This time, I would like tentatively to share an expert's analysis and insights on the survival of Japanese banks.
His theme is:
Japanese banks will disappear in droves.
The important meaning of the listing of SBI Sumishin Net Bank, Ltd.
Branch networks, ATMs, and even accounts will become unnecessary.
On March 24, SBI Sumishin Net Bank, Ltd. will be listed on the first section of the Tokyo Stock Exchange.
Sumishin Net Bank will use the proceeds from the listing to strengthen its "banking as a service" (BaaS) business.
Importantly, BaaS is likely to change the way banks operate and what they have become.
Until now, many banks have set up branches in prime locations in front of train stations to provide a wide variety of financial services, including deposits.
With BaaS, however, banking functions are embedded in smartphone apps.
The concept of banking is likely to change significantly with BaaS.
And perhaps the changes will not be reversible.
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