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Digital transformation in Japan’s banking industry

Author

Listed:
  • Yanagawa, Eiichiro

    (Senior Analyst in the Asian Financial Services Group, Celent, The Imperial Hotel Tower 13F 1-1-1 Uchisaiwai-cho, Chiyoda-ku, Tokyo 100-0011, Japan)

Abstract

The emergence of digital has brought massive change to both the demand (consumer) side of financial services as well as the supply side (financial institutions). Financial institutions must not only understand these developments but also the work required to find new business models and IT solutions to manage them. When it comes to such modernisation projects, this paper advocates the following: (1) watch the market vigilantly; (2) focus on the customer experience; (3) bring flexibility to investments; (4) ensure digitisation contributes to increased revenue; and (5) formulate a roadmap focused on essential concrete resources and know- how rather than vague ideas of functionality that would be nice to have.

Suggested Citation

  • Yanagawa, Eiichiro, 2018. "Digital transformation in Japan’s banking industry," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 12(4), pages 351-364, December.
    • Handle: RePEc:aza:jpss00:y:2018:v:12:i:4:p:351-364
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    Citations

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    Cited by:

    1. Kanungo, Rama Prasad & Gupta, Suraksha, 2021. "Financial inclusion through digitalisation of services for well-being," Technological Forecasting and Social Change, Elsevier, vol. 167(C).

    More about this item

    Keywords

    customer expectations; regulation; digital era; frictionless processes; banking industry paradigm; modular core banking;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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