BNK Busan Bank lets corporate clients enroll in retirement pension plans via mobile

BNK Busan Bank announced Thursday that it has become the first institution in the Korean financial sector to allow corporate customers to complete the retirement pension enrollment process entirely through mobile, without visiting a branch.

The bank launched a mobile-based enrollment service Thursday for both defined benefit and defined contribution retirement pension plans. The service handles every step digitally — from the initial application and agreement to plan terms through to the registration of investment products — offering a more convenient enrollment experience.

Bank staff can also monitor a customer's progress in real time during enrollment and provide remote consultation and support. The service goes beyond simple digital processing by combining advisory support with enrollment assistance in a hybrid model.

The bank has also introduced a delegation and authorization process, under which only a designated representative appointed by the company's chief executive may proceed with enrollment. The measure is designed to strengthen the security of corporate financial transactions and raise internal control standards.

Busan Bank expects the new service to improve enrollment convenience for corporate customers while reducing paperwork at branches and boosting overall operational efficiency. The bank also sees it as an effective response to the government's policy to promote the retirement pension system and growing demand for digital financial services.

"We are reviewing plans to offer fee discounts to companies that enroll in retirement pension plans through mobile," said Choi Jae-young, head of Busan Bank's WM/Pension Group. "We plan to continuously strengthen our competitiveness in digital pension services by refining the relevant systems."