STRATEGIC PARTNERS
January 3, 2002
TOKYO - Sony Corp., maker of Walkman stereos and the ever-so-popular PlayStation, ventured into the banking world with the launch of new, online banking services, according to Reuters news service.
With no branch networks, Sony Bank takes deposits, sells mutual funds and offers loans. It will take non-yen deposits from September and offer housing and other loans in 2002. According to a report from the Associated Press, Sony's bank also offers ATM service at convenience stores in Japan.
Sony Bank Inc. reports its Web sites (http://sonybank.net) and (http://moneykit.net) received 13,570 hits and 340 account applications in the first hour of business, well beyond a reported capacity of 4,900 hits per hour, before suffering glitches that slowed or halted access to its services.
A Sony spokesperson said problems had largely been ironed out by afternoon and that 2,900 people applied for accounts in the first nine hours.
With the slogan, "Do It Your Style," Sony Bank aims to break away from banks' traditional role and offer one-to-one financial advice on the Internet.
Sony Bank is Japan's first full-service online bank set up by a non-financial firm. Japan's first online bank, Japan Net Bank, started up last October.
In May, Japanese retailer Ito-Yokado Co. launched a new banking unit. Ito-Yokado's IY Bank drew strength from its large Seven-Eleven convenience store network and name recognition.
