The Advent of Social Media in the Japanese Financial Industry

by KyongSun Kong, July 31, 2012
Asia-Pacific

Abstract

Interest in social media and social networks in Japan has surged, and the nation’s financial institutions have not been immune to this trend. In the in-depth survey conducted for this report, Celent found that most firms are already using social media, and that financial institutions that have yet to take the plunge are extremely interested in the possibilities inherent in social media.

In a new report, The Advent of Social Media in the Japanese Financial Industry, Celent examines current social media usage patterns and trends within Japan’s financial institutions. Some 88% of financial institutions are already employing social media, with 50% of respondents using multiple social media or social networks, according to the Celent survey that formed the basis for this report.

Financial institutions surveyed reported that social media had increased the incidence of real time communication with customers, acted as a more efficient means of aggregating customer opinions, and contributed to improved corporate branding and brand recognition.

“Japan’s financial institutions should use and analyze the information and opinions garnered via interactions with customers using social media and fully leverage this as a tool in formulating new products and service offerings,” says KyongSun Kong, an Analyst with Celent's Asian Financial Services Group and author of the report.

This report examines the results of a survey conducted by Celent to gauge the proliferation and usage patterns of social media and social networks among Japan’s financial institutions. Based on the survey results, Celent suggests how financial institutions can best use social media and social networks to enhance their businesses and generate new business opportunities.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America (Boston)
Erica Ferguson
eferguson@celent.com
Tel.: +1 617 262 8225

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)208 870 7875

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3.3500.3023

Table of Contents

Executive Summary

3

Social Media in Japan

4

Social Media Use by Japanese
Financial Institutions

9

The Potential of Social Media Use in Japan’s Financial Industry

18

Conclusion

24

Leveraging Celent’s Expertise

27

Related Celent Research

28

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