Bank Rakyat Indonesia’s wealth management division receives recognition for its customer-centric approach and digitalisation.
As the largest bank in Indonesia, Bank Rakyat Indonesia (BRI) is on a mission to serve the country’s entire population and not just specific segments.
In line with this goal, BRI’s Wealth Management (WM) division provides comprehensive advisory services that help clients protect and grow their wealth. This approach by the bank is driving progress towards its goals of becoming the most valuable banking group in Southeast Asia and champion of financial inclusion by 2025.
Competitive advantages
Several factors have helped BRI achieve a better growth profile and greater loyalty among its customers. Powered by advanced data analytics and supported by highly capable advisers, BRI offers integrated financial planning and consulting solutions according to each client’s needs to help them accumulate, protect and distribute wealth.
The lender sees itself as more than just a provider of banking products, with a focus on driving one-stop financial solutions for various financial needs. These solutions include venture capital firms, securities companies, insurance providers and investment management companies, all of which give the bank an edge over its competitors.
BRI is also always looking to support financial growth in the surrounding ecosystem; for example, the bank offers companies with closed ecosystems, an approach where all parties involved have access to banking services.
During the Covid-19 pandemic, BRI responded to its clients’ desire for a more conservative approach by focusing on low-risk investment products such as government bonds and money market mutual funds, as well as protection services such as bancassurance.
Customer-centric approach
Customer satisfaction is at the core of BRI WM’s business operations. Clients receive investment recommendations tailored to their unique needs and financial conditions. To do this, the bank relies on three key propositions:
Tailored advisory
Highly competent relationship managers
Continuous financial education.
To strengthen the growth of the WM business, BRI continues to develop its digital platform and services that allow customers to search for information about products and services using the bionic model. This digital platform is also equipped with scoring models and data analytics, and helps profile customer needs based on risks and segments, as well as provide the right financial planning solutions.
Along with the support of these sophisticated digital tools, BRI maintains consistency by providing the best service in the form of a personal touch that is tailored to customer needs.
The lender offers a house view that helps clients navigate the financial markets and identify not just good opportunities but also attractive solutions and products for short and long-term investments.
In contrast, an inside view attempts to make predictions based on an understanding of a problem, while an outside view, also called reference class forecasting, looks at similar situations from the past and makes predictions based on those outcomes.
Meanwhile, BRI’s WM business has continued to flourish, thanks to the lender’s optimisation of technology. During 2022, the bank recorded growth of 75 per cent year-on-year in the number of new investors and an increase of more than 305 per cent year-on-year in new insurance policies.
These increases have been supported by a digital platform that analyses the needs and risk profiles of customers to provide recommendations for product customisation. The platform also works to optimise growth preferentially, by focusing on the unique needs of each customer through personalised technology services and risk management.
Supporting the economy
When it comes to Indonesia’s economy, despite the economic turmoil caused by the pandemic, BRI has supported the government’s programmes for recovery. The bank’s efforts have resulted in significant government bond sales and has demonstrated its commitment to supporting the nation’s recovery and fulfilling customers’ investment needs, particularly for environmental, social and corporate governance-based (ESG-based) products.
BRI is committed to providing the best service to all its customers from every business segment. The lender is also looking to maximise the potential of clients in other segments to help them enter the mass affluent segments.
BRI also prepares strategies to strengthen financial management inclusion in the community, with the theme of ‘Wealth Management For All’ by providing comprehensive banking services for the micro, retail, priority and private business segments.