Shinsei Bank Hits a Wall

[Mulboyne]

[Captain Japan]

Logging onto an online Shinsei account is like completing a crossword puzzle. If their corporate system is equally ridiculous I would have quit too.

[DrP]

I think one of their major challenges is that essentially Japanese large corporations can buy their money cheaper outside of Japan. And of course since the bubbles' last dribble is drying up, consumer finance is a much harder nut to crack since it relied heavily on 'mommy and daddy' money to cover the loans. Combine that with all the loan defaults to the yakuza fronted companies, AND the completely interdiscomboobulated banking system - well - its not a pretty sight.

[madfuku]

Logging onto an online Shinsei account is like completing a crossword puzzle. If their corporate system is equally ridiculous I would have quit too.

Actually, I have 8 different Japanese bank accounts and all except two recently sent me the funny little cards with the code thing on it. Including Shinsei and the Bank of Fukuoka. I also received a digital code card from my investment account which is even more silly as it ask me for the following to log in:

1. Account Number
2. Membership Number
3. Account Pin
4. Account Password
5. Number on the display on my digital card
6. Theres an embedded picture which I picked that must display
7. A random question from my profile which includes one of the following, DOB, Telephone Number, Name of Dog

So Shinsei is hardly the worse and when you switch you might be lucky enough to get the one I have that uses a color grid.

Yes, it has colors on it and it ask you to click on the color that corresponds with the numbers on the screen. That one is really annoying because you have to click on 5 colors.

But yeah man, this is getting crazy. I feel like I did 9 years ago when I got my first internet access in the US for my personal bank account. I think they are getting paranoid now that they have to offer online banking as a more mainstream thing.

So nothing to do with Shinsei who I must say has only given me the best of service and remains my favorite J-bank.

I just remember that I even received a phone call from one of them offering me an over the phone tutorial on how to log in.

[TennoChinko]

My understanding is that they drastically underestimated the problems they would have with yakuza when they took over the consumer credit (legal loan sharking service), A-Plus. And, A-Plus has been a huge drag on their profitability as well.

[Mulboyne]

My understanding is that they drastically underestimated the problems they would have with yakuza when they took over the consumer credit (legal loan sharking service), A-Plus. And, A-Plus has been a huge drag on their profitability as well.

That wasn't the yakuza, that was the government (unless you are saying etc etc). By bringing down the interest rate ceiling and allowing recent court rulings to stand, they wiped out a large part of the sarakin sector. As the article says, the bank has relied on trading its own money to generate income but even the smartest traders have found the recent market slump a challenge.

[DrP]

I just remember that I even received a phone call from one of them offering me an over the phone tutorial on how to log in.

Well, that's certainly secure --- excuse me sir, may i have your PIN?? unfortunately, japanese really don't understand how to manage private information or anything closely related to security - especially in their corporations. I have done many dd contracts in Japan and frankly, found it laughable how japanese corps <pretend> to be secure - but since they have such a naive trust level - you can generally talk your way into any secure environment.

Take citibank for example ..... or not. rest my case. Japan as one of the economic powerhouses is still one of the last countries (hey even romania is better) at adopting 3d secure billing for internet transactions. What? Give up the hanko? How many people have been bilked out of expense payments, improper payments, invoices, etc - just because of an easy to copy 'hanko'.

Jeez -- the fact that Japan's entire national security rests in the hands of the ass-hanko is absurd. Yet - it does.

Even in the company I currently work in which does very sensitive financial auditing - the internal controls are bizarrely lax. "OH - Please dont enter work hours more than the national overtime -- it cause a prolem!" Just please to put your <ass>hanko here and everything is <SOX> fine!

No wonder Japan is the money laundering paradise...

[Captain Japan]

1. Account Number
2. Membership Number
3. Account Pin
4. Account Password
5. Number on the display on my digital card
6. Theres an embedded picture which I picked that must display
7. A random question from my profile which includes one of the following, DOB, Telephone Number, Name of Dog

So Shinsei is hardly the worse and when you switch you might be lucky enough to get the one I have that uses a color grid.

Damn! I think I should send Shinsei a Christmas card this year instead of cancelling.

[Samurai_Jerk]

it cause a prolem!" Just please to put your <ass>hanko here and everything is <SOX> fine!

No wonder Japan is the money laundering paradise...

No shit. I went to a J-SOX seminar put on by E&Y about a month ago. They mentioned that one of the differences between J-SOX and SOX as that the auditors in Japan are just supposed to sign off on the financial statement the company puts out based on a gut feeling as to whether or not the CFO is an honest guy (divination anyone?). Whereas in the US, auditors are supposed to actually go through the books and confirm everything.

[gomichild]

So nothing to do with Shinsei who I must say has only given me the best of service and remains my favorite J-bank.

I have to second this. Shinsei have been so easy to deal with and are always helpful.

The new security is a head spin at first - but easier than working out how to recover your cash if your account gets compromised.

[TennoChinko]

My understanding is that they drastically underestimated the problems they would have with yakuza when they took over the consumer credit (legal loan sharking service), A-Plus. And, A-Plus has been a huge drag on their profitability as well.

That wasn't the yakuza, that was the government (unless you are saying etc etc). By bringing down the interest rate ceiling and allowing recent court rulings to stand, they wiped out a large part of the sarakin sector. As the article says, the bank has relied on trading its own money to generate income but even the smartest traders have found the recent market slump a challenge.

No - I specifically meant that there are yakuza embedded in the newly acquired APlus subsidiary that are creating severe headaches for the new management/owners.