"Data helps us define the customer"
Akihito Nohara, former EVP of Rakuten Bank discusses how the bank pulled off an impressive recovery by introducing a fee based business model and leveraging on the strengths of Rakuten Group. July 25, 2013 | Foo Boon PingInternet banking veteran and former EVP of Rakuten Bank, Akihito Nohara attributes the bank’s remarkable recovery to profitability to the introduction of a fee-based business model. Through the introduction of service fees for various banking services such as ATM withdrawals and online funds remittances, he created an important and stable source of fee income for the banking business. He revamped the bank’s fee structure to reflect the costs of its diversified product line-up. In today’s tightening interest margin environment, the ability to generate fee-based income has become even more critical. Nohara who is the winner of this year’s The Asian Banker’s Retail Banker of the Year award was recognised for his efforts in integrating Rakuten Group’s internet commerce and internet finance companies with its banking business. He successfully built the bank’s “Happy Programme” customer loyalty programme and “Money Bridge” Rakuten Bank x Rakuten Securities account linkage. By targeting the enlarged customer base of the Rakuten Group he successfully led the bank back to profitability. He started his banking career at the Industrial Bank of Japan where he spent over a decade in marketing, sales and communications, but it was in the internet and dotcom domains that he found his true canvass. He left banking in the early 2000s during the internet boom to join a number of e-commerce start-ups, eventually ending up as head of sales at Rakuten Group’s e-commerce business. He held various positions overseeing the diversified online conglomerate’s credit card and mortgage businesses. When the group decided to formally add banking to its stable of businesses in 2009 through the acquisition of the moribund eBANK, Nohara was the key executive assigned to develop and execute a new strategy to transform the bank into a sustainable and profitable business. Rakuten Group is the larges... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Cards, Customer Centricity, Innovation, Internet Banking, Mortgage, Remittance, Retail Banking, Technology & OperationsCards,Customer Centricity,Innovation,Internet Banking,Mortgage,Remittance,retail,technology, Cards,Customer Centricity,Innovation,Internet Banking,Mortgage,Remittance,Retail Banking,Technology & Operations, Keywords:Akihito Nohara, Rakuten Bank, Rakuten Group, Rakuten Ichiba, EBank, E-Commerce Akihito Nohara, Rakuten Bank, Rakuten Group, Rakuten Ichiba, eBank, E-Commerce
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