Digital Banking: Why and How

Digital Transformation

Technology has arise within years where it’s align with digital transformation, not only from lifestyle but also from peoples are working, searching for new information, get to know other people, until people also can purchase anything from online. Trust and security are one of the reasons why people still cautious with their financial, they choose traditional way how they use or keep their money in their safe account.

However, digital transformation cannot be undone, whereas this change also bring more strength to financial industry. From customer side, it could lead to such as more convenient, easier to get done, and everything can be done in one medium. On other hand, banking could have more potential consumers, could increase more sales, and could have new products development of their services to their current consumers.

As Bank Indonesia also want to support other private or local banks to achieve the digital transformation together, it’s stated fact why digital banking is such important thing. One of the fact has become a main reason why digital banking is important, there’s IDR 4,314.3 billions value of using digital banking as consumers transaction whereas increase Year-on-Year 62.82%. By this data, Bank Indonesia also support by make a higher limit transaction of QRIS from IDR 5 millions to IDR 10 millions. In addition, another target that likely to achieve for the transformation digital bank could implemented in the future is Roadmap Cross Border Payment.

Digital Banking Implementation

Since government also support from digital transformation in banking, there are more and more private or local banking which already implement their product and services to its digital. Moreover, they are still maintaining their services from traditional one. Safe to say, they are implementing both channels or we can say now it’s a omni-channel. Here are several lists of banks that are implementing the digital transformation to their services:

1. Bank BCA

Blu is the form product digital bank from bank BCA to its digital transformation. Blu it’s a digital banking whereas their whole transactions and services can be done by online. Starting from open account from mobile phone until using traditional saving such as deposit with such a high value also can be done in one application. The application design is specialized in vibrant colors and also with their own mascots make Blu not only looks ‘friendly’ but also make it more visible that the application is easy to use. This looks aligning with it’s new generation of consumers, but Blu not only want to targeted them as new consumers, therefore, they are also make a partnership with other brands to do promotion and could turn their loyal consumers to install the application.

2. Bank Mandiri

Livin’ by Mandiri it’s one of product or services from bank Mandiri which is the biggest local bank from Indonesia that support for it’s digital transformation. Livin’ by Mandiri it’s one super app mobile for consumers to make payments much easier and easily adjust the their account within only one app. Not only using for saving and payment, the app also make so much easier for their current or potential consumers to use it for investing and not using so many platforms.

3. Bank DBS

Digibank it’s one services of digital transformation from bank DBS that helps their current consumer or new consumers. Digibank focuses on their consumers who already have their credits card. Safe to say, this service focuses on credits product rather than others. Align with their terms, Digibank not only help their consumers to easily make payment and installment within the app, but Digibank also make their potential consumers easier to get the DBS credit card by this app.