Banking Made Easy! These are the Top 3 Digital Banks in Indonesia

With the ever-changing technological advancements, the possibilities in the finance and banking world are limitless. Current technology has enabled consumers to be able to complete any financial transaction with a few clicks on a screen. Throughout the Asia-Pacific region, consumer use of digital banking in Indonesia has skyrocketed due to the innovation by banks and fintech companies in the emerging, Indonesian market. Let’s take a look at 3 of the top digital banking companies that are currently dominating the digital banking industry:

Jenius (BTPN)

Jenius is the future of digital banking. Jenius received the title of becoming the leader of the digital banking industry and was the first player to penetrate the industry back in 2016. During Jenius’ market entry phase, the market saw a huge potential for growth. So much so that it made BTPN (one of the biggest privately-owned banks) invest Rp500 billion. At the center of its operations, Jenius is connected with the national banking ecosystem, and also with international payment methods through Debit Visa. It is reported that as of 2020, Jenius’ total assets holdings reached Rp183,17 trillion. 

TMRW (Bank UOB)

Jenius’s first entry has led many more companies to join in on the hype. One of those companies is TMRW. Arriving later than most companies in Q3 of 2020, TMRW has become the hot topic of conversation for the last 2 years. They aimed to simplify, transparentize, and to awaken interest from the consumers’ POV. TMRW Bank is the first and only bank that is created solely for the younger, more digital generation. Its business model has quickly been acknowledged, with awards such as Best Bank for Millennials, Best Customer-Centric Business Model, and Outstanding Boarding Client and Social Media Campaign. Indonesia’s market is filled with these young generations, and with over 96% of them owning a private handheld device, and are connected to the internet, their market positioning certainly places them in an advantageous position. 

Digibank (DBS)

Arriving in 2017, Digibank arrived not long after Jenius’ first market entry. Unlike Jenius and TMRW, Digibank’s main focus is for savings and investment. A strong point for this bank is the fact that all financial transactions and services are done 100% through your phone. This includes investment services, bank loans, and foreign exchange. Compared to the other two, Digibank’s competitive advantage is in how easy and convenient it is to perform financial transactions. How Digibank designs its product and UI is to live up to its principles and values, which is “Live More, Bank Less”. They would like to inform their customers that performing banking services does not have to be difficult, and everything they are looking for is as simple as clicking on your device.

Conclusion

To wrap up, these three companies have their own unique marketing positioning and value. With each of them prioritizing their unique competitive advantages, the Indonesian consumer is presented with various options to choose from, all dependent on their needs. Jenius would be the more “safe” and “famous” option due to them being the first player in the industry. For TMRW, their product design and UI is suited for younger generations, and Digibank would provide a more “remote” way of doing banking transactions. Therefore, whatever digital bank services you follow, you should align your goals and purpose with each bank to maximize your needs.