Singapore, November 30, 2020 – Backbase, a Global Engagement Banking software provider, has announced the launch of its new Japan office in Tokyo. The expansion to Japan will ensure greater proximity and enable traditional banks and financial institutions to keep pace with the digital demand as three in five banking customers in Japan are likely to make the transition to digital banking, according to new insights from the Japan Digital Banking Consumer Trends Survey by Backbase.
Backbase’s full suite of digital banking solutions and services will help incumbent banks with decades-old legacy systems to accelerate their digital transformation and achieve the full potential of end-to-end digitization. This announcement also supports the Japanese government’s plan to double the ratio of cashless settlements to 40% by 2025, and to 80% eventually to spur labor productivity.
CEO for Backbase, Jouk Pleiter, said, “We are delighted to share this exciting news on the launch of our Japan office, demonstrating our commitment to the region and to our customers’ needs in the market. With more consumers turning to digital services for their banking needs, the transition to digital banking will also help Japan cope with a shrinking population and a tight labor market. Although Japan pales in comparison with other neighboring countries at adopting digital banking, we see great market potential and will be working with strategic customers and financial institutions in the country to accelerate their digital transformation.”
While consumer preference for digital banking is steadily growing in Japan, insights revealed majority of non-users1 (73%) are likely to stick to the status quo, signaling resistance towards digital banking adoption amongst an older demographic.
Newly appointed Country Director and Regional Vice President for Japan and Korea, Jason Lee, said, “With our best-in-class technology and deep expertise in digital banking, Backbase is primed to enable traditional banks and financial institutions unlock the full potential of end-to-end digitization and bridge the digital banking gap in Japan. The health pandemic has also prompted consumers to seek digital alternatives, making it critical for banks to adopt a digital-first approach, offering holistic solutions and a unified omnichannel banking experience to allow customers to transact seamlessly regardless of preference.”
Insights from the Japan Digital Banking Consumer Trends Survey1 also highlighted the top pain points currently faced by Japanese customers such as long waiting time (46%), the inconvenience of visiting physical branches (34%) and the lack of digital options for banking (30%). These underscore the importance of digital banking services, which will greatly complement and improve the customer engagement with their banks. Additionally, 1 in 2 banking customers in Japan have expressed interest in 24/7 access to banking services, further reinforcing the benefits and demand for digital banking in Japan.
With out-of-the-box and modular solutions coupled with deep industry expertise and experience serving over 150 banks globally such as Citibank, HSBC, Barclays and Goldman Sachs, Backbase will help traditional banks and financial institutions transform their legacy infrastructure to focus on digital-first integration.
Backbase’s new Japan office is located at:
Tri-Seven Roppongi Building 8F
7-7-7 Roppongi, Minato-ku
Tokyo, Japan 106-0032
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