We (KDDI and MUFG) wanted to achieve a certain speed especially to penetrate the mobile user space, and we tried to come up with new services for these target customers fast enough to meet their expectations– Makoto Shibata, former principal analyst and head of global innovation division, MUFG
About Bank
| CEO | Toru Yoshikawa |
| Year of launch | 2008 |
| Headquarters | Japan |
| Customer reach | 3.8 million |
| Parent companies | KDDI Corporation and Mitsubishi UFJ Financial Group Bank |
Product stack analysis:
Table 1: Unique value propositions offered by Jibun Bank
| Payments | – QR payments – Smartphone withdrawal – View balance and listen to the bank’s forex forecasts on Amazon Alexa |
| Accounts | – Multi-currency account |
| Wealth management | – Robo-advisory – Stock trading and investment trusts – AI analysis of the Japan stock market and forex market |
| Rewards and offers | – Other rewards: Lotteries and races |
Payments
Amazon Alexa’s Jibun Banking skills: Jibun Bank has embedded its services in the cloud-based voice service system- Amazon Alexa. Users have to speak out their unique passcode when they use this service. Customers perform the following actions with Alexa’s Jibun Banking Skills:
- Listen to AI foreign currency forecasts
- Sales periods of the sports lot – “BIG”
- Personal account balance enquiries
Wealth management
- AI foreign currency automatic plan: Amid the COVID-19 pandemic, Jibun Bank introduced a free AI-powered Foreign Currency Automatic Savings Plan. The plan uses AI, ML, and deep learning methods to build real-time predictive models. These models analyse foreign exchange market movements and trends to accurately predict the future exchange rate of the yen against the foreign currency and the right time to invest in the market. The foreign currency account offers five international currencies- US Dollars, Euros, Australian Dollars, South African Rands, and New Zealand Dollars. With this technology, Jibun Bank can predict daily and monthly forecasts by detecting correlations that manual traders may not notice. Thus, it serves as an alternative to standard forex services offered by traditional banks with inaccurate predictions, rigid deposit systems, and generic recommendations.
- WealthNavi: Customers can automatically manage their wealth and assets and mitigate risks with the bank’s WealthNavi services. This service offers a free diagnosis of operation plans through an eight-step approach:
- Asks customers six questions to determine the operational plan and risk appetite
- Automatically constructs an optimal portfolio with a combination of assets suited for the customer
- The customer can deposit funds once they approve the portfolio
- The application automatically records a purchase once the customer deposits the minimum amount in the account
- The service automatically accumulates reserves at the set period
- The distributions received through asset management are automatically re-invested when they reach a pre-set target
- The service automatically rebalances the portfolio to ensure that the customer enjoys the maximum benefit
- WealthNavi’ DeTUX function automatically optimises the customer’s tax burden on transfer profit
How can you match up with Jibun Bank
- Integrate voice-banking services and AI-driven services to create a data-driven and digitalised banking experience within your bank.
- Provide embedded financial services such as insurance, wealth management, and third-party lifestyle integrators to create an omnichannel experience.
Top priorities for Jibun Bank:
- As leaders of Jibun Bank, your priority should be on redesigning your main website and mobile application to make it more structured and aesthetic.
- You could use superior UI-UX techniques to optimise the web pages and align the information to make information easy to consume.
Endnotes
Jibun Bank thrives without a branch network- The Asian Banker