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 9, 2023. The service aims to attract customers with offers of reward points and discount coupons, as passenger numbers are expected to remain stagnant following the COVID-19 pandemic.
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 banking service will be integrated with the JRE Point program, allowing customers to earn and redeem points for various services and products offered by JR East and its partners. This includes discounts on train tickets, points for using a dedicated debit card, and the ability to store points on their Suica transportation IC card for payments.
Customers can open JRE Bank accounts through a smartphone app or a website. Account holders will be entitled to up to 10 coupons a year for a 40% discount on JR East tickets, including those for limited express trains, depending on their use of banking services. They can also earn up to three JRE Points for each transaction when they have their salaries deposited at JRE Bank or transfer funds to another bank.
JR East believes that JRE Bank will play a key role in diversifying its business and creating a more comprehensive customer experience. By leveraging the JRE Point program and customer data, the company aims to expand its reach and offer more value to its customers.