Citibank Japan to open 'smart banking' branches

Lender debuts world’s first branches with cutting-edge technology to reengineer banking process in innovative Japanese market.

Citibank Japan will open two retail banking branches in Tokyo on Monday that deploy state-of-the-art technology such as interactive touch panels and a videoconference system for the first time in the bank’s global network to enhance its customer-oriented services.

The new "smart banking" branches in Tokyo’s Nihombashi and Marunouchi districts will feature a touch panel-style wall measuring 2.8 meters by 4.3 meters that provide market data and financial news, and automatic teller machines equipped with a videoconference system to support customers 24 hours a day among other functions.

"What we are unveiling today is the start of what we believe will be a new retail banking experience for customers in Japan, and if this model is successful, this is going to be a new banking experience that Citi will roll out hopefully across our network around the world," said Darren Buckley, president and chief executive officer of Citibank Japan.

Buckley told reporters at the soon-to-open Nihombashi branch that the smart banking branches will "reengineer all of our branch banking process" through such means as doing away with almost all the paper forms to make transactions easier and quicker. At present, there are over 100 paper forms required to be filled out at a Citibank branch, he added.

The Citibank Japan chief said the bank will first launch the new type of branches in Tokyo because the Japanese market is "very much at the forefront of innovation" and “very digitized.”

View the full story in Japan Today.