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MUFG Bank to cut Japan ATM network by 20% through fiscal 2023

MUFG Bank Ltd. plans to cut its ATM network in Japan by 20% through fiscal 2023 as consumers move towards online sales and cashless payments, The Nikkei reported Aug. 14.

The bank plans to cut the number of ATMs it operates in the country to around 6,700 from the current 8,141 by reducing the number of machines at individual sites and consolidating ATM locations around train stations. The lender will also install smaller machines and new models that let customers pay their utility bills at convenient locations.

MUFG Bank aims to lower costs associated with its ATM network and shift resources to online transactions. Customers of the bank that use online banking has grown 40% over the past five years, the publication reported.

The lender looks to roll out improvements to its online banking services as soon as the fiscal year ending March 31, 2020, such as a digital passbook that lets users see 10 years of transactions. It also intends to halve its number of locations with traditional teller windows as it transitions to smaller branches offering more self-service options.

MUFG Bank is a unit of Mitsubishi UFJ Financial Group Inc.