Digital Evolution in Indonesia’s Banking Industry

A comparative study on digital banking development in Indonesia

Embracing technology in the banking industry should be a top priority for CEOs. As customers’ behavior and expectations continuously change, banks are required to follow the digital wave to stay relevant. Indonesia poses tremendous opportunity for digitalization. With about 85% of transactions still relying on cash, the financing gap of USD 75 billion would need to be immediately addressed by banks and FinTechs alike. Although several retail banks in Indonesia have started to digitize their business processes, many have relatively chosen to focus on enabling basic customer transactions to this day. In order for banks to transform in the digitalization era, Solidiance believes there are 5 core competencies needed to be aligned with corporate vision and mission: Business model, Capability Building, Leadership and Organizational DNA, Product and Services, as well as Marketing Promotion Strategies.


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