The banking industry has undergone many changes thanks to the rapid development of technology in the last decade. One of the innovations that were born and are becoming a hot topic of discussion among Indonesian people is digital banking.
However, what is the difference with conventional banks that we have known?
Digital banking is the digitization of every level of banking, from the front-end to the back-end. In other words, a digital bank should be able to facilitate all levels of banking functionality across all service delivery platforms.
From the front-end, banking activities should have all the same functions as banking services and be visible to consumers. For example, they function as a head office, branch offices, online services, bank cards, ATMs, and point of sale machines.
While from the back-end, banking activities that happen in front should be visible to bankers through the server and the admin control panel. Therefore, digital banks need to utilize technology to automate administrative tasks and data processing, which, in turn, can lessen the pressure on employees to complete daily tasks.
In Indonesia, the Financial Services Authority (OJK) defines a digital bank as an Indonesian Legal Entity Bank (BHI) that provides and carries out business activities primarily through electronic channels without a physical office other than the head office or using limited physical offices.
Bank BHI is an established bank that carries out its business activities under the applicable legal provisions in Indonesia as a limited liability company, cooperative, regional company, or other models stipulated by government regulations.
However, OJK does not define digital banking as a new type of bank. In the current banking act in Indonesia, we only recognize two types of banks, namely Commercial Banks and Rural Banks (BPR).
Differences with conventional banks
In terms of services, there is no significant difference between digital banks and conventional banks. Both can offer banking services such as savings, deposits, withdrawals, transfers, investments, and loans.
The difference lies in its form. Conventional banks have a physical form in the form of a head office and branches, while digital banks can operate only with a head office and usually do not require the presence of a branch office.
In addition, usually, other differences are found and visible from the advantages offered. Examples include lower administrative fees, cheaper or even no transfer fees, and higher interest rates. Of course, with the applicable terms and conditions issued from the bank.
Banking transformation needs to be supported
The term digital bank that is on the rise does not change the bank institutionally because the bank is still a bank. A bank is a financial institution that provides services to save, distribute, and provide loans to the public. Digital banks themselves can be present in two ways, according to POJK 12/POJK.03/2021.
The first method is by establishing a new bank as a digital bank. The second method is by transforming an existing bank into a digital bank like BRI Agro when changing its name to Bank Raya and officially changing its business model to a digital bank.
OJK does not issue special licenses for digital bank operations. However, to transform into a digital bank, existing banks need to meet several applicable requirements, such as:
- Have a business model using innovative and secure technology to serve customer needs.
- Have the ability to manage a prudent and sustainable digital banking business model.
- Have adequate risk management.
- Fulfill governance aspects such as the fulfillment of directors who have competence in the information technology field and other competencies under OJK regulations regarding the fit and proper test for the main parties of financial service institutions.
- Actualize protection against customer data security.
- Contribute to the advancement of a digital financial ecosystem and financial inclusion.
In the end, the presence of digital banks in Indonesian society has become an alternative to accessing financial services that are easier, faster, and transparent. People only need a smartphone and an internet connection to access banking services with their hands.
The growth of digital banks in Indonesia has also just begun, so we can see many industry players rushing to establish digital banks in various ways. Start from acquiring a small bank and turning it into a digital bank to incorporate a new entity. It is inseparable from the extensive range of unexplored potential.
However, on the other hand, digital banks also have lots of homework that needs to be solved well, namely security. The threat of cyber-attacks cannot be underestimated in this technological era.
However, we also cannot deny that all the advantages offered by digital banks, of course, still need support to transform banking services. Its presence can make Indonesian banking more efficient, adaptive to technological developments, make a better contribution to the national economy, and provide broader benefits for the people of Indonesia.
Jakarta, October 1, 2021 – PT Jalin Payment Nusantara (“Jalin”) signed an online Cooperation Agreement (PKS) with PT Bank Pembangunan Daerah Jawa Timur Tbk (“bankjatim”). The agreement is part of Jalin’s efforts to broaden the reach of banking switching services for the Regional Development Bank (“BPD”) segment. Bankjatim is the first BPD bank book 3 to join Jalin, with total assets of IDR 95.48 trillion.
CEO of Jalin Boyke Yurista stated that this collaboration is a good synergy between companies, particularly during the current pandemic recovery period. “Jalin will provide integrated solutions for all members by providing the best service and continuing to innovate products in order to meet future challenges,” Boyke said.
Through this partnership scheme, Jalin and bankjatim will also open up opportunities to collaborate in accelerating digital financial transformation, an initiative launched by bankjatim that not many BPDs have done. Tonny Prasetyo, Director of Information Technology and Operations bank jatim, stated that the bank is currently conducting intensive innovations based on digital services for its members. “We must continue to adapt in the face of the current pandemic, one way being through the most recent digital branding, namely JConnect. The good cooperation between bankjatim and Jalin will continue to be improved and sustainable in the future “Tonny stated.
Support to bankjatim is provided by following the company’s strategic plan to transform Jalin into a digital enabler that connects the community with financial and non-financial ecosystems, thus making it a National Digital Highway. The aim is to strengthen the efficiency of business processes and services for Jalin members. “In the future, by participating in the implementation of the Bank Indonesia Payment System Blueprint 2025 and being directly involved in Open API and Open Banking services, we will provide convenience and ease of financial transaction systems to the public through products and services,” Boyke added.
In 2021, Jalin expects Switching ATM Link, Switching Debit Link, Switching QRIS, and Managed Services to make a contribution double-digit revenue growth. Jalin has also developed a solid digital platform that will enable prudent, safe, and competitive growth through strong governance management. According to the management report for the second quarter of 2021, Jalin’s switching service processed more than 400 million transactions, and the managed service business segment grew by operating more than 13,000 SLM and Premises ATMs, an increase of up to 100% over the same period the previous year.
Jalin has become a company that is committed to providing services to all members through business activities that are based on excellent and effective corporate governance. Jalin also consistently strives to run the business by implementing risk management for all transactions carried out in order to provide members with a sense of security. “As a company that relies heavily on technology devices, information systems, and networks, we always maintain the trust and security of Jalin member transactions in accordance with the guidelines and standardization required by ISO 27001:2013,” Boyke concluded.
Most Indonesians are familiar with banks that carry out activities such as collecting funds, transferring funds, and providing other banking services. In Indonesia, the types of banks that operate can be grouped based on their function, operation, ownership, and status.
Here is the summary:
What is a bank?
Based on Act Number 10 of 1998 on banking, a bank is a business entity that collects funds from the public in the form of savings and distributes them to the community in the form of credit and or others to improve people’s standard of living. Its activities can be categorized into main activities and supporting activities.
The main activities of the banks are collecting and distributing funds. Meanwhile, the supporting activities are in the form of services provided to support the primary activities seamlessly.
Fundraising activities include collecting funds from the public in the form of current account deposits, savings, and time deposits. Distributing funds activities can be in the form of providing loans to the community. Meanwhile, service activities can be in the form of bill deposit services such as (electricity bills, telephone, water, or education fees), payment services (salaries, pensions, or gifts), money transfer services (transfers), and many more.
Types of Banks in Indonesia
The Act of banking split banks based on their function into three, namely Central Banks, Commercial Banks, and Rural Banks. However, in practice, we can also group banks based on their operations (Conventional and Sharia), ownership (Government, Private, Foreign, and Mixed), and status (Foreign Exchange and Non-Foreign Exchange).
Banks by function:
- Central Bank: The bank responsible for domestic monetary policy to maintain price stability and the value of the nation’s currency. The central bank also has an obligation to regulate and supervise other banks to limit the risks and costs of a systemic crisis. The Central Bank in Indonesia is Bank Indonesia.
- Commercial Banks: A bank that conducts business conventionally and/or according to Sharia principles, with activities that include payment services. Commercial banks are the banks we most often use to save.
- Rural Banks: A bank that operates conventionally or according on Sharia principles, but does not provide payment transfer services. In short, BPRs do not accept deposits like checking account deposits, foreign exchange activities, and insurance.
Banks based on their operations:
- Conventional Banks: Banks that perform traditional business activities using the pricing method according to the interest rate issued by Bank Indonesia. Banks such as Bank Mandiri, Bank BRI, BNI, BTN, and so on.
- Sharia Bank: A Bank that carries out business activities based on sharia principles in the Islamic religion. Act Number 21 of 2008 Concerning Islamic Banking. Examples include Bank Syariah Indonesia and others.
Banks by ownership:
- Government Banks: Bank ownership, all or partially, is owned by the government and is usually referred to as a BUMN Bank (State-Owned Enterprise). Examples of government banks are Bank Mandiri, BRI, BNI, and BTN. In addition to the central government, local governments can also have local government banks. Examples of it are Bank Jatim, Bank NTB, and others.
- National Private Bank: Bank ownership, all or partially, is owned by private parties or entrepreneurs from Indonesia. Examples include BCA, Maspion Bank, Ganesha Bank, and many more.
- Foreign Banks are those that are owned by foreign parties and have branches in countries other than their own. Examples of foreign banks in Indonesia are ICBC Indonesia, HSBC, Bank of America, Standard Chartered, etc.
- Joint Venture Banks: A bank formed by a legal entity in Indonesia and a legal entity in another country. For example, Bank CIMB Niaga.
Banks by status:
- Foreign Exchange Bank: Banks that can carry out foreign transactions and other activities related to foreign currencies. Usually, foreign exchange banks have featured products such as foreign exchange or foreign currency savings. Examples of foreign exchange banks are Bank Mandiri, BRI, Bank BTN, Bank Ganesha, etc.
- Non-Foreign Exchange Banks: Banks that can perform foreign transaction activities within a limited area in certain countries. Examples of non-foreign exchange banks are Bank Yudha Bakti, Bank Harda Internasional, and others.
Bank Transformation amid Technological Innovation
Banks are the world’s oldest financial institutions, and they are difficult to disrupt. However, now they are also required to transform towards digital when the advance of technological innovation becomes faster. The well-known types of banks so far might be added again in the future.
In line with the transformation taking place in the banking sector, an innovation service is also emerging and becoming a topic of discussion. This innovation is known as digital banking.
According to OJK, a digital bank is an Indonesian Legal Entity Bank (BHI) that provides and carries out business activities primarily through electronic channels without a physical office other than the head office or using limited physical offices. An example is PT Bank Rakyat Indonesia Agroniaga Tbk, which on 28 September changed its name to PT Bank Raya Indonesia Tbk and officially changed its business model to a digital bank.
Given the extensive growth opportunities, the transformation towards digital banking in Indonesia will also continue. In this new paradigm, banks in Indonesia must move quickly to attract new customers and maintain the loyalty of existing customers.
However, keep in mind that orchestrating a thriving financial ecosystem requires strong collaboration. Banks, other financial industry players, including the government, must work together to provide value to consumers, which will bring better economic value and financial inclusion.
Everyone who starts a business or micro, small, and medium enterprise (MSME) has the same goal, to gain profits and a better life. Various types of efforts are made so that the business can grow and generate profits. However, there are still many barriers to achieve this success.
For people who have never started their own business, the decision to start a business can be overwhelming because of the many new things that need to be learned and done. However, the opportunity to build a business in Indonesia is still wide open. BPS said that Indonesia already has 65.5 million micro, small and medium enterprises (MSMEs), an increase of 1.98% compared to the previous year.
Data from the Ministry of Trade shows that there are already more than 15 million MSMEs or around 22% of the total MSMEs throughout Indonesia who have been onboarding to the electronic trading platform until mid-August 2021. With this positive growth, the government is targeting 30 million MSMEs for onboarding to the digital platform at the end of 2023.
However, business opportunities cannot develop or even go out of business. Therefore, beginner entrepreneurs need to make plans in advance to build a more focused and structured organization. To be clear, here are five tips for starting a small and medium business that beginners can do:
Idea validation is the process of testing before someone who wants to start a business launches their name, slogan, product, service, or website. It is a series of research and development processes that large companies use to test product ideas before releasing them to the public. The idea validation process can be done in various ways, such as surveys, interviews, and research to get the best results.
For example, people who want to build a business in the food and beverage sector can validate recipe ideas by doing a “smokescreen” through online advertisements directed to an exclusive site. On the site, visitors can register their email to get more information about opening restaurants, cafes, launching new recipes combined with discounted offers. If many people give their email, the business idea that person wants to build has an interest.
After validating the business idea, the next step is to spend money and conduct market research to get the business accepted by consumers. It is a pivotal step to build a sustainable business for the long term. Market research is about collecting and analyzing data related to the target market to know the needs of the target market itself. However, keep in mind that the carried out market research must be in line with the business on the plan.
For example, people who want to start a business in fashion need to research consumers’ favorite colors, trending fashion styles, popular fashion influencers, and the best online platforms for selling the products online, and much more. Meanwhile, people who want to do business in the food and beverage sector need to research different things. They need to study the best raw materials for the recipe, the size and the shape of the packaging for their products, the interior design for their restaurant or cafe, to which online platform is suitable to market their business, and much more.
Implement risk management and identification systems
Every business has its risks, starting from human resources, production materials to disasters such as fires and natural disasters. Therefore, business owners must know how to identify the business risks that they run to implement appropriate risk management to minimize the impact.
In addition to risk management, business owners also need to pay attention to other management systems such as financial management, HR or employee management, marketing management, production management, development management, and recovery management. Management is a systematic process in organizing that allows members to control and supervise to achieve the organizational goals.
If the business owner has insight into the management system and implements it correctly, managing the organization can become easier. The business can also grow and be sustainable.
Develop a marketing strategy
A business owner needs to know how to market their products or services effectively to grow their business. The first step can start by using data from previous research. From the data research, the business owner must determine the segmentation of the market, the target market, and the position of the product or service in the market.
In addition, business owners can also take advantage of free online marketing channels, such as social media or opening a shop in the marketplace to expand their marketing reach. If there are costs to be incurred, take advantage of advertising platforms from social media or marketplaces that are used to boost sales.
Creativity is essential in running a business to remain relevant to the fast-paced developing era like now. If business people don’t dare to be creative and innovate, their work may go out of business.
Today, business innovation can come in various forms. Business owners can innovate in terms of their products and services, such as making the latest unique recipes, designing clothes in collaboration with famous figures, or giving gifts in the form of cashback or free shipping for every transaction made.
In addition, business people can also explore the latest technological innovations to make it easier for consumers to transact, communicate, and find their products or services. For example, using contactless payments such as QRIS to purchase products or services, build a website to increase consumer trust, and much more.
Dare to take risks
Starting from a dream a fantastic idea, someone can start a small business in any industry in the current digital era. At the same time, these businesses also have the potential to threaten other brands that are already present in an ecosystem. However, it will only be an illusion if the business owner does not prepare himself carefully to face the emergence of new competitors.
Starting a business, in any form, is not an easy matter. Not all planned things can run smoothly without problems. Business owners will surely meet with various obstacles on the way to build their business.
When they run out of capital, one of the fastest and favorite ways to solve it is to look for a loan as funding. If the momentum is good, the money can be a tremendous momentum in accelerating its business. However, at the same time, fresh funding obtained from loans also can become a vicious circle that leads to business shutdown if the business owner does not balance it with good management insight and risk mitigation, notably related to the financial aspect.
On the other hand, creative innovations without understanding the problem to solve can also be an issue that haunts business owners. In general, they only realize this after realizing that their business becomes difficult to grow again. If this happens, like it or not, there must be an evaluation related to the innovations carried out.
Doing business with a fantastic idea, big funds, and courage alone as capital is not enough. Business owners also need to balance their capital with other insights such as knowledge about management, market trends, to emerging technologies. Otherwise, business owners will face limited space for growth and unfair market competition because they are filled with other players who have more capital and become predatory pricing.
So, if you want to enter the business world, business owners must have a lot of capital. However, it is not only capital in the form of money, but also knowledge in management, market, technological trends, to the point of having a strong mentality. That way, if they meet failure and fall many times, they will still have the courage to get up and learn more. The bottom line is, don’t be afraid to take risks.
QRIS-based payments enjoyed a significant increase since Bank Indonesia instructed to used QRIS as the national QR code standard in 2020. With the existence of QRIS, it is also easier for business players to cater to customers who make cashless transactions from various banks and e-wallet services. Register QRIS once online, and cashless transactions will be quicker and more practical.
QRIS (Quick Response Code Indonesian Standard) is a national QR code standard that can facilitate digital payments from various platforms. It is a digital-based cashless transaction invention from Bank Indonesia (BI) and the Indonesian Payment System Association (ASPI).
The payment types of QRIS
At the moment, we can find four types of QRIS payments in the community. The four services are MPM (Merchant Presented Mode), CPM (Customer Presented Mode), TTM (No Face to Face), and Cross Border (Cross Border) – which have just officially launched.
Here is the summary:
There are two types of MPM, namely static MPM and dynamic MPM. On the surface, those two are hard to differentiate because the displayed QRIS code image for payment comes from the merchant. The difference lies in the process of how the merchant’s QRIS code image is displayed. In short, a static QRIS code image is a fixed image, while a dynamic QRIS code image is changeable for each transaction that occurs. Therefore, the static QRIS MPM is suitable for small and medium-sized businesses, while the dynamic QRIS MPM is suitable for companies with high transaction volumes.
CPM is the opposite of MPM. The scanned QRIS code image to complete the transaction is the image of the customer’s QRIS code that appears on the device. Business players can scan the QRIS code image using a scanner provided by the QR code payment provider. QRIS CPM is suitable for medium to high-end businesses that have more capital and have high transaction volumes.
TTM is a feature that complements QRIS innovation that allows scanning the QRIS code image stored in the smartphone gallery to complete users’ transactions. That way, buyers can complete online transactions without meeting face-to-face with business players to scan the QRIS code image and complete the payment.
Cross Border is one of the collaborative initiatives to create standardization of settlement infrastructure for cross-border trade, remittances, retail payment systems, and capital markets. That way, Indonesians can make payments abroad by simply scanning a QR code. Vice versa, foreign tourists can make payments by scanning a QRIS code image using an application that they usually use and supports QRIS. In the early stages, the QRIS Cross Border was pre-launched officially on August 17, 2021, and is available in Thailand.
How to register a QRIS merchant for business players
The QRIS payment method can be used by various levels of business, from street vendors, MSMEs to shops in shopping centers. Based on records at Bank Indonesia, there are currently 62 Payment System Service Providers (PJSP) that support the QRIS payment method. The registration process also can be done with ease online for business players who want to register their merchants (businesses/stores) to rBusiness players can register QRIS easily online by preparing the following documents to simplify the verification process. eceive QRIS payments.
Here are some steps to follow to register a QRIS merchant:
- Make sure you already have a bank account or e-wallet service account that supports QRIS. If you don’t have an account yet, please open one first by coming to the branch office or registering online at one of the QRIS PJSPs on this list https://aspi-indonesia.or.id/information-qris.
- Complete the data and documents requested by the PJSP, both personal and business data.
- Wait for the verification process, creating a Merchant ID, and printing the QRIS code by PJSP.
- PJSP will send a sticker or supporting device to print or scan the QRIS code.
- Install the application specified by PJSP as a QRIS merchant.
- PJSP will educate merchants on the procedures for receiving QRIS payments before starting operations to accept QRIS payments.
Supporting document files for the verification process requested by PJSP will vary depending on the type of business registered. In general, five types of ventures can register to receive payments using QRIS.
The following are five types of businesses that can be registered and the supporting documents:
|Individual||Business Entity (PT or CV)||Education||Gas stations and the like||Donations / Foundations / NON-PROFIT Institutions
|An ID card image file according to the name of the business owner||An ID card image file according to the name of the business owner ||An ID card image file according to the name of the person in charge of the institution||An ID card image file according to the name of the business owner||A PIC ID card image file (Authorized Person)
|Family Card number according to ID card||Family Card number according to the registered ID card||Family Card number according to the registered ID card||Family Card number according to the registered ID card||Family Card number according to the registered ID card
|A Company Deed image file according to the name of the business entity ||The Deed of Establishment of the Institution image file according to the Name of the Institution ||A Company Deed image file according to the name of the business entity ||Registration form that must be signed
|The company Taxpayer IdentificationNumber image file according to the name of the business entity ||Taxpayer Identification Number of the institution image file according to the name of the business entity ||The company Taxpayer Identification Number image file according to the name of the business entity ||Power of Attorney (According to the ID card given by the power of attorney)
|Image File of Original Power of Attorney (If you are a representative appointed by the Business Entity). ||Image file of Original Power of Attorney (if you are a representative appointed by the institution)||Image File of Original Power of Attorney (If you are a representative appointed by the Business Entity). ||Power of Attorney must contain the name of the PIC (Authorized Person) according to the provided ID card. The Power of Attorney must sign on Stamp 6000. Then it is filled in manually and wet signed.
|Note: Make sure the account number used is in the name of the Foundation.
Register QRIS now to make cashless transactions more practical
QRIS is one of the answers to the challenge of accessing digital transactions that can be used easily by various levels of society and efficiently. With QRIS, business players now only need to have one QR code to facilitate one of the cashless payment methods. Meanwhile, customers can use any application that supports QRIS code images as payments to complete the transaction. That way, cashless transactions can become more practical, both for business players and customers.
Besides being practical to use, QRIS can also protect business players from circulating counterfeit money that can harm their business. Transaction history through QRIS is also automatically recorded to make it easier for business players to monitor, analyze, and determine the business financial strategy to be taken.
With all of the QRIS benefits, the easy registration process, what are you waiting for again?
If you have a start-up business and are interested in registering as a merchant that can accept QRIS payments, this is the right time to join.
Technology will continue to change and move forward without waiting for your business to achieve success first. The best thing you can do is embrace change in order to adapt and remain relevant.
So, what are you waiting for, #AyoDaftarQRIS now so that your cashless business transactions can be even more practical!
5G technology has arrived in Indonesia and it can be a gateway to a new era for various industries, including the financial industry. 5G promises many improvements, ranging from internet speed, lower latency, bigger bandwidth, and the ability to handle connectivity to many devices at once. This can help various advanced technologies to be better implemented by industry players, thus improving the customer experience.
Unlike its predecessor (4G), the application of 5G is not limited to only mobile phones. The increased performance offered by 5G can also accelerate advanced technological innovations such as the Internet of Things (IoT), Augmented Reality (AR), Artificial Intelligence (AI), and Virtual Reality (VR) to develop. Accordingly, industry players will have more options to take a new approach in running their business in the digital era.
For the financial industry, the adoption of 5G will impact its players to change their business models, thereby transforming the financial sector in various forms. Here is the summary.
Transforming Banking Sector
The financial services industry is inseparable from the well-established banking sector. Like 4G, the adoption of 5G will encourage the banking sector to change the paradigm of industry players in many ways. It is also significantly reforming the way they use technology, be it for internal operations or those involving direct customer service.
For example, it will shorten the waiting time for the new customer identity verification process, to checking the credit score of customers who want to apply for loans. It is possible thanks to the increase in network speed and the amount of accessed data. In addition, the implementation of AI technology also allows the improvement of customer complaints services performance to be better.
When banks upgrade their ATM and kiosk networks to 5G, the services provided to customers can also become faster, thus allowing their money to be accessed instantly. In addition, 5G can support the transformation of the banking business model from brick-and-mortar to digital. An example is facilitating teller services that is accessible from anywhere via a smartphone instead of visiting a branch office.
Transforming Payment Sector
With the adoption of 5G, mobile and digital payments are becoming more and more attractive for the public and ultimately increase their use. The quality of contactless payment services can improve and expand to a more sophisticated channels, such as wearable devices, IoT devices, and virtual reality – both AR and VR.
5G can also increase transaction security in terms of fraud prevention, and it also helps in decision-making based on accurate and real-time information. Low latency allows for faster data processing in verifying the nature of transactions, confirming transaction amounts, and monitoring the availability of funds. When combined with geolocation data and merchant ID, this technology can reduce the possibility of fraud to protect consumers.
The more equitable availability of 5G is expected to make cellular and internet penetration easier, since 4G and 3G networks are still more affordable for people in 3T (Terdepan, Terpencil, dan Tertinggal) regions. The existence of 5G support can encourage greater internet adoption. This allows for opportunities to empower consumers or merchants to become financial service agents who can facilitate online bill payments.
Improving Customer Experience
In the end, the benefit of every technological innovation that is born is for the convenience of customers. The adoption of 5G in the financial industry will be able to enhance their experience in accessing every available financial service in a more personalized manner.
For example, in addition to being used in customer complaint services, AI technology can also be used as a personal financial advisor that is accessible at any time. The use of big data supported by 5G also allows the financial services sector to personalize its services according to customer profiles.
Meanwhile, advanced technologies like AR and VR can also complement more immersive customers’ digital experiences. For example, help customers understand their banking transactions through visualizing financial reports, simulating various financial scenarios, providing interactive video features to explain a service, and conducting VR-based digital transactions.
Building Indonesia’s Digital Ecosystem Is a Joint Effort
Undeniably, 5G technology is a leap forward in technology. However, 5G also provides industry players with homework to change their mindset and synergize to ensure customers get the best experience. In addition, there is still the issue of data leakage lurking in Indonesia’s digital ecosystem.
Therefore, financial industry players need to implement a new entrepreneurial mindset to overcome the challenges that exist. Collaboration between 5G providers, banking, fintech, and payment system providers in creating new business platforms is expected to provide customers with a better transaction experience.
With proper implementation, 5G will remove many of the barriers that still existed in financial services, improve back-end and front-end operations, and create new collaboration opportunities. Meanwhile, on the customer side, the increase of mobility and lifestyle in the community can be supported by more dynamic and optimal solutions.