Depok, 18 August 2023 - PT Bank Jago Tbk participated in the Campus Orientation Introduction (OPK) event for new students of the Faculty of Economics and Business, University of Indonesia (FEB UI) for the 2023/2024 academic year.
Head of Consumer Business Customer Value Management at PT Bank Jago Tbk, Irene Santoso, addressed around 850 new FEB UI students, explaining the developments and challenges of the banking industry in the current digital era. Among other things, she addressed the public’s need for easy and secure banking services, as well as fulfilling the demand for innovative human resources (HR) capable of adapting to technological changes.
Bank Jago is one of the pioneering technology-based banks built considering the lifestyle trends and demographic potential of Indonesia, which is dominated by young and internet-savvy consumers .
"In the coming years, there will be significant expansion in the consumer class in Indonesia. An estimated addition of about 70 million people is expected for the middle class from 2020-2030," she explained during a guest lecture session at the FEB UI campus in Depok on Friday (08/18/2023).
She mentioned the opportunity for digital banks to transform consumer experiences, which is currently dominated by young people who have a high willingness to use financial services and make purchases through electronic channels. The way forward is for digital banks to introduce online financial service features or products that are easy and safe, ranging from account opening to financial transactions, and regulated like conventional banks.
According to her, there are three stages or types of digital banks. First, conventional banks that combine operations through branch offices with mobile banking features to facilitate transactions and manage customer accounts. Second, pseudo digital banks that operate as online product options from conventional banks, with systems not separate from other bank products and services. Third, fully digital banks that rely entirely on online processes for all customer transactions – from account opening, without going through physical branch offices.
"Bank Jago is the third model. The entire process is completely digital, and its features and services can be accessed anytime and anywhere, 24 hours a day, seven days a week," Irene explained.
Irene explained that Bank Jago is developed as a strong and innovative technology-based bank to serve the needs of customers in the retail, micro, small, and medium enterprises (MSMEs), as well as the mass market segments. This aligns with the company's commitment and aspiration to enhance the growth of millions through life-focused digital financial solutions, through banking products and services that can be embedded in the digital ecosystem.
"Through the Jago Application, prospective customers can open accounts and manage finances solely through smartphones, without having to go through the lengthy administrative processes at branch offices," she said.
Regarding the work environment, Irene revealed that Bank Jago is filled with experts in their fields, not just banking. This tech-based bank is always looking for new talents eager to contribute ideas for new flagship products and services.
"Jago is a combination of startup culture with sustainable banking business strategies," she emphasized.
Bank Jago believes that diversity is a driver for innovation. "With various expertise and backgrounds, every 'Jagoan' (Jago employee) is present to provide their unique knowledge and experience," Irene continued.
The OPK event for new FEB UI students was interactive, with enthusiastic audiences asking questions ranging from dynamics and macroeconomics to the urgency for customers of public banks to migrate to digital banks.
