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Behind the Work in association withThe Immortal Awards

Behind the Work
How Accenture Created Japan’s First Digital Bank
13/10/2022
Accenture Song
Consultants
New York, USA

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13/10/2022
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Minna Bank’s experience-led business transformation sets new benchmarks in the
finance industry    






Minna Bank is Japan’s first digital bank and is a world-first in featuring a
cloud-banking system. Its conception comes at a time when the finance and
banking industry is experiencing disruption and paradigm shifts that challenge
business models and consumer experiences. In this digital transformation,
Accenture Song adopted a holistic approach that looked at business, technology
and customer experience development to address the future of banking.  

According to Minna Bank, the number of customers visiting traditional branches
has decreased by 40% over the past 10 years, but the number of Internet banking
users has increased 2.4 times over the same period. This change in consumer
behaviour signalled a time of change for the banking corporation.


“Off the back of the establishment of the platform company, iBank Marketing
Corporation, Fukuoka Financial Group (FFG) wanted to continue to provide new
value in the banking industry. In particular, they wanted to be able to evolve
for modern customers, especially Japan’s digital natives who were increasingly
averse to a brick-and-mortar banking experience.

“Rather than just adding a basic app or website to its traditional banking
structure, the company wanted an entirely new model that put technology at its
core. This set the foundation for conversations and ideation around Minna Bank,
a purpose-built cloud-based bank,” says Yoo Taehan, design director of Accenture
Song.



Minna Bank president & CEO Kenichi Nagayoshi and Yoo Taehan, design director for
Accenture Song





Taehan adds that the traditional banking industry has been slow to embrace
experience-led business transformation. “Fuelled by a common desire to invoke
change in this industry, the team redefined every aspect of the brand’s creative
and service, giving birth to Japan’s first-ever digital bank that was truly for
everyone (“Minna” in Japanese means “everyone”). The experience-led approach
where the overall brand experience would guide the business direction was
crucial to Minna Bank’s journey.

The Accenture team comprised strategy consultants and financial services experts
who looked into the business design and development of the banking services
architecture; technology experts who built and designed the overall system; and
designers from Accenture Song who were responsible for customer profile
understanding and development of the Minna Bank application. 

LBB speaks to Accenture’s Taehan and Kentaro Mori, banking lead for Accenture
Japan Strategy & Consulting, and Minna Bank’s president & CEO Kenichi Nagayoshi.



Kentaro Mori, banking lead for Accenture Japan Strategy & Consulting




LBB> WHAT WERE THE KEY PRIORITIES AND ISSUES BEING ADDRESSED IN THE DIGITAL
TRANSFORMATION?

 Taehan> A few issues plagued the traditional banking industry in Japan. For
instance, opening a bank account is a time-consuming process often caused by
lengthy and manual documentation verification. The lack of focus on user
experience and interface adds friction to the overall banking experience,
affecting user understanding and breaking the flow. High costs associated with
architecture modernisation, legacy systems and on-premises financial systems
added to the list of challenges. Not to mention strict laws that hinder industry
evolution. 

To attract the younger generation, we needed to help Minna Bank overcome these
issues and, at the same time, make it an attractive bank – and brand – for the
younger generation/digital natives who have limited desire to step into a
brick-and-mortar institution. 





LBB> WHY ISN’T CLOUD BANKING SYSTEMS MORE WIDELY IMPLEMENTED, AND HOW DID
ACCENTURE BRIDGE THAT HURDLE? WHAT CONSIDERATIONS HAD TO BE IN PLACE AND HOW DID
YOU ADDRESS THEM?

Kentaro> Cloud adoption has been slow in the banking industry due to strict
regulations and cyberattack risks. Legacy systems also make the transition to
the cloud tricky. Until recently, many incumbent banks focused on a digital
transformation that would migrate their current structures and services onto a
digital infrastructure with a user-friendly interface. This was what they
believed they had to do to compete against neobanks that were offering
traditional banking products and services but using a more convenient digital
approach that tech-savvy customers were eager to try. However, the banking
landscape was evolving in much more complex ways that some incumbents have yet
to address. To meet rapidly changing customer expectations in Japan, cloud
adoption had to be considered and implemented.  

Kenichi> We lacked expertise in design, engineering, systems, data and digital
transformation, the foundation for which we needed to be that digital technology
company that provides financial services. As there wasn’t a suitable platform
for a digital bank, we decided to create our own bank – in the cloud – after
speaking with Accenture. The right partner was found in Accenture due to their
global digital expertise across technology, design and data analytics.
Accenture’s capabilities, combined with their strong execution, enabled us to
launch our service at an overwhelming speed while in the thick of the pandemic. 

 


Source: Minna Bank

 


LBB> WHAT KEY FUNCTIONS WERE SUPPORTED AND WHAT WERE THE ADVANTAGES GAINED AS A
RESULT?

Taehan> We focused on redefining the experience for three primary banking
functions: financial intermediation, credit creation, and settlement. To help
the bank deliver on its mission to "deliver valuable connections to everyone,"
we approached the work and focused on creating value for people rather than
products.

One key thing we did was to eliminate as many operational inefficiencies as
possible. Minna Bank is unique in that it is the first digital bank in Japan to
provide an entire repertoire of financial services via a smartphone
application. 

To pursue a “frictionless” user experience, we “let the user decide” i.e.,
allowing them to decide when, where and how to bank. For example, opening a bank
account is no longer a trip to the physical bank and an endless waiting game.
With Minna Bank, all you have to do is a video call on your smartphone and your
application can be completed in less than 10 minutes. There is no hassle of
paperwork or any signatory required.     

 Financial information is often communicated in a complicated manner with
long-drawn processes and a flood of information in small-sized text. We followed
the general rule of “at one glance” and simplified information-sharing by
ensuring that there was only “one task on one screen” so users would not be
confused and could intuitively manage their money through clear and direct
prompts. The simple black-and-white interface with friendly iconography brought
the essence of a great user experience to life.

Finally, we ensured that Minna Bank was speaking “in user’s language” i.e., free
of banking jargon. Account balance, savings account, overdraft – what if banking
terminology was made easy-to-understand? This was exactly what “Box”, “Wallet”,
and “Cover” did. Instead of calling the first touchpoint the “Home Page”, we
named it “Wallet”. “Box” allows users to manage their money according to purpose
and needs.

Within the first year after the bank’s May 2021 launch, it attracted more than 1
million downloads, and 400,000 customers opened accounts. 

The whole organisation also needed to be rewired so that critical functions
could reap the intended benefits and achieve the above results. Helping Minna
Bank build its core banking system in the cloud server allowed them to use data
and technology to deliver hyper-personalised options to every customer. Putting
its customers at the core of its experience was central to its business. 

 

 
Source: Minna Bank





LBB> WHAT HAD TO BE CONSIDERED IN TERMS OF THE DEMOGRAPHIC TARGETED BY THE BANK
AND HOW WAS THE BANK POSITIONED?

Taehan> Minna Bank was designed for “digital natives” who do not desire to enter
a brick-and-mortar institution. Our research has shown that they are also not
interested in banking-related matters; find it a complicated and formal affair;
and would rather not think about it. It was important for us to approach the
topic from a “non-banking/ financial” lens. We knew it was not enough to be a
trustworthy or beneficial bank for customers. Minna Bank needed to become a bank
that customers would want to enter, like to keep and love to have. 

So, we looked into their interests, lifestyles and cultures and found that they
loved fashion and art and thrived on social media. We transformed the essence of
what they loved into Minna Bank’s services. Many of Minna Bank’s users feel that
minimalist living is fashionable and comfortable. They were drawn to calm tones
and interior designs. Simple, monotone fashion has become a standard too. They
also loved comics, animation and art. 

From a brand design perspective, we adopted a simple black-and-white interface
with friendly iconography. The modern and timeless monochromatic theme
contrasted the often loud and colourful advertising on social media and allowed
the brand to stand out. 

Rather than using literal photographs to showcase the experience, illustrations
created a more casual environment and invoked inspiration.    

We also created promotional items to ensure stickiness in Minna Bank’s
customers’ lives and continued engagement. 

This strategy that centered heavily on creativity makes Minna Bank a unique
institution where it has moved past the traditional image of a bank – nobody
thinks of it as a bank at first sight but as a modern service. We broke the
standard, created a new culture in banking, and bridged the gap between digital
natives and the financial industry – something that was never done before in
Japan. 

 


Source: Minna Bank 


  
LBB> WHAT OTHER MULTIPRONGED APPROACHES WERE EMPLOYED AS PART OF THE BANK’S
REBRANDING AND IN MAXIMISING PUBLICITY?

Kenichi> “Minna" means “everyone” in Japanese, which includes our customers and
employees. At Minna Bank, we pride ourselves on growing with our people and
customers. Aligned to this, the bank valued communication channels that allowed
us to continue to listen to customers' opinions, such as through our customer
support center, as well as reviews and comments on the web. We also actively
employed social media and networking sites for promotion. The social platforms
also effectively tracked and addressed our customers’ suggestions regarding
usage and usability. An "Everyone's Voice Committee" was also developed to
listen to user feedback for service improvement and innovation. 





LBB> WHAT OTHER ACTIVATIONS WERE IN PLACE TO GENERATE THE DESIRED CHANGE IN
CONSUMER BEHAVIOR AND THE DESIRED CALL TO ACTION? WHAT KIND OF RESULTS DID THEY
GENERATE?

Kenichi> The “Box” feature in the Minna Bank application allowed customers to
create multiple unique boxes within their savings accounts. We created a "Cheer
Box" through this feature for customers to support a specific soccer or e-sports
team. 

For every amount customers save into their “Cheer Box”, Minna Bank matches 1% to
the team its customer supports. Minna Bank funds the donation so users can still
support their favourite players and teams by saving money. This is a new way for
financial institutions to engage and connect fans with their favourite team,
which has gained popularity and is being deployed by soccer, baseball, swimming,
and e-sports teams.

 


LBB> WHAT WERE THE KEY TAKEAWAYS AND LEARNING POINTS OF THIS PROJECT WITH MINNA
BANK?

 Taehan> Minna Bank was a project that focused on “deep simplicity”, where a
one-size-fits-all experience would not work, and a true understanding of the
target audience needed to be achieved. That way, necessary solutions can be
implemented with the best interface and experience. By looking beyond a
traditional banking model, Minna Bank has set itself up for an adaptable future
that reaches customers with new needs. 

Furthermore, in designing a bank for “everyone”, it was important for brands to
rise above existing beliefs and assumptions and strive to understand the
consumer from every angle and nuance. Diversity must be embedded in every aspect
of the experience from end-to-end to represent the views of all stakeholders and
minimize bias in products and services. The participation of a diverse working
team from Accenture and Minna Bank’s management that greatly focused on putting
customers at its core, allowed for the success we see today.     

 



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