Survey: The Use Of Conventional Banks In The Community Is More Than Digital Banks

JAKARTA - The 2022 Visa Payment Attitudes Study (CPAS) Consumer Survey in Indonesia found that the use of conventional banks in the community was more compared to digital banks, which was 51 percent.

Survey respondents expressed a number of concerns about digital banks. 46 percent said they were afraid that their accounts would be hacked, 39 percent worried about illegal transactions or fraud, and 35 percent worried about unstable networks.

"That's a major concern about digital banks. Therefore, we need to continue to increase the literacy of digital banks, especially in terms of security," said Visa Indonesia's Head of Products and Solutions Dessy Masri in a Visa talk "Entering the Virtual Banking Era in Indonesia" quoted from Antara, Tuesday, June 20.

However, surveys have found that the use of digital banks in Indonesia continues to increase from year to year, namely 75 percent in 2020, 86 percent in 2021, and 88 percent in 2022.

This increase mainly comes from young groups that are more adaptive to technology, namely the millennial generation and gen Z.

However, the increase in financial inclusion is not balanced with the level of financial literacy.

Based on the 2022 National Literacy and Financial Inclusion Survey (SNLIK) by the Financial Services Authority (OJK), the financial inclusion index reached 85.10 percent, while the public financial literacy index was at the level of 49.68 percent.

Institute for Development of Economics and Finance (Indef) economic observer Nailul Huda explained that this condition shows that many people have bank accounts, but do not understand their financial products. He argues it can be dangerous for the community.

"Because people are vulnerable to fraud. It takes collaboration from various parties to increase people's financial literacy to reduce these risks," said Huda.

He encouraged efforts to increase financial literacy to start from an educational perspective. In fact, he recommended that financial literacy be applied from the elementary school (SD) level.

To increase literacy level, it must start from education. Elementary school children generally only know money and save, but must also enter regarding the benefits of banking services, payment using cards or cellphones, and so on. This literacy we must encourage," said Huda.