[RNN]Exploring the FinTech Group Company’s Ecosystem Strategy

Summary

Rakuten's fintech group has made significant strides in strengthening its ecosystem strategy, increasing the usage of Rakuten Card and Rakuten Payment services. The integration of services such as securities investments via Rakuten Card, user-friendly investment tools like the Monopanda robot advisor, and the solidified alliance with Rakuten Bank have expanded its customer base. Additionally, the revamped Rakuten Pay app enhances accessibility across multiple services. The company has also bolstered its insurance offerings, driving significant growth in product uptake. With over 500 billion yen in sales, Rakuten's fintech business is thriving, reinforcing its role in comprehensive financial services throughout a customer's life.

Takeaways

• 😀 Rakuten's fintech group has strengthened its ecosystem strategy, increasing the use of Rakuten Card and Rakuten Payment Services in daily life.
• 😀 Rakuten's services, like Rakuten Card and Rakuten Payment Services, are being used more frequently, with a wider range of customers being introduced to other group services.
• 😀 By making investment more accessible, Rakuten Securities allows users to make investments easily using Rakuten Card for online payments.
• 😀 Rakuten's robot advisor, OK Monopanda, helps users with limited investment knowledge get started with investing, leading to increased account openings.
• 😀 Rakuten's alliance between Rakuten Card and Rakuten Bank has been strengthened, resulting in the promotion of an auto-debit option for more seamless withdrawals.
• 😀 The integration of the Super Point Up Program with the auto-debit feature has resulted in a 2.9 times increase in the number of withdrawals set to Rakuten Bank accounts.
• 😀 The launch of the new Rakuten Pay app in July 2021 improves user experience with an upgraded UI and expanded service offerings, including quick access to various financial services.
• 😀 Rakuten Pay now offers additional features like Rakuten Pasha, investment with Rakuten Points, and the ability to view credit card statements and bank balances.
• 😀 Rakuten's insurance offerings have expanded to include unique products such as device warranties for Rakuten Mobile, insurance for Rakuten Bank's housing loan customers, and golfer insurance.
• 😀 Rakuten's fintech businesses now cover a wide range of financial activities, including spending, saving, investing, and future preparation, contributing to the company's growth, with sales surpassing 500 billion yen.

Q & A

What recent efforts has Rakuten's fintech group made to strengthen its ecosystem strategy?

Rakuten's fintech group has focused on expanding its ecosystem, particularly through its Rakuten Card and Rakuten Payment services, making them more frequently used by a wider range of customers, and introducing them to other group services, thus growing their revenue base.

How does Rakuten Securities aim to make investment more accessible to general consumers?

Rakuten Securities is making investment more accessible by using the credit card payment option, allowing customers to make securities investments online, just like making a regular purchase with a credit card. Additionally, the Rakuten Robo-Advisor assists customers with limited investment knowledge.

What unique initiative did Rakuten introduce to help customers start investing?

Rakuten introduced the Rakuten Robo-Advisor, an AI-powered service where customers can get investment recommendations after answering a few questions from a friendly robot, making it easier for beginners to start investing.

What has been the impact of Rakuten's auto-debit promotion with Rakuten Bank?

The promotion of auto-debit with Rakuten Bank has led to a 2.9 times increase in the number of withdrawal accounts set to Rakuten Bank, boosting cross-use rates and improving business performance in acquiring high-spending users.

How has the Rakuten Pay app improved user experience?

The Rakuten Pay app has been redesigned with an improved user interface to offer more convenient access to services, such as Rakuten Pasha, investment with Rakuten points, and viewing credit card statements and bank balances, which enhances the overall user experience.

What is the role of the Rakuten Pay app in expanding Rakuten's ecosystem strategy?

By linking Rakuten Pay with other Rakuten Group services, the app helps expand the ecosystem, improving the value of each service and contributing to the growth of Rakuten's overall business.

What unique insurance products does Rakuten offer to strengthen its ecosystem strategy?

Rakuten offers several unique insurance products, including device warranties for Rakuten Mobile, insurance for housing loan customers from Rakuten Bank, free insurance for Rakuten Ichiba My Car users, and golfer insurance for Rakuten Card customers.

What was the impact of Rakuten's prepaid insurance offering to Locat Petrol users?

The prepaid insurance offering to Locat Petrol users saw a significant increase, with application numbers rising by 19.5 times and conversion rates for paid product purchases also experiencing an upward trend.

What areas of finance do Rakuten's fintech businesses cover?

Rakuten's fintech businesses cover a wide range of finance-related activities, from spending and saving to investing and preparing for the future, providing services that span across a person's entire financial lifetime.

What is the overall financial performance of Rakuten's fintech businesses?

Rakuten's fintech businesses have achieved strong financial performance, with sales across these businesses surpassing 500 billion yen, demonstrating significant growth.