## East Japan Railway Co. Launches Online Banking Service
East Japan Railway Co. (JR East) is launching an online banking service called JRE Bank on May 9th, 2023. The service aims to attract customers with offers of reward points and discount coupons, as passenger numbers are expected to remain stagnant.
JRE Bank is a partnership between JR East and Rakuten Bank Ltd. The goal is to secure 1 million accounts within the first year.
"We want to utilize JRE Bank as a key tool to further increase points of contact with customers and create a sphere of life centered around the JRE Point," said JR East President Yoichi Kise, referring to the group's loyalty program.
The company projects that the number of railway riders will not recover to pre-pandemic levels. The banking service is part of JR East's strategy to diversify its business by leveraging JRE Points, which can be used at affiliated stores both online and in physical locations.
JRE Bank customer data will also be used to expand the company's business.
Up to 10 coupons per year for a 40% discount on JR East tickets, including limited express trains, depending on their use of banking services.
Up to 3 JRE Points for each transaction when salaries are deposited at JRE Bank or funds are transferred to another bank.
1 JRE Point for every 500 yen spent when using the dedicated debit card (for customers 20 years or older).
JRE Points can be kept on JR East's Suica transportation IC card for making payments.
This new online banking service offers a unique opportunity for JR East to engage with customers and diversify its business beyond railway services.