Jakarta, Indonesia, August 29, 2017 --(PR.com
)-- Solidiance's latest “Digital Evolution in Indonesia’s Banking Industry” white paper outlines how the changes in technology and customer behavior have transformed the financial services industry in Indonesia. For the financial services businesses, the need for digital acceleration has become a top priority in order to stay competitive.
With about 260 million people, Indonesia poses tremendous opportunity for digitization in banking. The research showed that several local retail banks have started to digitize their business processes, but many still remain focusing on enabling only basic customer transactions to this day. More importantly, only 36% of Indonesia’s population is connected to formal financial institutions, leaving an estimated 150 million citizens unbanked and open for FinTech solutions.
Availability in connectivity infrastructure, combined with increasing number of smartphones, internet penetration as well as a growing young affluent customer segment are factors that enable this digitization process. Solidiance's report is showing that digital retail banking penetration is going to reach 60% by 2020.
“In order for banks to transform in the digitalization era, we believe there are 5 core competencies needed to be aligned with corporate vision and mission, such as business model, capability model, leadership and organizational DNA, products and marketing. Creative and fresh ideas or initiatives in every pillar become the key success factors in building successful corporate digital transformation strategies," remarks Gervasius Samosir, author and Associate Partner at Solidiance.
Solidiance’s white paper, “Digital Evolution in Indonesia’s Banking Industry” is an excellent source of insights into Indonesia’s current banking industry with industry leaders opinions against the backdrop of today’s digital era and tech-savvy population. It is a useful resource for incumbent and challenger businesses in the financial services industry in Indonesia.
To download the complete version of the white paper please visit Solidiance website.