"Collaboration" not "Competition"
Mizuho invited representatives from start-up companies to attend a Mizuho FinTech Forum held in October 2015. The forum attracted more than 200 participants.
"The future concept of financial services will not be limited to within financial institutions. While hearing about external companies" wisdom, original ideas, and new technologies, etc. financial institutions also want to work hard to create and provide innovative services for customers. We want "collaboration" not "competition". We have shared our passion with many people.
First major transformation since the financial big bang has arrived
Large-scale financial system reforms were enacted from the 1990s until the beginning of the 2000s, which led to the major reorganization of financial institutions. Almost 20 years later, there is now talk of amending the Banking Act. In addition, services such as Google, Amazon, and Apple, etc. have spread globally and Japan is no exception.
In the financial sector, the term "FinTech" has emerged as a keyword to describe the fusion of IT and finance, signaling the arrival of the first transformation since the financial big bang.
Looking ahead to finance 10 years from now
Mizuho commenced internet/mobile banking around the year 2000. In the 2000s we used biometric authentication, payment using mobile telephone numbers, and payments using camera functions. From the 2010s we steadily rolled out the industry's first service using smartphones.
To accelerate this trend, we launched a next generation retail project team in 2013. Looking ahead to the outlook for finance 10 years from now, we brought together 20 to 30 younger members from our Product Planning Division, IT Division, Operations, Mizuho Research Institute, Mizuho Information & Research Institute, and Mizuho Trust & Banking, etc. and have already convened more than 100 meetings. In addition, in a dedicated organization for incubation we have also investigated collaboration by exchanging ideas with more than 200 companies per year. In 2015, we simultaneously created a structure to generate new financial services such as the launch an incubation project team under the holding company.
Open innovation with domestic and overseas external companies
It is important to "use technology to create better financial services for customers", and as noted earlier, "continue creating innovative services by learning from the wisdom and expertise of external parties more than ever before".
To this end, the idea of "open innovation" is indispensable, and we are deepening links with IT companies, and accelerating collaboration with startup companies.
We believe the "speedy" implementation of "communication" and "discussion" on a "global" base leads to open innovation.