27th August 2015, JW Marriott, Jakarta, Indonesia
Digitization and Collaboration in Indonesia’s Retail Banking Landscape
Indonesia is undergoing tremendous changes and being the largest economy in South-East Asia, needs to gear up to embrace opportunities provided.
A strong GDP growth over the past few years acted as a catalyst for the growing middle class in Indonesia. It is also projected that the total population of bankable unbanked will continue to grow and reach 113 million by 2020. This leaves have huge opportunities for banks to move into a yet-untapped market.
Banks are aggressively embracing digitisation to spur growth, provide value propositions and outpace rivals. Channel expansion, digitisation of front-end technologies and service capability enhancements has been a common focus.
Bank Indonesia is also encouraging a shift towards a cashless society in its efforts to promote financial inclusion. Crucial steps are being taken to promote and regulate branchless banking and payments in the country. Following the impetus from the Financial Services Authority (OJK), e-wallet and P2P payments through mobiles and a movement towards cashless banking is taking increasing prominence in the country’s banking sector initiatives.
In a country such as Indonesia, geographical fragmentation represents an unavoidable challenge for banks that plan to expand their presence or reach out to the unbanked market segments. Banks in Indonesia have started co-operating with telecommunications companies and start-ups to expand their service reach, heralding the age of collaboration and cooperation.
The Asian Banker will be bringing discussions on transformational issues that are shaping Indonesia’s retail banking industry. The sessions will be rich in content and held in highly interactive formats, represented by local and international experts in their respective fields.
Key working sessions include
The Asian Banker presents Technology Implementation Awards and Excellence in Retail FInancial Service Awards during the 2015 IIBC. Read more.