Minna Bank, Japan’s first digital bank, has notched up over 1 million app downloads, and over 400,000 new accounts in their first 12 months.
Minna Bank developed the first full cloud core banking system, and plans to roll out its core banking systems to numerous international financial institutions.
A spokesperson from the bank told Finextra that they have confirmed interest from several financial institutions across the globe, that their latest digital banking system is “in the process of considering the best way to meet the needs of various potential partners.”
Still in the process of growth and development, Minna Bank plans to offer a personal loan service that will expedite the process of online loan applications, scheduled to launch in July 2022. Discussions are in progress with 160 Japanese companies and industries to include embedded finance, directly addressing the increased need for loans, deposits, and payments within the Bank’s financial function.
The bank has been actively advertising its brand vision on social media, attracting attention from the millennial and gen Z customer base, and has seen significant success in younger markets. Minna Bank has been active in its interaction with its fanbase. By creating multiple branches dedicated to specific industry communities for customers to receive personalised benefits, Minna Bank has connected to a variety of industries and reached out to millions of people; one of their partnered communities grew to over 68 million members.
President of Minna Bank, Kenichi Nagayoshi says, “The impact we’ve been able to make on the Japanese banking industry has been unprecedented. 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.”