Digital Transformation of Japanese Banks

Financial System and Bank Examination Department
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Financial System and Bank Examination Department: Bank of Japan

No 21-E-2, Bank of Japan Review Series from Bank of Japan

Abstract: With the rapid development of digital technology over the past few years, an increasing number of companies and governments around the world have taken steps toward "digital transformation (DX)." DX refers to drastically rebuilding management and business processes by adopting digital technology, which leads to improved management efficiency and the provision of higher value-added services. DX first took place in the non-financial sector, but it has also been expanding rapidly in the financial sector. Furthermore, DX is gradually accelerating due to increased needs for virtual services owing to the spread of COVID-19. This paper summarizes the trends and implications of Japanese banks' DX.

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