Minna no Bank Co., Ltd. (formerly known as Minna no Bank Establishment Preparation Co., Ltd.)

Minna Bank, Ltd. is Japan's first fully digital bank (net bank) under the umbrella of Fukuoka Financial Group (FFG), and began service on May 28, 2021. It is attracting attention as a new form of banking that completely digitizes banking operations and provides all services through smartphones.

History

Minna no Bank was established as it explores new business models that go beyond the boundaries of local banks in order to respond to the declining population and shrinking local economies. The parent company, Fukuoka Financial Group (FFG), began with the management integration of Fukuoka Bank and Kumamoto Family Bank, and expanded its scale through the acquisition of Shinwa Bank and Juhachi Bank, but as the business model of local banks reached its limit, it led to the establishment of a digital bank.

FFG has also been actively involved in the fintech business, and has previously announced an asset management app called "Wallet+" and has been working on digital transformation (DX). Based on that experience, Minna no Bank has begun offering banking services targeting new client bases.

Service content

Minna no Bank is aiming to be a "bank where all services are completed through smartphones," and offers new banking services that utilize smartphones. All traditional banking operations, from opening a deposit account to asset management and transfers, can be completed digitally. The following are the main services:

Wallet

"Wallet" is equivalent to a savings account and no cash cards are issued. Account deposits and withdrawals are performed by operating Seven Bank ATMs on your smartphone. The automatic account transfer function is not available.

Saving Box

In addition to the basic account called "Saving," users can also set up to 20 "Boxes" for different purposes. This allows assets to be managed in a fragmented manner, making it easy to transfer between wallets, savings, and boxes.

Everyone's Cheer Box

"Minna no Cheer Box" is a service in which users provide support to specific organizations, and banks provide organizations with activity support on their behalf. Supported organizations may prepare gifts for fans.

Technology and systems

has adopted Google Cloud Platform as its accounting system has built a system based on Accenture Cloud Native Core Solution (MAINRI) developed by Accenture This is the first fully cloud-based system for a domestic bank, and plays a role in further promoting the digitalization of financial operations. This system has been provided externally to domestic and international financial institutions and new entrants, and is being expanded globally.

Future outlook

Minna no Bank was aiming to turn a profit in its single-year surplus in 2023, which was the target when it first opened, but due to its struggles in the credit card loan business and other areas, the cumulative loss has reached approximately 26 billion yen. However, the bank continues to pursue its business model as a digital bank, and is working to further improve its services and expand its customer base, aiming to turn its profitable in the future.

Minna no Bank Co., Ltd. is leading the digitalization of the banking industry by implementing new banking operations that go beyond the boundaries of local banks. We will continue to use fintech technology to aim to provide new value to the local economy and users.