SMBC’s Olive reaches 3 million accounts
Sumitomo Mitsui Banking Corporation (SMBC) and Sumitomo Mitsui Card Company (SMBC Card) announced that “Olive,” a comprehensive financial service for individual customers, has surpassed 3 million accounts.
Since its launch, Olive has continuously introduced new features and updates, including a “Fixed Amount Automatic Transfer Service” that automatically transfers funds from other bank accounts to Olive accounts, and an “Additional Payment Method Service” that allows users to register up to five existing credit cards. In addition, the “Olive LOUNGE Shibuya,” opened in May 2024, offers exclusive access to private rooms on the first basement floor for Olive account holders.
Following the milestone of 2 million accounts opened in February 2024, the pace of new accounts accelerated further, reaching 3 million in July 2024, approximately one year and five months after its launch. SMBC and SMBC Card will continue to enhance the service to ensure that Olive remains a convenient and valuable financial service for customers.
Changes in Account and Payment Behavior of Olive Members
1. Changes in Account Usage Among Olive Members
- Olive Accounts Becoming Primary Bank Accounts
The percentage of customers who have switched from existing SMBC accounts to Olive and designated Olive as their payroll account has increased by 115%. This suggests that more customers are using Olive as their primary bank for daily transactions. - Decreased ATM Cash Withdrawals
The ATM withdrawal usage rate among new account holders at SMBC has decreased since the launch of Olive. Specifically, the rate has decreased by approximately 23%, indicating a decline in the use of cash via ATMs.
2. Increased Cashless Payments by Olive Members
The adoption of cashless payments is also evident among Olive members. The usage rate of flexible payment among new account holders in April 2024 was approximately 1.2 times higher than in the previous year, suggesting that Olive is attracting customers with higher cashless payment needs.
According to the cashless payment ratio announced by the Ministry of Economy, Trade and Industry, the rate in 2023 was 39.3%, the highest ever, and is on track to reach the government’s target of 40% by 2025. The increase in flexible payment usage among Olive account holders, a year and a half after the service launch, indicates that the penetration of cashless payments is progressing.
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