Medan, November 19, 2023 – As a tech-based bank embedded in the Indonesian digital system, Bank Jago aspires to increase opportunities of growth to millions of people through life-based digital financial solutions. This aspiration was shown through an educational event titled “Pandai Atur Keuangan Sesuai Maumu dengan Aplikasi Jago” (Get More Personal and Smarter in Planning Your Finance with Jago App) held in Medan, North Sumatra, to introduce communities to Jago’s digital financial solutions.
The event aims at giving knowledge on the digital financial industry and the know-hows of financial planning using digital banks’ applications.
Irene Santoso, Head of Consumer Business Customer Value Management at Bank Jago, and Moch Amin Nurdin, Senior Faculty at the Indonesian Banking Development Institute (LPPI), took their stage as speakers at the event.
Moch Amin Nurdin said fast internet penetration and e-commerce growth in Indonesia had contributed to the country’s development of the digital financial industry. Even more, Amin believed that digital technology will be able to support the growth of Indonesia’s gross domestic product (GDP).
The value of the digital economy in Indonesia is projected to grow from Rp 1,408 trillion in 2022 to Rp 3,216 trillion in 2027. “Internet penetration is also increasing, with a projection of digital economy contribution at about 14 percent to the GDP in 2027, from around 8 percent in 2022,” Amin said.
Amin said that, in a digital-based economy, digital financial institutions will play an important role in supporting the digital ecosystem and increasing financial inclusion as well as literacy. Therefore, digital financial institutions should have several abilities in serving the digital market, such as customer centric mindset and open innovation ecosystem.
As a technology-based bank, Bank Jago always prioritizes innovation and collaboration with digital economy players. This is because Bank Jago has observed that every single person now uses digital applications in their daily lives and they are present in these digital ecosystems.
The phenomenon drives Bank Jago to provide financial transaction services in the digital ecosystem by developing the Jago app. The app is designed to be embedded in various digital ecosystems.
“In Bank Jago, we collaborate with ecosystems by embedding Jago app in digital apps that help people navigate through their daily lives. Customers can have an easier access to various financial transactions according to their needs, wherever and whenever, with their closest people,” Irene Santoso said.
As Bank Jago is embedded in digital ecosystems, customers will not need to download and install the Jago app as they can access Bank Jago’s services through their favorite apps. For instance, Gojek, Tokopedia, Bibit, Stockbit, and GoPay through a new collaboration called GoPay Tabungan.
GoPay Tabungan by Jago is the first transactional account in Indonesia that blends simple e-wallet features with the strength of a bank account. Customers can change their GoPay e-wallet into a GoPay Tabungan by Jago savings account in just a few minutes. They can use their accounts to conduct transactions and save their money with an annual interest rate at 2.5 percent.
Bank Jago recorded 9.6 million customers as of October 2023, including 7.6 million funding customers who also use Jago app. The number of Jago app users increased from 5.5 million seen in 2022.
