Money Forward X Announces Impressive Results for BANK APP Adoption in Financial Institutions

Money Forward X Showcases Success of BANK APP Adoption

Recently, Money Forward X Corporation revealed notable results regarding their banking application, 'BANK APP', during a financial institution event held on June 13. The findings indicate that the app has successfully addressed the challenges faced by adopting banks, particularly in attracting a younger customer base and increasing operational efficiency.

Key Highlights

- The total number of downloads has surpassed 400,000, with an impressive average Monthly Active User (MAU) rate of 83%.
- The application has seen increased usage in features such as transfers, the 'Kotora Remittance' service, and tax and public payments, with the 'Card Loan' feature also performing well.
- Feedback from the institutions that have adopted BANK APP highlights its efficiency-boosting functionalities and superior UI/UX design.
- Specific case studies of local financial institutions showcase the dual benefits of expanding the younger customer base and achieving greater operational efficiency.

In recent years, local financial institutions have been confronting common challenges driven by demographic changes and the proliferation of digital channels. In particular, the risk of regional deposits shifting to urban areas due to the outflow of younger populations and aging issues related to inheritance has been emphasized. Conversely, financial institutions that have improved customer convenience through mobile applications tend to show a higher growth rate in deposit balances.

To address these challenges, Money Forward X began offering the 'BANK APP' targeted at local financial institutions in May 2023. The app operates under a white-label format that allows each institution to provide services under their original brand. So far, six institutions have made the decision to implement the app, with five already providing services. By March 2025, the application will also accommodate essential banking functions such as account opening, transfers, and various payments, equipped with advanced security features like FIDO authentication and JPKI. As a result, financial institutions can reduce the time spent on administrative tasks, allowing them to focus on more value-added consulting services and enhancing customer service.

BANK APP Performance Statistics

- Downloads and MAU Rate: Since its initial release in May 2023, BANK APP has achieved over 400,000 total downloads by the end of May 2025. It maintains an average annual MAU rate of 83%, firmly establishing itself as a frequently used application among users.
- Total Transaction Counts: The cumulative number of transactions has exceeded 240,000, with a pronounced increase in the use of the 'Transfer' and the person-to-person 'Kotora Remittance' service, especially since its launch in December 2024. The 'Tax and Public Payment' feature, which allows users to pay bills via barcode or QR code, has seen growth during the payment periods for fixed asset and automobile taxes from April to May 2025.
- Card Loan Usage: The 'Card Loan' feature has been well received, allowing for easy borrowing and repayment directly through the app, achieving a total borrowing amount of approximately 800 million yen as of now.

Feedback from Adopting Institutions

- High Satisfaction Levels: A survey conducted among banking institutions adopting BANK APP revealed high satisfaction levels with features like 'Address and Phone Number Changes' and 'Opening Ordinary Deposit Accounts'. Several institutions noted that despite handling more than double the amount of processing requests, they have been able to maintain their operational capacity without any disruptions. They have also observed a reduction in administrative errors and issues due to less in-person processing required.

- App Evaluation Points: Features such as 'Screen Readability and Design' and 'Ease of Navigation' received commendations from various financial institutions. Feedback included comments like, 'The design is appealing, and the UI is well-structured', and 'The simplicity of the app allows for clear user interaction, resulting in very few inquiries regarding navigation from customers'.

Individual Case Studies of Adopting Institutions

Those institutions implementing BANK APP have achieved significant improvements in user convenience through the digitalization of procedures, resulting in increased new customer acquisitions among the younger demographics alongside operational efficiencies.

- Tochigi Bank Case Study: Approximately 53% of 20-somethings with cash cards are using the app, indicating successful outreach to potential future main customers. Comparing the workflow processes before and after the app implementation reveals substantial time savings; the 'Address and Phone Number Change' feature, previously requiring much more manual handling, now enhances reception numbers fivefold and cuts processing time by 80%.

- Kyoto Shinkin Bank Case Study: The number of new account openings from young customers aged 10 to 20 has doubled through the app, where this demographic accounts for about 60% of new ordinary deposit account applicants, significantly surpassing the proportion seen in traditional bank branches. The digital transformation of account opening processes has led to a monthly reduction of approximately 168 operational hours, equating to about 20 minutes saved per instance.

Looking forward, Money Forward X remains committed to its mission of bringing financial solutions closer to everyone, promising continued enhancements and support for the BANK APP to promote growth among local institutions and improve convenience for their customers.

About BANK APP

Developed by Money Forward X Corporation, BANK APP encompasses comprehensive banking functionalities including account creation, transactions, payments, and more, available for use even by individuals without internet banking contracts. Additionally, the accompanying cloud service 'BANK Customer Support' aids financial institutions in enhancing operational efficiencies and marketing strategies, all backed by cutting-edge security measures to ensure convenience and safety for both institutions and users.