Jakarta, June 16, 2023 - PT Bank Jago Tbk has secured a position in the top three of the best banks in Indonesia for the year 2023 according to the renowned business magazine Forbes and the research company Statista. Bank Jago stands out as the top-ranked tech-based bank in this list of best banks.
As cited from Forbes.com, a total of 415 banks worldwide made it to the list of the best banks, evaluated based on indicators such as digital services, customer service, financial advice, and trust. In collaboration with Statista, Forbes conducted a survey of 48 thousand customers from 32 countries.
Through the website, Global Head of Business Services at LatentView Analytics, Parijat Banerjee, conveyed that banks providing their services online have emerged as the best banks in many countries. This reflects the impact of the pandemic on customers' habits to conduct transactions digitally.
"Over the past two years, banking has rapidly adopted digital technology, enabling customers to enjoy more reliable, faster, and personalized banking experiences. This is necessary to attract millennial and Gen Z customers," he said.
In 2023, Banerjee sees that banks need more effort than just offering good interest rates to attract customers. Banks must offer services through various channels, both online and offline, to gain trust and customer base.
Bank Jago's inclusion in the list of the best banks for two consecutive years aligns with Banerjee's views. As a tech-based bank with aspirations to enhance the growth of millions through life-focused digital financial solutions, Bank Jago offers products and services within the Jago App designed to be customizable and personalized according to each customer's needs.
"With the adoption of the latest technology, the Jago App is specifically designed with a life-centric principle to adapt to the needs of each individual, including easy, innovative, and collaborative financial management," said the Director of Compliance and Corporate Secretary at Bank Jago Tjit Siat Fun.
He added that Bank Jago's inclusion in Forbes' best bank list for two consecutive years demonstrates significant appreciation for tech-based banks. Specifically for Bank Jago, this is an appreciation of Bank Jago's business model embedded in the digital ecosystem. In other words, Bank Jago's products and services can be accessed through various digital applications such as Gojek, GoPay, GoBiz, Bibit, Stockbit, and Kredit Pintar.
As of the end of the first quarter of 2023, Bank Jago has successfully acquired 7.5 million customers, including more than 5.8 million funding customers through the Jago App. The growth in the number of funding customers is in line with the growth in third-party funds (DPK) by 120%, reaching Rp 9.28 trillion as of March 2023, from Rp 4.21 trillion as of March 2022.
The increase in DPK is driven by a 158% growth in current account and savings account (CASA) from Rp 2.29 trillion in the first quarter of 2022 to Rp 5.92 trillion in the first quarter of 2023. This growth has led to CASA's portion of DPK reaching 64% by the end of March.
Meanwhile, Bank Jago's distribution of credit and sharia financing reached Rp 10.84 trillion, growing by 76% compared to the same period last year amounting to Rp 6.15 trillion. This growth was achieved through collaborations with various partners, such as digital ecosystem and platform companies, financing companies, and other financial institutions.
Bank Jago is also growing sustainably and with quality. This is evident from the non-performing loan (NPL) gross ratio at 1.5% or below the banking industry average.Strong fundamental support can also be seen from the capital adequacy ratio (CAR) of 79%, which indicates large capital for future business expansion.
