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Japan’s banking landscape is made up of a variety of institutions, with over 190 players in the market.
Three Megabanks (MUFG,SMBC,Mizuho) and Resona Bank are known as city banks (toshi-ginko), and command the majority of the market share. The remaining institutions can be divided into regional banks (chiho-ginko), trust banks (shintaku-ginko), other banks, and foreign banks with branches in Japan.*
These categories are based on such factors as their business function or historical background.
City banks are usually large operations, with prominent headquarters in cities like Tokyo and Osaka, and branches in other major cities and their immediate suburbs. Meanwhile, regional banks are typically based in prefectural capitals, conduct the majority of their operations within that prefecture, and have strong ties with local enterprises and local governments. There are around 100 regional banks in Japan, with Bank of Yokohama, Chiba Bank, and Shizuoka Bank being the most well known. Trust banks are financial institutions that conduct both banking business and trust business.
Over the past 20 years banks established by non-financial institutions that entered the banking market have also been gaining popularity, attracting customers with online banking platforms and a network of partner ATMs.
As one of the oldest and largest online banks in Japan, Sony Bank sets itself apart from other players by offering better interest rates, low or no transaction fees, and generous rewards through its Club S program. Sony Bank also places top priority on maintaining a range of security measures to protect customers’ accounts.
Setting multiple PIN numbers: Ensures that only account holders can sign-in to their online account and conduct transactions.
Display of last sign-in date and time: Enables customers to quickly detect any unauthorized sign-in.
Automatic sign-out: Automatically sign out users after a period of inactivity, to help prevent others from seeing or accessing online accounts.
Email notifications: Allows customers to immediately discover any unauthorized transactions or changes to personal details, such as home address or email address.
Firewall: Sony Bank’s English online banking is protected by a firewall that blocks unauthorized access and stops traffic from unsafe internet sources.
Secure Socket Layer (SSL) /Transport Layer Security (TLS) encrypted communication: SSL/TLS encryption creates a secure connection with the customer’s browser when signed in, submitting information or conducting transactions with Sony Bank’s Online banking.
DigiCert-issued Digital Certificate: Verifies that Sony Bank’s web server is operated safely and securely and meets high certification criteria. Enables protected SSL-encrypted communication between web server/ browser and mobile devices.
RSA Fraud Action® Anti-Phishing Service: Swiftly detects and forcibly shuts down phishing sites that fraudulently impersonate Sony Bank.
Digital signature: Assigned to all emails sent by Sony Bank, enabling users to check whether the email has been sent by Sony Bank or if email content has been overwritten. Effective as a phishing prevention measure.
One-time Password: Generated by Token (one-time password generator) issued by Sony Bank to authenticate transactions such as fund transfers. Unable to use for subsequent transactions in the event the Token is stolen.
In case of a financial institution no longer repays its deposits, there is a "Deposit Insurance System" in Japan that protects your deposits, etc. At Sony Bank, Yen savings account, Yen time savings deposit and Yen installment time deposit are covered by the deposit insurance, which protects maximum of 10 million yen in principal plus related interest up to the bankruptcy date of the financial institution.
Years of experience in online banking and protecting our customers’ assets make Sony Bank the go-to online bank for customers looking for a safe transaction environment. Get started by downloading our Open Account app and open an account with us today.
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