Japanese company Sumitomo Mitsui will unveil a US digital bank called Jenius to capitalize on growth in the consumer banking market. They intend to first offer personal loans before expanding to savings and checking products within one year. Furthermore, Jenius does not operate physical branches but offers an all-digital experience, eliminating paper processes while using artificial intelligence for data analysis.
Japanese conglomerate Olympus Corporation aims to strengthen its presence in the US where it has been losing ground to US banks. Launching its digital bank is part of a strategy designed to increase profits and improve overall financial health; investors have placed pressure on this lender to reduce costs and debt loads as well as compete with local lenders there.
Sumitomo Mitsui plans to introduce its digital bank in the United States via Manufacturers Bank, its California state chartered subsidiary and wholly-owned subsidiary of Sumitomo Mitsui conglomerate. Manufacturers Bank intends to launch personal loan products and reportedly expects to generate billions in annual net profit in its first decade of operations, according to senior bank executive.
Sumitomo’s founder Nakamigawa Shigeru began investing in copper operations and trading with Korea, Taiwan, and China during Japan’s early industrial revolution years. Subsequent to World War I and subsequent to Japan becoming an established world power, the company prospered greatly through its ties with foreign countries as well as purchasing government assets.
At this time, Sumitomo’s directors actively encouraged diversification into various fields of business to minimize risks. They focused on investing in natural resources and steel overseas as well as in domestic sectors like electric utilities, coal mining and mining resources that would help create a strong domestic economy.
Asahi Breweries suffered setbacks in the 1970s and 80s as it lost its dominance on international markets, prompting major reorganizations efforts with help from U.S. consulting firm MacKenzie & Company consultants in 1979, giving greater freedom to division heads in an attempt to decentralize. Furthermore, foreign investments were made and troubled companies like Asahi Breweries were rescued while automatic teller machines reduced labor costs significantly.
Today, SMBC Group is an elite global financial group with 400 years of history. Headquartered in Tokyo and offering banking, leasing, securities trading, credit cards, consumer finance services as well as consumer financing products – the Group provides a full suite of financial products. The company is listed on the Tokyo, Nagoya, and New York Stock Exchanges with ADRs also being traded on these venues. Customers worldwide rely on Oracle, DocuSign, Imperva, and many other business technology solutions to stay competitive, counteract disruptive forces, comply with regulations or increase overall enterprise efficiency. Our database houses more than 200,000 IT system implementations and project portfolios from enterprises in all industries, providing insight into which applications and IT systems are utilized by Sumitomo Mitsui Banking Corporation USA as well as how these integrate with their surrounding IT infrastructure components.
