Bank Rakyat Indonesia has won accolades for its commitment to offering digitally connected solutions.
As one of the largest state-owned banks in Indonesia and Southeast Asia, Bank Rakyat Indonesia (BRI) has a long history of developing the banking sector and focusing on micro, small and medium enterprises (MSMEs). The bank has also strengthened its plans to digitise its financial services in order to provide comprehensive, accessible, fast, secure and affordable financial access to its customers.
It thus comes as no surprise that BRI has been recognised as the winner of the Best Current Account Offering category at the 14th Annual Retail Banker International Asia Trailblazer Awards.
Prioritising customer satisfaction
In the banking sector, where time and quality of service are of utmost importance, BRI has prioritised improving its service offerings.
The Transaction Banking division is leading the way in the bank’s efforts to digitise and aims to become the preferred partner for clients in transaction banking. The division offers digitally connected solutions and superior services for clients and their cash management and trade requirements.
BRI has further improved customer satisfaction by reducing wait times and improving service delivery. As a result, the lender has seen a considerable increase in its current account balance, with an almost 59 per cent year-on-year increase and a nearly 42 per cent year-on-year increase in the number of accounts.
Managing cash flow
Despite the growth of digital payment methods in Indonesia, cash remains the primary payment instrument for low-value transactions. About 77 per cent of all point-of-sale purchases were made in cash in 2020, according to a Worldpay Global Payments Report.
With the increasing amount of money in circulation, managing cash flow has become a pressing issue for banks and retailers in the country. There is clearly a significant opportunity for lenders to absorb funds resulting from cash transactions and provide cash deposit facilities to merchants.
To that end, BRI has taken steps to improve its cash deposit collection process, making it easier for customers to deposit cash directly from their offices through a third party. In addition, the bank has also enhanced its digital safe machine, a system similar to a cash deposit machine and which is equipped with a real-time recording system that credits deposits directly to the merchant’s account.
As a result, with a benefit-cost ratio of 4.5, the digital safe machine project is expected to deliver a positive net present value to firms and their investors. BRI is also working with third parties to expand its cash pick-up business and become a pooling bank with the digital safe machine.