Dramatic changes in the Japanese banking system have inspired one bank to target female investors with a campaign that offers free cosmetics and massages, according to a report from The World Today.
This week, the Japanese government limited the protection of bank savings to a maximum of around $120,000. The removal of this protection has created a market for more banks to win customers' business by focusing on the needs of Japanese consumers.
"Now is the time for customers to choose their banks," said Yoko Muto, head of a new marketing campaign for Resona Bank, which collapsed two years ago and was subsequently bailed out by the government. "They used to keep their money in reliable banks but now the moving of money has started."
The "Love Me" campaign addresses female customers' three primary concerns: stable funds with minimized risk, a monthly payment, and diversified investing in stocks and bonds. The bank also seeks to seal the deal by offering women the free bonuses.
Gifts are a common aspect of banking, especially in Japan, and the drive to appeal to women is rooted in Japanese family tradition. Generally, housewives control family assets and make decisions about investing, even though they are usually ignorant of money matters, said Yoko Nishide, a Nomura Securities executive who leads a team of five women who are trying to reach women investors.
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