SMBC’s Olives reaches 2 million accounts

Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Card Company began offering the comprehensive financial service “Olive” for individual customers in March 2023. The service has received a huge response immediately after launch, and the number of account openings surpassed 2 million in approximately one year since the service started.

SMBC’s mid-term goals remains 12 million account openings within 5 years of the service launch.

Characteristics of Olive users after service launch

• Age
  Since the launch of Olive, approximately half of the customers who newly opened accounts are aged 20 or younger. Looking at the number of new account openings by age group, there has been a notable increase compared to before the launch of Olive, especially 196% for those in their 30s, 199% for those in their 40s, and 195% for those in their 50s, with applications from a wide range of age groups.

• Region
  Olive is a service that can be applied for and used anywhere via a smartphone app. Since the launch of Olive, many applications have been received not only from customers in regions with many SMBC branches (Kanto, Chubu, Kansai, etc.), but also from customers in regions where SMBC does not have a presence.

• Usage of Olive Flexible Pay
  With Olive Flexible Pay, users can freely switch between credit mode, debit mode, and points payment mode on a single card using a smartphone app. Approximately 37% of all customers have actually used both credit mode and debit mode.
• Merchant categories for Olive Flexible Pay usage
  Looking at the merchant categories where Olive Flexible Pay is being used for payments, the highest proportion is for “Food”, followed by “Travel/Transportation”, “Lifestyle/Health & Beauty”, and “E-commerce”.

• Comparison of cashless payment usage trends by age group
  Comparing the usage of cashless payments on Olive between those in their 20s and 40s-50s, while those in their 20s have a higher overall usage rate and smartphone touch payment usage rate, the payment transaction amount tends to be higher for those in their 40s-50s.

SMBC and Sumitomo Mitsui Card will continue to jointly consider and implement enhancements to Olive’s functions and collaborations with various financial services in order to provide further convenience to customers.

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