News

Japan's banks look forward to ATM advertising

December 8, 2002

TOKYO -- Japan's Financial Services Agency (FSA) is expected to allow banks to launch some non-banking services, including carrying other firms' ads on their ATM screens and account statements printed at ATMs.

Since non-bank firms such as Ito-Yokado Co. and Sony Corp. were licensed to set up banks last year, banks have been calling on the FSA to allow them to enter non-banking businesses, according to AFX News-Asia.

The FSA's measure admitting banks into non-bank areas is expected to further lower the barriers between banks and non-bank companies. Mizuho Bank already has submitted its application to use walls in its branches to place advertisements for other companies.

Many banks are also considering selling their proprietary information systems, including online personal identification programs, to recoup their development costs, according to the report. At present, banks can only offer consulting services on how to install and operate information systems.