I think there is a real opportunity to build a challenger bank catering almost exclusively to foreigners in Japan. Opening an account, sending/receiving money, accessing credit, financial planning... all painful. If there are any founders looking at this space, contact me.
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Replying to @james_riney
also lets not forget HSBC and Citibank have tried that before (targeting mainly expats and HNW) and they are gone now
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Replying to @fukumimi
Different age. Most can be done online and via mobile app, and automate a lot of operation/compliance. Can cut down costs significantly while providing superior service.
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Replying to @james_riney @fukumimi
Plus Citibank UX wasn't really that much different to banks like Shinsei at the time, they were already 5 years behind overseas services.
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Replying to @ben_ferns @james_riney
People thought that Shinsei had a chance too, but being owned and run by a foreigner didn't make much difference in the end.
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Replying to @fukumimi @ben_ferns
You need to be built as a tech company from the beginning. None of these examples were.
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What's the revenue model? The traditional bank revenue model doesn't work in Japan anymore. Most of the people availing of the service couldn't be upsold to wealth management etc. So unless they're paying separately for the services...
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Replying to @GearoidReidy @james_riney and
Single data point: I think I’ve made Japanese banks on the order of $20k (and my US banks $50k+) in last 15 years. Interest, currency conversions, credit card interchange, in approximate order. That’s without revenue incident to any investment / wealth management product.
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(Credit card issuing is a great business to be in if you capture most of the share-of-wallet!)
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