[Special Release] Transformation of Customer Experience MUFG Aims for - Towards Resolving Customers' Financial Concerns

MUFG's Digital Transformation: Empowering Customers to Move Forward 🚀

In today's rapidly changing world, financial institutions are facing unprecedented challenges. Low interest rates, negative interest rates, and the rise of non-financial industries entering the financial services business are just a few of the challenges that financial institutions are facing. In this article, we will explore how Mitsubishi UFJ Financial Group (MUFG) is transforming the customer experience and resolving the financial worries of its large customer base through digital transformation.

Table of Contents

1. Introduction

2. MUFG's Goal of Transforming the Customer Experience

3. Changes in the Environment Surrounding Japanese Financial Institutions

4. MUFG's Initiatives in Digital Transformation

5. Birth Banking and Other Services

6. Partnerships with NTT Docomo and Recruit

7. MUFG's Purpose and Vision for the Future

8. Conclusion

1. Introduction

MUFG is a corporate group consisting of Bank Trust Bank Securities Holdings, credit card company Mitsubishi UFJ NICOS, and consumer finance company ACOM, all of which are attached to the holding company MUFG. The customer base is 34 million individuals and 1.2 million corporate customers. In this article, we will mainly talk about the initiatives of Mitsubishi Oil Bank, a regular bank.

2. MUFG's Goal of Transforming the Customer Experience

MUFG's goal is to become the number one business partner that opens up the future with the power of finance and digital technology. The domestic retail wingman that MUFG is involved in is also part of its strategy, and it has established a new business headquarters this fiscal year. MUFG aims to become a financial digital platform company that is always sought after as an expert in financial services.

3. Changes in the Environment Surrounding Japanese Financial Institutions

The environment surrounding Japanese financial institutions is changing rapidly. Low interest rates around the world are not continuing as economic growth slows down. Regarding the Japanese yen, interest rates have been negative since 2016, and there is no hope of escaping this situation, making it a very difficult environment for financial institutions. Customers are also changing the way they interact with financial institutions. While the number of customers visiting stores has decreased by half, the use of Internet banking has doubled. MUFG recognizes the importance of engagement and is working to improve customer experience.

4. MUFG's Initiatives in Digital Transformation

MUFG is working hard to deliver new experiences to its customers through digital transformation. It is moving forward with a digital shift of counters and dates, creating an environment where customers can complete procedures using a smartphone or PC. The ratio of online contracts is around 40%, and this percentage is gradually increasing. MUFG aims for 80% of customers to complete online contracts by the end of fiscal 2023. MUFG is also improving its internet banking app, mitsubishi ufj Direct, and has released a new app named Blue for household account management. MUFG aims to become a branch that handles digital matters under tax detention and does not want to keep customers waiting.

5. Birth Banking and Other Services

MUFG is promoting birth banking and other services by providing financial functions to MUFG while securing access to the customer base and non-financial data of external operators. MUFG is working hard every day to deliver new experiences to its customers through tie-ups.

6. Partnerships with NTT Docomo and Recruit

MUFG has partnered with NTT Docomo to provide Aratama financial services from behind the scenes of mobile carrier services. MUFG is also developing Coin+, a prepaid QR code payment service that charges from your account, in a joint venture with Recruit.

7. MUFG's Purpose and Vision for the Future

MUFG's purpose is to help people live a life in which they can take control of their financial worries. Its vision for the future is to become a financial digital platform that revitalizes transactions with all customers and improves convenience. MUFG aims to create a world where people can control their money and anxiety.

8. Conclusion

In conclusion, MUFG is transforming the customer experience and resolving the financial worries of its large customer base through digital transformation. MUFG is working hard to deliver new experiences to its customers through tie-ups and partnerships with NTT Docomo and Recruit. MUFG's purpose is to help people live a life in which they can take control of their financial worries, and its vision for the future is to become a financial digital platform that revitalizes transactions with all customers and improves convenience.