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(BOJ Review) Digital Transformation of Japanese Banks

Summary:
May 31, 2021 Financial System and Bank Examination Department Full Text [PDF 327KB] 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

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May 31, 2021 Financial System and Bank Examination Department

Full Text [PDF 327KB]

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.

Notice

Bank of Japan Review is published by the Bank of Japan to explain recent economic and financial topics for a wide range of readers. This report, 2021-E-2, is a translation of the original Japanese version, 2021-J-2, published in March 2021.

If you have comments or questions, please contact the Financial System and Bank Examination Department (Tel:+81-3-3279-1111 ext.:6326).

Bank of Japan
The Bank of Japan (BOJ) also known as Nippon Ginko, is the central bank of Japan. The Bank is often called Nichigin for short. It has its headquarters in Chuo, Tokyo.

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