Yesterday a new bank opened in Tokyo. With bank mergers happening all the time, a new bank isn’t a surprise.
But this bank is a little bit different; it’s owned by a retail company that runs Japan’s 7-11 convenience stores. The new bank, IYBank, has no branches, only ATMs.
I can imagine the business planning that went into this venture. A bunch of conbini clerks standing around wishing that their shop had an ATM (most in Japan don’t) and filling in a bunch of Suggestion Cards. Management reads them, and a new bank is born.
How do you start a bank, anyway? Where does the money come from…overinflated prices on chewing gum?
