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Japan's banks are racing to go digital to fend off challenges such as demographic shifts and low lending margins. (Source photo by Yuki Kohara) 
Business Spotlight

Japan's banks prepare to meet the digital challenge

Legacy lenders and net-only newcomers tussle for dominance in a changing industry

MITSURU OBE, Nikkei staff writer | Japan

TOKYO -- The boss of Japan's biggest bank could not have been clearer when he was asked last month about what was changing in his industry.

"COVID has brought the future forward by accelerating the digital shift by five years. It is not going to slow down. It will accelerate further," warned Hironori Kamezawa, president of Mitsubishi UFJ Financial Group, at a Nikkei forum in October.

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