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Maybank Indonesia is prioritising digital solutions and customer experience in its transformation efforts.

Maybank Indonesia, a subsidiary of the Malayan Banking Berhad Group, is committed to the goal of ‘Humanising Financial Services’. As one of the leading private banks in the country, the lender has undergone a massive digital transformation to serve its customers better.

This approach has helped Maybank Indonesia land the Excellence in Mobile Banking award at the 14th Annual Retail Banker International Asia Trailblazer Awards. The bank has been recognised for its commitment to providing its customers with innovative, user-friendly digital solutions that enhance the banking experience.

Prioritising customer experience

Effective customer service is about finding ways to make the lives of clients easier within the bounds of real-world limitations such as budgets and time.

Banks that prioritise customer experience in their business strategies and transformation efforts can not only differentiate themselves from competitors but also meet customer demands more effectively. With exactly this kind of approach and with the customer at the core of its strategy, Maybank Indonesia has addressed client pain points by developing digital solutions that are relevant, hyper-personalised and accessible.

Diversifying digital solutions

The lender has a robust ecosystem that supports more than 300 billers and 600 virtual accounts partners, along with 14 million merchants that accept all payment types including debit card, credit card and QR codes. This has enabled it to provide an omni-channel banking experience using ATMs, the internet, and mobile and online systematic transfer plan (STP) account opening, as well as the latest open API technology.

Maybank Indonesia’s retail banking segment follows a micro-segment approach that divides markets and customer pools into small, actionable groups with common characteristics. The bank’s solutions are then tailored to the specific needs of different customer segments.

In addition, Maybank Indonesia’s digital platform offers both conventional and Islamic banking solutions to ensure all communities and societies have access to the financial solutions they need.

Addressing market gaps

In line with its mission to humanise financial services, the lender continues to identify gaps in the market that could fulfil the financial needs of its clients.

Most banks in Indonesia use video calls for Know Your Customer (KYC) verification, for which a stable internet bandwidth is required, which may not be available in certain parts of Indonesia. This has created the demand for a fully online onboarding process. To address this pain point and ease the onboarding process, Maybank Indonesia developed eKYC technology that reduces the account opening process from 45 minutes to just seven minutes, an improvement of 80 per cent.

Another gap the bank has identified is the growing need among the middle-income population in Indonesia for digital solutions to manage finances. To counter this challenge, Maybank Indonesia has developed a fully digital financial planning and wealth management solution to cater to the demands of the country’s ever-increasing millennial and middle classes.

This solution includes a 360-degree customer portfolio dashboard, a goal-based investment plan and an expense tracking feature, all of which are powered by the M2U ID app, the bank’s digital platform. In recent years, the number of customers who have been onboarded through the digital platform has increased by more than 30 per cent year-on-year, while the number of transactions coming from the M2U app has grown by almost 40 per cent year-on-year.

Maybank Malaysia is blazing a trail in the industry with the introduction of Apple payment solutions for faster and more secure transactions.

Maybank Malaysia has won the Best Mobile Wallet Initiative category at the 14th Annual Retail Banker International Asia Trailblazer Awards.

The award acknowledges the bank’s pioneering efforts in improving customer experience by introducing Apple payment solutions, which utilises tokenisation for faster and more secure transactions.

In addition, the new system enables customers to use face/fingerprint recognition or a passcode to authenticate transactions. Instead of sharing actual card details, the system generates a unique code, making the process safer and more convenient for Apple device users.

Maybank has also facilitated provisioning for all its cards, including debit, credit or charge, for Apple Pay. So far, the number of card provisions have surpassed initial targets since the service’s launch in August 2022. This mobile wallet initiative has enabled the lender to gain a higher volume of customers, card offerings and provisioning compared to other banks that offer Apple Pay solutions in the country.

Growing client base

Maybank is committed to integrating sustainability into its decision-making process and investing in a sustainable future while also driving its leadership position in the sustainability agenda.

Maybank introduced the Sustainable Product Framework (SPF) in September 2022, creating a uniform classification system for sustainability activities and encouraging the growth of green, social, sustainable, sustainability-linked and transition products in various sectors. To ensure stakeholders are well-informed, Maybank sets sustainability metrics and publishes reports on sustainable finance and insurance accomplishments annually. The lender also conducts internal and external validations that further ensure the quality of its reports and performance.

Prioritising financial literacy

On a more holistic note, Maybank has launched its M25+ strategy to bolster growth and solidify its position as a leading financial services provider in the region. On a mission to humanise financial services, the bank aims to:

Intensify customer centricity
Accelerate digitalisation and technological modernisation
Strengthen its business presence and position beyond Malaysia
Drive its leadership position in the the sustainability agenda
Become a global leader in Islamic banking.

In its efforts to promote financial literacy and inclusion for its stakeholders, particularly among the youth and those from underserved communities, Maybank has developed programmes to raise awareness on financial management.

The bank has also actively engaged with more than 11,000 students nationwide via its MCAMPUS financial literacy talkshow and community webinars such as the ‘Resipi Bersama Chef Saham’ programme. It further plans to establish on-campus branches to strengthen financial literacy in the younger generations.

Maybank’s mobile wallet initiative, sustainable product framework and focus on the M25+ strategy as well as its support for financial literacy all showcase the lender’s commitment to improving customer experience, promoting sustainability and driving financial inclusion.

Maybank Malaysia won the Best Mobile Wallet Initiative award at the 14th Annual Retail Banker International Asia Trailblazer Awards and received a Highly Commended mention in two other categories: Best Advance in Sustainability Practices and Best CSR Initiative – Financial Literacy.

Through its initiatives, Maybank Cambodia has shown that it is not just a financial institution, but also a responsible corporate citizen.

Maybank Cambodia, a subsidiary of Malayan Banking Berhad, has won two major accolades at the 14th Annual Retail Banker International Asia Trailblazer Awards. The lender has been named the Best Retail Bank – Cambodia and has also won the Best CSR Initiative award for its contribution to the local community.

Maybank Cambodia received recognition for its commitment to serving the Cambodian community through its mission of ‘humanising financial services’. Since its establishment in Phnom Penh in 1993, the bank has been dedicated to providing accessible financial services to customers based on their individual needs.

The lender believes in empowering the community and has implemented new initiatives and solutions that better serve its customers.

Meaningful contributions

Maybank Cambodia’s commitment to driving change and making meaningful contributions towards a better world is reflected in its corporate social responsibility (CSR) initiatives. As part of its mission to humanise financial services, the lender is committed to being a force for good, doing the right things right and leaving no one behind.

The initiatives rolled out by the bank have so far focused on education, environment, healthcare and community development. Through these initiatives, Maybank Cambodia has shown that it is not just a financial institution, but also a responsible corporate citizen that cares about the wellbeing of the community.

Focus on sustainability

It must be noted that the bank has struck a strategic balance between being attentive to the implications of its actions on the communities it serves as well as the needs of its stakeholders. Its ultimate goal is to embed sustainability across all its operations to drive change for a better world.

Through its CSR activities, Maybank Cambodia has positively impacted the lives of many individuals and helped to create a better future for the community. The bank’s focus on providing equitable and customer-oriented financial services while simultaneously making significant contributions to building a better world has rightfully been lauded by the industry.

Maybank Philippines has been lauded for its efforts to innovate and create products that enhance customer experience.

Maybank Philippines has made its mark in the banking industry by streamlining its deposit onboarding process and solidifying its position as a leader in fintech. Continued efforts to innovate and create products that enhance customer experience have earned the bank recognition at the 14th Annual Retail Banker International Asia Trailblazer Awards in the Best Fintech Partnership category.

In January 2022, Maybank Philippines launched the second phase of its digital deposit process, allowing customers to create an iSave digital deposit account through the Maybank2U PH (M2U) application. With the digital deposit account facility, customers can use their accounts for banking transactions such as paying bills and transferring funds.

This move has streamlined the deposit onboarding process and has allowed the lender to eliminate deposit restrictions and tedious post-account reviews. The bank has thus been able to reduce attrition from 50 per cent to just 10 per cent following the launch of this phase.

Digital presence

Maybank Philippines has further strengthened its fintech presence by joining forces with GCash, the largest wallet provider in the Philippines. This partnership and the launch of EzySave+ in October 2022 have allowed the bank to accelerate its digital strategy.

Verified GCash customers can open an EzySave+ digital savings account via the GSave marketplace on the GCash app, thus eliminating the need to visit a physical branch.

EzySave+ offers numerous benefits to customers, including interest payable of 5 per cent a year as cash credited to their account for the first 90 days from account opening (for average daily balances [ADB] of up to PHP3m [$54,683]).

Customers also get up to PHP1m in personal accident insurance with a minimum ADB of PHP50,000. By maintaining a minimum balance of PHP1,000, this experience extends to include a free debit card delivered directly to the customer’s address.

EzySave+ has been a resounding success, increasing Maybank Philippines’ customer base by 50 per cent within six weeks of its launch, helping the lender achieve its full-year target for 2022.

The recognition received at the 14th Annual Retail Banker International Asia Trailblazers Awards is a testament to the bank’s commitment to innovation and its success in creating a product that meets the needs of its customers.

LH Bank is making investments more convenient by helping customers effectively manage their portfolios.

Land and Houses Bank (LH Bank) has earned recognition for its mutual fund investment app Profita at the 14th Annual Retail Banker International Asia Trailblazer Awards. The bank was highly commended in the Best App for Customer Experience category at the ceremony.

When creating the Profita app, LH Bank used a design-thinking approach to engineer the best investment experience. The bank conducted extensive research to identify customer needs and pain points, which resulted in the creation of a user-friendly app that can help customers plan and manage their investments as well as gain round-the-clock access to investment products and services.

Multi-purpose app

Profita condenses the investment world into one app, providing customers with useful information such as returns, historical prices, dividends, Morningstar ratings and recommendations from a professional adviser team. The app includes helpful features such as the option to open a savings and trading account in one step, as well as a smart fund comparison of up to 15 funds across 16 leading fund houses, which is a first in Thailand.

In addition, Profita comes with a robot adviser, also called a ‘genius investment personal assistant’, which helps clients select investment plans according to their goals and risk tolerance, and even offers advice for portfolio rebalancing.

These smart robot and fund comparison features have been designed to provide users with an easy and convenient investment experience.

Profita also includes a portfolio tracking ability and suggests adjustments to help clients stay on track and fulfil their investment needs. In addition, customers can choose returns based on risk tolerance and invest independently or with automatic portfolio rebalancing.

Tailored offerings

LH Bank is dedicated to sustainable growth and a complete digital transformation, offering tailored products and services to meet the needs and lifestyles of its customers. The bank’s Profita app is an essential part of this vision.

To help investors, the bank has added a range of functions and features on the app, including fund comparisons, daily news updates and real-time profit and loss alerts, making the experience useful for both beginner and professional investors.

LH Bank plans to continue developing the Profita app and is set to introduce new advanced features that will make investment easier and more convenient, giving users the power to respond to investment opportunities efficiently and achieve their financial goals.

With its expanded partner network, market knowledge and footprint, United Overseas Bank Malaysia is confident of providing more valuable choices to its customers.

United Overseas Bank Malaysia (UOBM) has been named the Best Retail Bank – Malaysia at the 14th Annual Retail Banker International Asia Trailblazer Awards for the second consecutive year. This award recognises the bank’s commitment to providing excellent services and reliable product offerings to its customers.

UOB Malaysia is rated among the top banks in the country, with a long-term AAA rating from the Ratings Agency of Malaysia. The bank serves mass affluent and affluent customers, offering an extensive range of products and solutions that align with their lifestyles, preferences and business needs.

UOB Malaysia has established a strong reputation in Malaysia’s highly competitive banking industry by offering customer-focused services. Drawing on its expertise and understanding of the Association of Southeast Asian Nations region (ASEAN region), the bank provides various financial services, including personal banking, corporate and commercial banking, investment banking, treasury services, wealth management and Islamic banking, tailored to the unique needs of its clients and businesses.

Strategic acquisition

UOB Malaysia’s acquisition of US banking conglomerate Citi’s consumer banking business in Malaysia comes at an opportune time as there is significant synergy and shared focus between both portfolios. In addition, it aligns well with the bank’s overall strategy and accelerates its technological advancement by five years.

To achieve its goal of providing innovative products and services to customers in retail banking, UOB Malaysia has allocated RM1bn ($22m) over the next three years for investment in its digital capabilities. The bank also plans to continue to invest in technology and digitalisation to diversify its service delivery channels and improve customer experience.

Customer-centric approach

UOB Malaysia’s customer-centric approach and emphasis on prioritising client needs have been acknowledged and appreciated by its customers. As a result, the bank’s performance has been highlighted in the Association of Banks in Malaysia’s annual industry-wide customer satisfaction survey, the Net Promoter Scores, where it secured a position among the top three ranks.

With its expanded partner network, market knowledge and footprint, UOB Malaysia is set to provide even more valuable choices to its customers. The lender’s comprehensive range of products and services, as well as additional privileges and rewards, will enable it to enhance the overall banking experience for its customers.

UOB Singapore has won the 2023 Asia Trailblazer of the Year award for its commitment to digitisation in the region.

United Overseas Bank (UOB) Singapore has once again made a mark on the banking industry by winning the Asia Trailblazer of the Year 2023 (Institution) category at the 14th Annual Retail Banker International Asia Trailblazer Awards. This accolade recognises the lender’s commitment to providing exceptional services through an omni-channel approach to its customers in the Association of Southeast Asian Nations (ASEAN) region.

In 2022, UOB made a bold move by acquiring US bank Citigroup’s retail businesses in Indonesia, Thailand, Malaysia and Vietnam. This acquisition has given the bank the opportunity to engage its customers digitally on a larger scale; it is also set to double UOB’s retail customer base in these markets to more than 5 million.

Prioritising digital

With that in mind, UOB has prioritised its digital capability enhancements and has provided its onboarding Citigroup customers with a seamless transition and in-app experience.

As the bank expands its partnerships with top brands in travel, dining and retail, it will start to provide new cross-border offerings to its cardholders in the ASEAN region. Some of these offerings include exclusive invitations to private dinners at Michelin-starred restaurants, access to luxury fashion brands and a range of curated deals on UOB’s online travel portal – Travel Insider.

To stand out from its competitors, UOB uses AI-driven insights to personalise the customer experience, drawing actionable intelligence from transactional data and customer behaviour. This allows the bank to offer tailored solutions and services that meet each customer’s unique needs, and is a significant reason why it has received recognition in the industry.

Delivering customer value

UOB is committed to meeting its customers’ financial needs through an omni-channel approach. By continuously digitalising customer experience and processes, the bank has generated a 26 per cent increase in digitally engaged clients, of which 40 per cent are omni-channel customers. This has resulted in topline growth while keeping the cost-to-serve flat through digital channels.

UOB continues to enjoy a strong financial performance, with gross revenue remaining robust despite market uncertainties. The lender has also seen strong balance sheet growth, with an increase of more than 10 per cent in deposits as well as robust growth in loans ending net receivables (ENR).

Popular platform

Meanwhile, the bank’s digital banking platform, UOB TMRW, now serves 1 million customers in the digital and payments arena. The bank has also achieved impressive year-on-year growth in its Rewards+ programme and in PayNow transactions, as well as in current account and savings account (CASA) and card acquisition.

The reopening of country borders following the lull in the Covid-19 pandemic has also helped UOB record a significant increase in total and cross-border billings, indicating deeper connectivity and wealth flow in the ASEAN region.

The Indonesian lender’s vision is to be more than just a provider of banking products and to become a driver of financial innovation.

Anastasia Handayani, director of consumer business at Bank Rakyat Indonesia (BRI), on the giant strides the bank is making in the mass affluent market segments.

Can you give us an overview of Bank Rakyat Indonesia’s strategy for serving the mass affluent segment?

Bank Rakyat Indonesia offers personalised services tailored to the specific needs of each client, regardless of their persona. Using advanced data analytics and highly capable advisors, BRI provides integrated financial planning and consulting services that focus on helping clients accumulate, protect and distribute their wealth in the most effective way possible. With a commitment to understanding the unique financial goals and aspirations of each client, BRI is able to provide customised solutions that help clients achieve their objectives and secure their financial futures.

How does BRI differentiate its mass affluent banking offerings from its competitors?

BRI has a vast network of branches that offer global capabilities mixed with local values. The bank aims to become the customer’s first choice for all banking transactions by providing a comprehensive range of financial solutions. Its vision is to be more than just a provider of banking products and to become a driver of financial innovation by offering a range of instruments such as government bonds, corporate bonds, mutual funds, securities, bancassurance and pension fund management.

BRI’s wealth management business is a key differentiator from its competitors as it offers a breadth of products and services that includes venture capital, securities companies, insurance companies and investment management companies. These services are not just limited to the mass affluent segment, but also available to all client segments including micro, retail, priority and private.

BRI is committed to supporting financial growth in the surrounding ecosystem and is involved in various activities that address financial problems. The lender provides comprehensive banking services to companies with closed ecosystems where all parties involved can enjoy banking services with BRI.

Can you discuss the role of technology in BRI’s mass affluent banking strategy?

BRI continues to develop digital platforms and services that allow its customers to find information about products and services digitally using the bionic model; the client is assisted on this by the relationship manager, but the authorisation comes from the client themselves.

BRI’s bionic model approach caters to two types of client criteria. For digital mass affluent clients, the bank offers fully digital tools that allow for self-service using a digital app. For non-digital mass affluent clients, BRI still provides the best service in the form of a personal touch tailored to the customer’s needs.

To strengthen the growth of the wealth management business, BRI continues to develop digital platforms and services that allow clients to find information about products and services digitally using the bionic model – this is equipped with scoring models and data analytics, which help profile customer needs based on risks and segments, and provides the right financial planning solutions for customers. Besides being supported by sophisticated digital tools, BRI always maintains consistency by providing the best service in the form of a personal touch tailored to customer needs.

Can you share a success story or innovative solution BRI has implemented for its mass affluent customers?

The growth of BRI’s wealth management business continues to increase with the optimisation of technology digitally. In 2022, the bank recorded a growth in the number of new investors of 75 per cent year-on-year and a growth in new insurance policies of more than 305 per cent year-on-year.

These increases are supported by the provision of a digital platform that uses analytical data to provide recommendations for product customisation according to the needs and risk profiles of customers. The platform also optimises growth preferentially with management that focuses on the unique needs of each customer through personalised technology services and good risk management.

Describe BRI’s efforts to increase financial literacy among mass affluent customers.

BRI is always preparing strategies to strengthen financial management inclusion in the community, with the theme of ‘wealth management for all’. We provide digital platform and financial advisory services in 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. We also offer an inside view, which attempts to make predictions based on an understanding of the details of a problem. There is also the outside view, also known as reference class forecasting, which looks at similar past situations and makes predictions based on those outcomes.

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.

Bank Rakyat Indonesia is finding success in its race to improved digitalisation and meeting individual client needs.

Agus Noorsanto, wholesale and institutional business director at Bank Rakyat Indonesia (BRI), on how the lender is enhancing its current account portfolio with customised banking solutions.

How does Bank Rakyat Indonesia balance the needs and requirements of its individual and corporate clients when it comes to current account offerings?

There have been major changes in people’s lifestyles and the way business has been interacting with society in recent years due to the Covid-19 pandemic. In light of this, BRI has implemented a balance between the individual and corporate client segment. We have enabled our current accounts, known as Giro BRI, to be able to interact with both platforms and services for each customer segment, which ultimately helps create a full chain in the business ecosystem.

These platforms and services are engineered to create efficiencies so that our clients, ranging from individual buyers to corporate clients, can easily execute financial transactions. It must be noted, however, that BRI does not only care about creating efficient services and platforms that integrate with both segments. We also pay attention to profitability and the complete product cycle to ensure all our solutions are tailored to fit our customers’ needs.

What are the unique features and benefits provided by BRI’s current account offering?

The Giro BRI accounts hold deposits from clients in the form of the local currency as well as foreign currencies. These deposits can be withdrawn at any time via multiple channels and methods such as chequebook/bilyet giro (BG), over-the-counter, ATMs and digital modes.

At present, the development of the digital banking business is rising up the agenda in Indonesia as banks look to become more agile in responding to rapid market changes. The use of technology has changed the customer’s mindset towards financial transactions and BRI is striving to innovate and adapt to these trends to offer its clients the latest digital solutions. Some of the features offered by our Giro BRI account are as follows:

Multiple currencies: BRI provides a variety of currency options including the local IDR and 11 foreign currencies.

High-yield accounts: Our Account Preferential Rate (APR) is a solution that accommodates the special rate of the Giro BRI account in both IDR and foreign currency, thus allowing for several types of interest rate calculation schemes. With APR, a special rate can be input into the system and calculated automatically using an agreed scheme. BRI offers seven such types of special rate schemes that can be adjusted according to customer needs.

Customised accounts: We offer almost 49 types of liquidity accounts to accommodate our customers’ needs. These range from Regular Customer Accounts (RDN) and Special Lender Accounts (RDL) to more complex solutions such as the Notional Pooling Account.

Transaction tools: In order to help our customers easily manage their transactions, we provide multiple cash transactional tools for collection and disbursement, such as virtual accounts, digital saving machines, Bilyet Giro and our state-of-the-art Wholesale SuperApps platform – QLola by BRI.

Automatic transaction capabilities: We have developed multiple capabilities to automate client transactions, ranging from Automatic Fund Transfers (AFTs) and Automatic Grab Funds (AGFs) to Automatic Transfer Systems (ATS).

Moreover, for those clients who have ultra-advanced automation needs, we have prepared multiple integration modules within our automatic transaction capabilities to support seamless and secure transactions.

What are some recent improvements made to BRI’s current account offerings?

For the past few years, BRI has been dedicated to enhancing its products and capabilities keeping digitisation in mind, particularly in the case of the Giro BRI account. We have now launched the Digital Safe Machine to improve our clients’ cash flow management for collection and disbursement.

This machine is equipped with a system that can record cash deposited into the machine and credit it to the merchant’s account in real time using application programming interface (API) technology to connect directly to the bank’s core system. In addition, to improve the liquidity position of our clients, we provide the Account Preferential Rate, a system that accommodates the special rate for Giro BRI accounts in both IDR and foreign currency using multiple interest calculation models and types. This solution is aimed to reduce the cost of funds in blended competitive pricing to create a more attractive alternative solution for clients.

It must be noted that all the improvements mentioned so far helped BRI improve its ranking in the national Giro position in December 2022, closing at IDR350tn [$22.8bn]; the bank came in at 2nd in December, compared to 4th place a year earlier.

How does BRI plan to continuously improve and evolve its current account offerings?

Globally, the rapid development being witnessed in the technology sector has driven the banking industry to embrace change and transformation. In Indonesia, the influence of the digital era is clearly evident in the lives of people, especially when it comes to the financial industry, where people require a safe, efficient and reliable system to support their financial needs.

This is where our app – QLola by BRI – comes into the picture; it enables us to cope with increased demand and supports us in adding more value for our clients. QLola by BRI focuses on providing efficiency, reliability and peace of mind for clients, and enables them to access various BRI wholesale products and services, including financial dashboards, remittance trackers, cash management, trade, guarantee, foreign exchange, investment and custody, on one platform, using just one login ID.