Japanese banks to cut ATMs

Japanese banks to cut ATMs

MAJOR Japanese banks are moving to reduce their operation of automated teller machines (ATMs) amid an expansion in online banking.
Mitsubishi UFJ Financial Group says it may abolish about 20 percent of its ATMs over the next 5 years.
The megabank currently operates around 8,100 units at branches and other locations.
The move comes as consumers increasingly turn to online remittances and cashless payments.
Aozora Bank will begin to replace its own ATMs later this month at sites with machines operated by its partner, Japan Post Bank.
Shinsei Bank has already replaced its teller machines with the ATM network and machines of Seven Bank.
The banks are shifting focus from the costly operation of their own ATM networks to outsourcing personal banking services to other institutions. They are also responding to the negative impact on their profits of prolonged ultra-low interest rates. ― nhk.jp