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Digital transformation in Japan’s banking industry
Journal of Payments Strategy & Systems,
12
(4),
351-364
(2018)
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.
Keywords: customer expectations; regulation; digital era; frictionless processes; banking industry paradigm; modular core banking
The full article is available to subscribers to the journal.
Author's Biography
Eiichiro Yanagawa is a Senior Analyst in the Asian Financial Services group at Celent and is based in the firm’s Tokyo office. His research focuses on information technology (IT) strategy issues in the Japanese and Asian banking and financial industries. His recent research has included core banking systems, ATMs, anti-money laundering technology, electronic trading, IT spending trends and business process outsourcing. He earned his MBA at Hitotsubashi University Graduate School of Commerce and Management.
