The finance sector has long been associated with sharp suits and a strict hierarchy, but more firms and institutions are joining the move to break down this stereotype.

Beginning this month, Woori Bank has eased the dress code for all employees, enabling a wider choice of attire other than suits.

The bank has noted at the same time that employees dealing with customers should be dressed in smart attire.

The measure is part of the new CEO’s drive to innovate the culture and existing practices at the bank.

“We have decided to ease the dress code to align the bank with rapid changes occurring in this era that includes digitization and the growth of contactless transactions, as well as to revitalize the bank,” Woori Bank CEO Kwon Kwang-seok stated in an email sent out to employees last month.

“We hope that this measure not only leads to more diverse attire but results in the transformation of the company into an innovative bank that does not fear change.”

The measure is regarded to have contributed to greater gender equality within the bank, as young female employees are no longer required to wear uniforms.

The Financial Supervisory Service (FSS), which was long regarded as one of the most authoritative and rigid institutions in the finance sector, also introduced a similar system last month.

Every Friday, employees are able to opt for more casual attire. The change has been welcomed by those within the supervisory agency, from younger staff members to officials in managerial positions.

“One advantage of casual attire is that it is much more comfortable to work in,” an official at the FSS said. He said this also creates a more relaxed atmosphere within the office.

“Officials in managerial positions are also taking part ― we see them wearing chinos instead of suit pants,” he said.

An official of the planning and coordination department said the measure was introduced to provide more autonomy to employees.

“Employees are able to choose what to wear as long as it’s based on the principle of time, place and occasion (TPO). If they are visiting financial firms for inspection purposes they will need to be dressed smartly, if not, they can dress comfortably.”

“We introduced ‘casual Friday’ as part of efforts to break down the authoritative atmosphere, provide more autonomy to employees and encourage creative thinking,” he said.