The Jakarta Post
Higher purchasing power is found among the rising middle class and increasing ranks of high net worth individuals. In response to this golden opportunity, financial institutions and banks are vying to outdo each other with products to suit the needs of clients.
Many banking service providers have emerged in Indonesia since the government deregulated the sector in October 1988 to encourage businesspeople to invest their money in the banking industry. Among other things, deregulation allowed banks to set their own interest rates and to manage their own credit disbursement process without intervention from Bank Indonesia (BI).
As the central bank, BI was still authorized to set a benchmark interest rate for the lenders in order to prevent such practices as attracting customers with an easy loan process that saddled them with carried sky-high interest rates. Keeping interest maintained at a favorable level can control inflation.
While a diverse range of financial service providers gives more choice for customers, it can also lead to confusion among them in seeking and identifying a reliable provider. It is here that websites providing comprehensive information on the nitty-gritty of financial services are finding a comfortable niche.
Websites operating as a financial service supermarket include halomoney.co.id and imoney.com and kreditgogo.com. They give valuable insight on various financial service providers operating in Indonesia, including their products and services. Particularly helpful is their listing of the similarities and differences between the respective financial service providers.
Customers can make informed choices about their financial plan at the click of a button or on their smartphone keypad.
Take halomoney.co.id, for example. The site provides information on housing mortgage (KPR) and credit cards from various lenders. The website details information, from cashback options from various lenders, interest rates, to mortgage and credit card products.
Those who want to know how to get the best of the cashback option offered by their credit cards need only visit the cashback filter in the website's credit card section.
Similarly, if you want to see which lenders offer a fuel price discount for their credit card holders, click 'BBM' (Indonesian acronym for fuel) filter in the same section.
'We are offering various search filter applications in our website in order to cater to the [various] needs of credit card holders,' HaloMoney cofounder and managing director Ichsan Annas Wicaksono was quoted in kontan.co.id.
HaloMoney commenced its operation in mid-March this year. Only three months after its launch, the site had been accessed by approximately 8,000 visitors and its Facebook page 'liked' by 236 people.
It also runs testimonials from satisfied visitors to instill confidence in its services.
'I am the type of person who finds it difficult to understand the differences between various financial products. Thanks to HaloMoney for its useful contents and comparison tools that have helped me in choosing the right product,' was the testimonial of Mega Nur Innama, 24.
The website also allows visitors to choose their financial services. There is a menu where visitors can fill out the application forms. After the form is filled out, the website's operators will call the applicant to verify his or her personal data. Next, the website will forward the application form to the respective bank to be processed further. (JP)