1st year operation: Minna Bank digital banking service draws over 400,000 accounts

image of Minna Bank app (Graphic: Business Wire)

KUALA LUMPUR, June 16 (Bernama) -- Minna Bank Ltd, Japan's first digital bank, has recorded over one million downloads of its mobile banking app and more than 400,000 accounts have been opened in its first year of commercial operations since May 28, last year.

“The impact we’ve been able to make on the Japanese banking industry has been unprecedented. Based on the success during our first year of operations, we will continue to push the boundaries of traditional banking services,” said Minna Bank Ltd President Kenichi Nagayoshi.

With the world’s first full cloud core banking system, Minna Bank has positioned itself as a leader in digital banking and continues to redefine banking services in Japan, according to a statement.

Minna Bank has successfully grasped the Millennial and Generation Z market via its 24/7 service, casual design, and frictionless user experience, resulting in 70 per cent of its customers representing the 15 to 39 years old age group, a segment traditionally underserved by financial services institutions.

Driven by its mission to ‘Deliver valuable connections to everyone’, Minna Bank, a wholly owned subsidiary of Fukuoka Financial Group, executed initiatives focusing on connection and community.

Among others, Minna Bank has connected with its fanbase by expressing its brand and vision for next generation financial services by leveraging social networks, both through advertising as well as organically.

It has also fostered deeper connections between athletes — including a professional swimming team with Olympic medalist swimmers and eSports teams — and their fans with innovative financial services offerings. 

Minna Bank also partnered with various industry communities by creating dedicated branches through which customers could receive benefits tailored to their specific community.

These innovations spanning financial services, technology, and design earned Minna Bank 11 awards including the Red Dot Award Brand of the Year, a first for a financial services institution.

Minna Bank will offer an innovative personal loan service this summer. It will also make a strong push in embedded finance this fiscal year, and is already in negotiations with 160 potential partners. 

-- BERNAMA