Japan’s biggest online bank hits 17 million accounts: Rakuten Bank CEO Tomotaka Torin’s take
Earlier this year, Rakuten Bank reached 17 million accounts in Japan – without a single physical branch.
“Rakuten Bank is Japan’s largest digital bank in terms of both the number of accounts and total deposits,” President and CEO Tomotaka Torin told the Rakuten AI Optimism conference in July. “We’ve reached 17 million accounts and deposits totaling 12 trillion yen, and both our account numbers and total deposits have been steadily growing.”
Torin, who joined Rakuten Securities in 2006 and became CEO of Rakuten Bank in June 2025, has built his career across institutions including SBI Shinsei Bank, the Asian Development Bank and Mizuho Bank. At the conference, he broke down the secrets behind Rakuten Bank’s rapid ascent – and how AI is shaping the industry.
How Rakuten built Japan’s biggest online bank
“We have no physical branches,” Torin told the audience. “Instead, we offer a full lineup of financial services through our app, available 24/7, 365 days a year.”
The heart of Rakuten Bank’s success, according to Torin, lies in treating banking as a service people actively choose, rather than something they’re locked into. For decades, licensed banking in Japan meant uniform products and little competition. But the arrival of fintech and non-bank entrants changed the game, and Rakuten Bank responded by building unmatched flexibility into its services.
“Our vision is to provide each customer with personalized financial services as if they had their own dedicated banker.”
Tomotaka Torin, President and CEO, Rakuten Bank
“We see banking as a service industry, and our goal is to be the bank people choose,” Torin said. “Customers can use our services anytime, anywhere, and our integrated app offers a wide range of services in one place, in a clear and easy-to-use way.” The Rakuten Bank app can handle everything from transfers to mortgage applications, eliminating the need for a trip to a branch during business hours. This convenience is reinforced by a loyalty program offering free transfers, ATM withdrawals, and extra Rakuten Points – a natural fit in the wider Rakuten ecosystem.
Value powered by the Rakuten Ecosystem
“The Rakuten Group has more than 70 diverse services, all linked together into an ecosystem. Rakuten Bank is one part of that, collaborating with various businesses.”
Intra-ecosystem partnerships multiply the value. Customers can link their accounts with Rakuten Pay for automatic top-ups, or with Rakuten Card for balance alerts and preferential interest rates. Integration extends to Rakuten Securities, Rakuten Life, and Rakuten Ichiba through the SPU program, which rewards bank customers with extra points when shopping.
Beyond the Group, Rakuten Bank offers BaaS (banking-as-a-service) for companies like JR East. Furthermore, it is developing products for Japan’s aging population, such as reverse mortgages and residual value type mortgage loans.
Meanwhile, Rakuten Bank is tapping inbound tourism demand, enabling visitors to use their home country’s cashless payment systems in Japan and working to expand the network of merchants who accept them.
“Providing services that match diverse lifestyles is one of our key themes,” Torin said. “We value not only meeting existing needs but also identifying latent needs – needs that customers might not even be aware of themselves. To meet them, we focus on continuously offering convenient, cost-effective services.”
AI: The next leap in convenience
Digital-first may already be part of Rakuten Bank’s DNA, but Torin sees artificial intelligence as the engine for what comes next. AI is already assisting loan approvals and providing chatbot-based customer service, but Torin’s ambitions go further.
“Our vision is to provide each customer with personalized financial services as if they had their own dedicated banker.” This could take the form of AI-curated, personalized app screens, or an evolving AI concierge that can anticipate needs in natural conversation. “You’ll be able to handle everything smoothly through voice, without the hassle of typing.”
Before login, AI will be able guide customers through processes; after login, it could act as a teller, tailoring its explanations to each user.
“AI can adjust its explanations to be as detailed or concise as needed,” Torin explained. “This allows us to propose solutions based on latent needs – for example, supporting planned repayment of card or home loans, or giving household budgeting advice by predicting shortfalls in advance.”
Behind the scenes, AI is already streamlining everything from call center operations to report generation. “By analyzing large volumes of loan applications and automating screening, we shorten lead times and expand our range of personal loans.”
Even in a fully digital model, Torin believes personal connection is irreplaceable. He likens Rakuten Bank’s role to that of a primary care doctor – helping customers navigate life events.
“If you consult about travel, we can offer travel insurance and promotions; if you ask about household budgeting, we can help review telecom costs and guide you in earning more points – tapping into the entire Rakuten Ecosystem.”
Japan is embracing digital
Rakuten Bank’s growth reflects a wider transformation in Japan’s banking habits. A recent MyVoice survey revealed that 70% of Japanese people now use internet banking, with nearly half choosing Rakuten Bank.
Traditional banks are racing to catch up, with over one trillion yen in digital investment planned for fiscal 2025. Yet over the past five years, digital banks like Rakuten Bank have grown deposits at an average rate of 16.5%, compared to 3.8% for the megabanks.
The share of users choosing Rakuten Bank as their main account has risen 12.7% in the past year to 5.6 million – a third of the total customer base, leaving significant room for deeper engagement from existing users.
With deposits exceeding 12 trillion yen and over 17 million accounts opened to date, Torin says the bank’s growth is proof of the value of integrated services and customer-first thinking.
“Rakuten Bank will continue striving to be the bank customers choose, offering new financial experiences and contributing to society. We hope you’ll look forward to what’s next.”
