Mizuho Bank unveils progress report for business improvement plan

It is also in the process of reforming company culture through a new corporate identity.

Japan’s Mizuho Bank has unveiled updates related to its business improvement plan, outlining efforts to preventing future system failures in the bank as well as to reform its corporate culture.

Amongst measures done include replacing parts that the bank said could cause failures, conducting system performance inspections for 17 operations, and improving ATM functionalities.

Mizuho Bank is also working to speed up its response and recovery time in the event of system related failures, targeting to respond within 30 minutes to 1 hour from the time of initial report. Measures outlined include practical training, formulation of the announcement text and posting location, visualization of systems and operations, and formulating “rigorous” response operations.

Japan’s third largest bank by assets had suffered from four tech glitches between February and March 2021, resulting in 4,300 of the bank’s ATMs to stop working and over 5,000 bank cards to get stuck inside the machines.

Beyond tech-related improvements, Mizuho Bank also listed plans to better utilize customer and employee feedback; has implemented IT reforms to enhance risk system management and promote better communication with the frontline IT personnel; and reform corporate culture, chiefly through its launch of a new corporate identity.

ALSO READ: Mizuho Bank highlights innovation in new corporate tagline

Its new corporate tagline "Innovating Today. Transforming Tomorrow" replaced its decade-long tagline "One Mizuho: Building The Future With You" earlier in 2023.

“Going forward, we will need to consistently create innovative solutions at an unprecedented pace whilst working together with people from all kinds of professional backgrounds,” Mizuho Bank had said in its announcement of its new corporate identity.