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Regulator to Examine Complaint Filing and Handling Systems Public Briefing Session Set for Next Month
South Korea's Financial Supervisory Service (FSS) is preparing to examine how call centers are run across the financial industry, including banks, insurers, brokerages and credit card companies, as part of efforts to strengthen consumer protection. Financial firms have been rapidly expanding artificial intelligence-based customer service, but complaints are mounting over long waits to reach a human agent and the inability of AI systems to resolve complicated cases.
According to financial industry sources on the 31st, the FSS is reviewing plans to inspect the entire complaint and dispute-handling process at financial firms, from intake through resolution. The review is expected to focus in particular on delays in connecting callers to live agents, which leave consumers frustrated even before their complaints are formally filed.
"Various problems are emerging, from delays in reaching call center agents to financial firms relying on the FSS to handle complaints they should be resolving themselves," an FSS official said. "We plan to review the complaint-handling systems at financial firms across the board."
Consumer inconvenience has grown as financial firms cut back on customer service staff and expand AI-based support during their digital transitions. Critics say AI agents, which respond based on trained data, have limited ability to grasp the context of individual questions and struggle with matters requiring specialized judgment, such as legal issues. In many cases, customers end up being transferred back to a human agent after the AI fails to resolve the issue, adding to overall wait times.
Complaints that financial firms should handle themselves also continue to be passed on to the regulator. Non-dispute insurance complaints are set to be transferred to bodies such as the Korea Life Insurance Association and the General Insurance Association of Korea starting next month, but the volume flowing into the FSS remains high. The agency handled 127,809 complaints last year, up 17.0% from a year earlier. The average processing period lengthened by 5.1 days to 46.6 days.
Late last year, the FSS created a consumer protection division reporting directly to the governor, shifting the focus of financial consumer protection from compensating victims after the fact to preventing harm in advance. The aim is to screen for potential consumer harm from the product design stage. Next month, Governor Lee Chan-jin will preside over a public briefing session to disclose the agency's progress on financial consumer protection.
Original reporting by Cho Ji-won for Seoul Economic Daily.
AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.
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