NEOBANK SBI Sumishin Net Bank

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Basic Policy on Fiduciary Duties

Ⅰ.Basic Policy

  • 1.
    Principles for Action
    • (1)
      Ensuring customer centricity
      • We are committed to providing “truly customer-centric services,” that is, offering value-added, attractive products and services 24 hours a day, 365 days a year, leveraging convenience inherent in an internet bank.
    • (2)
      Developing and providing products and services that meet varied needs of customers
      • To meet varied needs of customers, we will always remain focused on developing attractive products and services to create new customer experiences and new values.
        In particular, we aim to bring the benefit of cutting-edge technologies to our customers fast by developing and providing high-quality products and services that make the most of fintech ahead of others.
    • (3)
      Providing easy-to-understand information for customers
      • Given the complex nature of products and services as well as the importance of information we provide, we will display product information including the characteristics, risks, and fees of a product in an easy-to-understand manner in its brochures or other documents, posting them on our website and smartphone app in an easy-to-view place, to aid customers’ investment decisions and use of services.
  • 2.
    Control environments
    • (1)
      Spreading and ensuring awareness of fiduciary duties
      • We will develop and implement measures to spread and ensure the awareness of fiduciary duties among employees, as well as to enhance their relevant expertise.
    • (2)
      Managing conflicts of interest
      • We will identify conflicts of interest associated with transactions with customers and regularly monitor the state of such conflicts of interest.
    • (3)
      Enhancing our website, smartphone app, and other customer interfaces
      • We, as an internet bank will work to enhance our interfaces with customers, including our website and smartphone app, that they use for such purposes as managing their assets, building an environment for them to use our products and services with a mobile device or a PC 24 hours a day, 365 days a year.

Ⅱ.Action Plan

  • 1.
    Selling and providing customer-centric products and services
    • (1)
      Providing value-added, attractive products and services
      Action plan
      • We will help our customers build their assets by providing value-added, attractive products and services with use of the Internet and other innovative technologies.
    • (2)
      Stably providing products and services
      Action plan
      • We will bring to our customers the convenience and ease of having an internet bank, with which they can transact at any time, by stably operating online transaction systems and building a robust security environment.
    • (3)
      Enhancing our website and smartphone app, and other customer interfaces, providing easy-to-understand information for customers
      Action plan
      • We will sincerely listen to customer voices about our website, smartphone app, and other customer interfaces, and make continuous improvements from the perspectives of ease in viewing, using, and understanding them.
      • In sales and intermediary of financial products that entail complex risks for our customers*, we will provide easy-to-understand explanations on such products’ characteristics, risks, fees, and other relevant aspects, posting them on our website and smartphone app in an easy-to-view place, to aid customers’ selections.
        * Foreign currency deposits/FX, structured deposits, investment trusts, insurance, robo-advisory services (automated asset management services)
      • When a bank agency having us as the principal bank sells or otherwise handles products, we will seek to provide easy-to-understand explanations and information to help customers understand the details of the product.
      • To relevant customers such as those who have foreign currency deposits, we will work to provide information that would help them increase their financial transactions, such as by sending emails at times such as when exchange rates are expected to fluctuate.
    • (4)
      Managing conflicts of interest
      Action plan
      • We will identify conflicts of interest associated with transactions with customers, the status of which our risk management unit will monitor on a regular basis, and appropriately manage such conflicts based on the monitoring results.
      • ※
        Given the nature of our business to provide financial products and services using internet channels (internet bank), we do not have action plans for these Principles (Principle 5 (part of Note 1) and Principle 6 (Note 1)). In addition, since we neither structure financial products nor sell or recommend multiple products and services as a package, our action plans do not cover these Principles (Principle 5 (Note 2), Principle 6 (Notes 2 and 3)).
  • 2.
    Developing and providing products and services that meet varied needs of customers
    • (1)
      Developing and providing attractive products and services, aiming for the creation of new customer experiences and new values
      Action plan
      • We will actively promote BaaS business centering on the use of fintech and open up APIs to develop and provide financial services that would contribute to greater convenience and asset building of customers.
      • We will vigorously accumulate know-how and experience in artificial intelligence, aiming to transform and increase the convenience of financial services that we provide to customers.
    • (2)
      Reflecting customer voices
      Action plan
      • We will seek to achieve customer centricity through continuous improvements in services based on views of customers received by our Customer Support Center and bank agencies whose principal bank is us, as well as the results of customer satisfaction surveys conducted by external evaluation organizations.
    • (3)
      Contribution to society
      Action plan
      • As part of our initiatives on Sustainable Development Goals (SDGs), we will continue our initiatives to introduce state-of-art fintech and other financing technologies to the next generation through financial education for young people such as high-school and university students. Also, we will use the next generation’s voices to pioneer new fields for the near future of the financial industry.
  • 3.
    Initiatives for practicing and spreading awareness of fiduciary duties
    • (1)
      Conducting customer surveys on their attitudes toward us
      Action plan
      • We will regularly conduct customer surveys on their attitudes toward us, using external evaluation organizations.
    • (2)
      Conducting training and performance evaluation for spreading awareness of fiduciary duties
      Action plan
      • We will implement internal training and other initiatives using “Principles for Customer-Oriented Business Conduct” published by the Financial Services Agency of Japan (the “FSA”) and the results of customer attitude surveys to continue the practice of customer-oriented business conduct.
      • We will reflect the state of customer-oriented business conduct, such as the practice of fiduciary duties, into performance evaluation.

Service Improvement Activity Cycle

We held meetings such as the SDGs/ESG Management Promotion Liaison Committee chaired by the President and CEO and other meeting bodies for discussing responses after collecting and analyzing the results of customer satisfaction surveys conducted by external evaluation organizations, as well as customer voices received by our Customer Support Center and bank agencies whose principal bank is us. Thus, our officers and employees have driven forward initiatives for reflecting these into continuous improvements in our services as ever.