As of June 2019, the variety of overseas residents in Japan has grown to 2.82 million, up 7.3% from 2018, and these numbers are anticipated to extend additional, in keeping with Yahoo Finance. In the meantime, in keeping with a web based survey of overseas residents carried out by Sony Financial institution, 60% of respondents indicated that they had been dissatisfied with banking procedures in Japan. Probably the most cited causes for this lack of satisfaction included sophisticated paperwork and procedures, the necessity for hanko seals, and an absence of language help.
When requested what companies they want from banks in Japan, the highest response from overseas residents was the necessity for on-line banking and with the ability to conduct on a regular basis banking transactions with out having to go to the financial institution in particular person. Due to this fact, there’s potential for Japanese banks to supply extra user-friendly companies aimed toward overseas residents in Japan, with seamless English banking techniques and help companies.
Contemplating Japan’s internationalisation and desires of the expatriate group, Sony Financial institution determined to determine a brand new English smartphone app that will take the effort out of opening an account in Japan and permit account holders to make on a regular basis banking transactions on-line.