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Commonwealth Bank pins hopes on Indonesian students Down Under
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Commonwealth Bank Indonesia retail banking director Rustini Dewi (center), SUN Education Group cofounder and chief marketing officer (CMO) Kevin Tan (left) and Economic Counsellor at the Australian Embassy in Indonesia Matthew Duckworth (right) converse during the launch of AusStudent Study Package in South Jakarta on Thursday. (JP/Prima Wirayani)
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rivate lender Commonwealth Bank Indonesia expects the large number of Indonesian students studying in Australia to positively affect its business as it rolls out a revamped product to cater to them.
Commonwealth retail banking director Rustini Dewi said on Thursday that it was looking to facilitate the needs of at least 20 to 30 percent of all Indonesian students studying in Australia whose studies were financed by their parents.
"The market share is quite big. We set a quite significant target [for the product] because this is a kind of product that has not been offered yet [by other banks]," she said, referring to its AusStudent Study Package.
Commonwealth, part of the Commonwealth Bank Australia Group, launched the product on Thursday to provide not only financial services for the students but also other related assistances, such as medical checkups and student visa arrangements.
Data from the Australian Embassy in Indonesia said more than 19,300 Indonesians continued their studies in the continental country throughout 2015.
The AusStudent Study Package is a revamped product of the lender's existing AusStudent. It offers two programs, Premium and Platinum, in which customers have to place Rp 1 billion (US$75,255) to Rp 1.5 billion, respectively, to meet the students’ needs.
Commonwealth Bank Indonesia had booked Rp 12.74 trillion in third-party funds as of September last year, a drop of more than 20 percent compared to the same period in 2015. (tas)
