This Project Story series delves into the behind-the-scenes of PayPay Group’s major projects. Through interviews with key personnel, we bring you the real stories from the field, including the obstacles encountered and the dedication of those involved.
In this installment, we focus on PayPay Bank’s “Deposit Revolution” launched in December 2024. We interviewed Junki Onuki, who spearheaded the project, to learn about the full scope of the Deposit Revolution and the vision that guided its service launch.
Junki Onuki
Joint General Manager of Retail Business Department, Personal Business Group, Business Strategy Division, PayPay Bank
Joined Japan Net Bank (now PayPay Bank) in 2014 after graduating. Initially responsible for investment products such as investment trusts, later appointed as a group leader in 2020, focusing on new user acquisition and collaboration projects within the PayPay Group. Assumed the current role in 2024, overseeing consumer-facing businesses.
In a world where interest rates are present, the new “Deposit Revolution” service enhances user benefits
Could you tell us about the project overview and the circumstances leading to its launch?
The Bank of Japan’s policy interest rate hike has begun, and there is a significant environmental change occurring where fluctuations in each bank’s deposit balance directly impact revenue (funding operation profit for banks). While PayPay Bank has strengths in payment services and has gained a certain level of support, it lagged behind competitors in terms of deposit balance, necessitating prompt improvement.
Around the summer of 2024, we began exploring solutions and focused on ordinary deposit interest rates, which remained at fractions of a percent. The background to the launch of this project was the decision to strengthen services by strongly emphasizing user benefits.
This project, named “Deposit Revolution,” is a service where “if you deposit both yen and US dollars, the ordinary deposit interest rate will be 2% (for example, if you deposit 500,000 yen and the equivalent amount in US dollars each, you can expect to receive approximately 1,300 yen in interest (after tax) every month).” The service was launched in December 2024.
*With the start of “Step-Up Yen Saving Deposit,” the former “Deposit Revolution” was renamed “Dollar & Yen 2% Deposit,” and the general term combining “Step-Up Yen Deposit” and “Dollar & Yen 2% Deposit” was changed to “Deposit Revolution.”
Could you please tell us about your usual responsibilities and your role within the project?
Within the Retail Business Department, a team of with several dozen employees, our mission is to generate revenue through “acquiring new users” and “planning and growing new consumer-oriented businesses and services.” While individual card loan and housing loan businesses for consumers are managed by separate organizations, the Personal Business Department is involved in establishing and promoting business strategies and contributing to product improvements for other consumer-facing services.
Around the summer of 2024, I launched the project team and drove this initiative as the PM. The target for service release was December of the same year, leaving us with only a few months. It was a project that demanded significant speed. Regarding internal stakeholders, we collaborated with a wide range of departments, including not only business and product divisions but also the Treasury Department, Legal Department, and Compliance Department. As the PM, I made every effort to align the perspectives of each department to ensure we could tackle this project as one team.
Breaking down silos between departments to achieve both speed and quality
Looking back on the project, what were the biggest challenges?
The “Deposit Revolution” concept existed from the project’s inception, and we were required to shape it concretely for realization. Furthermore, the challenge was to examine a business model that could offer high interest rates while maintaining profitability.
It might sound simple to say it’s a service that combines Japanese yen and US dollars. The United States is in a situation where interest rates are gradually being lowered. If we set a high interest rate, there’s a possibility that we won’t be able to offer the same rate to users in the future due to the impact of the US interest rate cuts, which are the source of funds, and we might have to lower the interest rate prematurely, potentially causing anxiety among users.
Our goal was to design a service that maximizes the return of interest to users while ensuring profitability for the company. As a result, we were able to offer an interest rate of 2%. We considered the interest rate environments in both Japan and the United States and pursued an interest rate setting that would allow users to feel the maximum benefit. At the same time, with the cooperation of the Treasury Department, Legal Department, and Compliance Department, we developed and implemented the service, including post-release operations. I don’t think I could have found the solution on my own.
Tell us about what you were particularly particular about when designing the service.
At PayPay Bank, we are more particular about UI/UX than other companies.
In this project as well, we thoroughly pursued the user-first principle while complying with relevant laws and regulations. While committing to the service release date, we continued discussions and refinements with stakeholders so that users could feel the benefits of the interest rates. In fact, we repeated reviews and polish until the day before the service release.
Even after the service release, there were over 200 items requiring UX improvement, and there were many points for reflection. However, we were able to instill the value of “continuing to pursue user-first” more than ever before. Furthermore, by promoting rapid collaboration with various departments such as the development department, the fund management department, the legal department, and the compliance department, we pushed forward with the project, thoroughly aiming for both speed and product quality. This was the most difficult yet rewarding aspect.
As a result, we provide a UX that is unique to our company, such as being able to check the earned interest and the expected schedule of interest payments within the banking app and mini-app. We plan to continue making improvements in the future.
We aim to provide experiences that overturn the conventional wisdom of banking services
How has the situation been since the release, and what has been the user response?
At the time of the “Deposit Revolution” release, it was featured in many mass media outlets, and we were able to make a certain social impact. Also, immediately after the service launch, the number of foreign currency deposit account openings in a single day exceeded the usual number by more than 40 times, and we felt firsthand the high expectations from our users.
Following the “Dollar & Yen 2% Deposit,” we also launched the “Step-Up Yen Saving Deposit” in March 2025. Since the service launch, we have seen the deposit figures gradually increasing, which makes all those involved feel that our efforts were worthwhile.
What do you value in your work?
When creating new services, I often face challenging situations. Instead of thinking in terms of “can do” or “cannot do,” I make it a point to consider what the desired situation is and then think from the perspective of “how can we make it happen?” It’s exciting to overcome each challenge and move closer to the goal.
Also, at PayPay Bank, collaboration with related departments is essential, and communication is key to drive projects. I value inputting objectives and issues, aligning perspectives with stakeholders, and working as one team regardless of department.
What are your aspirations and mission for the future?
As a member of PayPay Bank, I want to provide experiences that overturn conventional banking services. Using the identity verification information from the PayPay app for bank account opening, for example, is a clear illustration of this. I want to focus on creating products that break away from the traditional image of banks
Although banking services are shifting from visiting branches to online procedures, they are still far from being truly “user-friendly.” We will continue to strive to create a world where users can complete what they need to do without stress.
Furthermore, as PayPay Bank, we will actively work to enhance our service lineup, so I hope everyone will look forward to it.
Lastly, any messages for the readers?
PayPay Bank holds the potential to create a future that exceeds imagination. Simultaneously, as a member of the PayPay Group, we are currently facing a significant opportunity for growth.
Within the company, regardless of seniority, there is an environment where many can take on challenging projects, and there is also the chance to deliver services to over 60 million users, starting with PayPay. Furthermore, we are a company where employees are evaluated based on their contributions, without being bound by age or other factors.
We look forward to working with individuals who can approach issues from the user’s perspective, have the ambition to change the conventional practices of the banking industry, and take on these challenges. We eagerly await the opportunity to work together!
*Job openings and employee affiliations are current as of the time of the interview.