of other countries. As a part of such effort, we have entered into MOU1)s with foreign banking associations and implemented various activities through the MOUs, such as personnel visits, seminars, training programs, and information exchange.
- Furthermore, the KFB makes social contribution in connection with its overseas activities, in a hope to improve the overseas reputation and image of Korean banks.
- As of November 2018, the KFB has signed 14 MOUs with foreign institutions.
- In representing the banking industry, the KFB endeavors to inform the general public of the roles and activities of banks, and to raise public awareness on matters affecting the industry. For these purposes, the KFB provides information on the banking system, its products and available services through the media as well as internal publications.
- The KFB has strived to offer needed information in a timely manner, through providing regular updates and clarification on the industry conditions, and through correcting misconceptions or distortions about member banks that have arisen abroad.