70% of customers represent digitally demanding Millennials and Generation Z
Minna Bank, Ltd., Japan’s first digital bank, has recorded over 1 million downloads of its mobile banking app and more than 400 thousand accounts have been opened in its first year of commercial operations since May 28, 2021. 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. Minna Bank has successfully grasped the Millennial and Generation Z market through its 24/7 service, casual design, and frictionless user experience, resulting in 70% of its customers representing the 15 to 39 years old age group, a segment traditionally underserved by financial services institutions.
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Driven by its mission to “Deliver valuable connections to everyone”, Minna Bank executed initiatives focusing on connection and community.
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. There have been cases where influential YouTubers unsolicitedly created Minna Bank introduction videos which were subsequently shared widely.
Minna Bank 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. By using the CheerBox service, fans are able to donate the equivalent of 1% of their CheerBox savings to their organization of choice. Minna Bank also repurposed CheerBox to support disaster-impacted regions based on a suggestion made in a Twitter post.
Minna Bank also partnered with various industry communities by creating dedicated branches through which customers could receive benefits tailored to their specific community. One of the communities partnered with included over 68 million members; this highlights the potential of this initiative to reach a very large number of people.
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.
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“The impact we’ve been able to make on the Japanese banking industry has been unprecedented,” says Minna Bank Ltd. President Kenichi Nagayoshi. “Through innovative design, unique services, and cutting edge systems, Minna Bank has been able to create meaningful connections among all of our stakeholders — the bank, our customers, our partners, and various communities — in ways that financial services institutions have never done before. Based on the success during our first year of operations, we will continue to push the boundaries of traditional banking services.”
Minna Bank will begin offering an innovative personal loan service this summer, enabling customers to complete loan applications entirely on a smartphone in as few as 2 to 3 minutes. Minna Bank will also make a strong push in embedded finance this fiscal year and is already in negotiations with 160 potential partners. Minna Bank is also in discussions to offer its core banking system with several companies, including non-Japanese firms.
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