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Jakarta Post

The future of digital banking in Indonesia

  • Riddhi Dutta

    Singapore

Singapore   /   Sat, June 20 2020   /  02:21 am

The coronavirus outbreak has shaken entire economies, populations and communities around the world. With more people staying in and working from home, the industry is witnessing how the global health crisis has spurred banking customers to embrace digital services in coping with lockdown measures. Closer to home, banks across Southeast Asia are reporting an unprecedented surge in digital services and an increase in the registration of digital banking accounts in the last few months. In Indonesia, state-owned Bank Rakyat Indonesia saw a 10 percent month-on-month increase on its mobile banking channels alone. Similarly, in the fintech space, online lending is seeing a rise in demand as companies across the country are placing staff on unpaid leave, or dismissing them altogether. Today, Indonesia is a market ripe for digital banking because of its largely unbanked population and high ...