The number of automated teller machines operated by banks in South Korea has fallen by more than one in seven over the past three and a half years.
Banks nationwide operated 24,711 ATMs as of the end of June this year, down 636, or 2.5%, from the end of last year, according to data submitted by the Financial Supervisory Service to Rep. Suh Il-jun of the People Power Party, a member of the National Assembly's National Policy Committee, on the 9th. That marks a decline of 4,610 machines, or 15.7%, from 29,321 at the end of 2022.
The drop was steepest in some regions outside the capital area. Ulsan had 472 ATMs, down 129, or 21.5%. Gyeongsang Province in the south had 1,265, down 332, or 20.8%. Jeju had 183, down 48, or 20.8%. Seoul and Gyeonggi Province, which make up the greater capital area, saw declines of about 15%, slightly below the national average.
Declines were smaller in Sejong, where the count fell 17, or 9.0%, to 171, and in Daejeon, where it dropped 104, or 13.0%, to 695.
The gap among banks was also wide. Citibank Korea, which has withdrawn from consumer finance, was left with 68 ATMs, down 58, or 46.0%, from the end of 2022. Among the five largest commercial lenders, NongHyup Bank cut 1,110 machines, or 21.8%, and Shinhan Bank (000010) cut 1,020, or 21.0%, while Hana Bank reduced its network by just 44, or 1.3%.
Bank branches are thinning out as well. Commercial banks in the country operated 5,381 branches as of the end of June 2026, down 276, or 4.9%, from 5,657 at the end of 2022, according to disclosures by the Korea Federation of Banks.
The Financial Services Commission is running a pilot program that allows post offices to handle banking business on behalf of lenders, focused on provincial areas with limited access to financial services, and is also expanding shared ATMs.
"Financial exclusion is widening across regions as ATMs disappear along with bank branches," Suh said. "This is causing serious inconvenience especially for older adults and rural residents, who rely heavily on cash, so financial authorities and the banking industry must come up with supplementary measures, including alternative services for financially vulnerable groups."
Some in the financial industry say banks should be cautious about cutting ATMs in farming and fishing communities and should tap convenience store machines as a new access channel.
