Indonesia internet economy - open banking disruption
• Indonesia’s digital business has formed a wide
ecosystem that incorporates e-commerce, travel,
on-demand services, payment systems and
Fintech platforms, etc.
• Online platforms become more sophisticated in
leveraging technologies to provide services
online.
• Digital economy in 2020 at $44bn, representing
4% of Indonesian GDP, was generated by
thousands tech start-ups.
Trend of Embedded Finance
• Embedded banking products allows business to expand product offerings and improve user engagement and user experience.
• Non-financial firms increasingly offering
financial products directly to their customers
within their own apps and services via open
APIs and partnerships
Battle for Consumer Relationship
• As competition continues to intensify surrounding
ownership of customer relationship, online
platforms are keen to find ways to retain
customers.
• Super apps tend to provide immense services by
their own, leaving other online platforms with
small rooms to keep growing user base and
maintaining it.
• Open bank, focuses more on enabling partners
rather than interact with end customers, can help
MSME build a more resilient business.
Growing Use of Data
• Most online platforms have cloud services to
save data for business analytics. However, the
usage of data is not as sophisticated as wellestablished
tech firms.
• Through open banking partnership, third party
apps will have access to banking data and
bank will have more transactional data.
Integration of data from both sides generates
wiser and agile decision making.
|•SOURCE•| Articles :BANKING | Image :UNCTAD |
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