Taiwanese banks eye shorter banking hours as more clients opt for online banking

A number of branches by Taiwan Business Bank will close an hour-and-a-half minutes earlier.

Taiwanese banks are considering the possibility of reducing their branch business hours as more customers opt for bank services online, reports Taipei Times.

Taiwan Business Bank will close its branches on Nanjing E Road in Taipei and in Taichung’s Situn District at 3:30 pm from 5pm starting 1 July.

Although state-run banks originally closed at 3:30 pm, they were pressured to move it to 5 pm in 2010 as a competitive move against foreign and private lenders that provided more flexibility with business hours. However, reports found that the benefits from the extended hours were insignificant.

In a reply to the inquiry from the Taiwan Federation of Financial Unions, Taiwan Business Bank said that only a few people visit during the extended hours, which require a considerable increase in overtime pay and security commitments.

Other banks have also expressed that they are assessing whether to shorten their branch hours, including Mega International Commercial Bank, First Commercial Bank, Chang Hua Commercial Bank, and Land Bank of Taiwan.