These aren't high times for Japan's financial industry. Top banks, including Tokyo-Mitsubishi, Sanwa, and Fuji, have launched Web sites recently. What sets JNB apart is that it offers Japan's scorned banking consumers an alternative to short hours, rising transaction fees, and miserly deposit rates. While bank Web sites let clients view accounts anytime, fees and rates are no better than at branches and access to cash is limited.
Consumers seem to be voting with their bank accounts.
In its first two weeks, JNB netted 20,000 account applications, more than half of which came in after normal banking hours. If Miyai achieves his targets, JNB will rank with small regional banks in size. A better deal for consumers spells trouble for Japan's spoiled retail banks. Now, online and foreign banks, whose service is also better, are forcing them to court customers or lose them. The old guard is in poor shape to take on the future of banking.