Zerobank Design Factory Co.,Ltd. (ZDF), a Fukuoka Financial Group subsidiary has announced the launch of a full-cloud banking system. The system is based on the core system created by ZDF and Accenture for Minna Bank. This technology will be provided by ZDF to local and international financial institutions, as well as non-financial enterprises looking to launch new banking services. ZDF hopes to achieve its purpose of ‘Delivering valuable connections to everyone’ by fostering digital transformation in the global financial industry.
System Overview
The solution will allow businesses to easily create banking systems from the ground up on the cloud, allowing them to rapidly extend financial services that are tailored to each customer. All services are available on a smartphone via a simple user interface that makes creating accounts, making deposits, moving money, and applying for loans a breeze. Furthermore, the system contains an analytics engine that enables the operator to visualise account activities including deposits and withdrawals, interest accrual, and fees in order to better customise products for each customer. These new digital offerings and customer experiences will boost corporate value.
Technical Features
By utilising a public cloud, the system design provides scalability, fault tolerance, and adaptability. Because of the loosely linked microservices and API architecture, the applications built on top can be developed in a flexible manner. There are also connected assets for effective development and operation, such as pipelines and asset management, to ensure a seamless deployment. Additionally, the BaaS platform, an API integration solution that adheres to the FAPI international security standard, enables simple interaction with API providers and partner organisations interested in creating new services. The Japan Financial Innovation Award 2020 awarded this system development initiative the grand prize.
“Minna Bank, which opened in May 2021 as Japan’s first digital bank, has been extremely popular among the target digital native generation, with 1 million app downloads and 400,000 accounts opened in the first year. During this period, we continued to work with Accenture to expand our knowledge of the systems, functions, and designs required by digital banks and to update our technology accordingly. We are convinced that this full-cloud system is the solution to many of the challenges faced by companies seeking to enter the banking business. By sharing our successful experience with customers in a wide range of industries, we hope to contribute to the development of digital banking in Japan and abroad.”
— Kenichi Nagayoshi, President and CEO, ZDF and Minna Bank