Growth Summit 2024 Answers The Challenges Of The Financial And Banking Industry In The Era Of Digital Transformation

Growth Summit 2024 (doc. Public Relations)

JAKARTA Digital transformation in the financial and banking industry is now a must. This is inseparable from the rapid development of technology. On the other hand, the implementation of banking digitalization is still faced with a number of challenges. Starting from increasing customer experience, human resources (HR), to data security.

The brand of the financial industry in Indonesia needs a solution for flexible customer engagement (Customer Engagement), which can develop and also prioritize compliance with OJK regulations. Repeatedly, MoEngage emerged as a leader in the involvement of customers (Customer Engagement) in the financial industry, with the trust of the financial industry in Indonesia such as Types, BRI Ceriaya, Flip.id, Amar Bank and many others.

"As the first Customer Engagement platform to have a Local Data Center in Jakarta, we are doing our best to help our customers stay agile and prioritize security," said Country Manager, Moengage, Roy Simangunsong quoting a written statement, Saturday, August 31.

To answer these challenges, MoEngage collaborated with Infobank Digital member of Infobank Media Group, to hold Growth Summit 2024 at Ritz Carlton Jakarta, Thursday, August 29, 2024. Growth Summit 2024 presents a number of leaders and practitioners of the financial industry who provide insight in responding to banking business opportunities and challenges in the digital era.

This forum starts with a Fireside Chat session, with the theme How to Implement a Good Successful Digital Transformation & Future Trend of Cyber Security. In this session, he was present as a speaker for the Jabodebek Financial Services Authority (OJK) and Banten Province Roberto Akyuwen and Senior Banker Krisna Wijaya, which was moderated by Roy Simangunsong, Country Manager of Indonesia MoEngage.

According to Roy, digital transformation is a necessity that must be applied to the financial and banking industry. This digital transformation can also be used as part of a strategy in conducting customer engagement. The goal is to build customer loyalty and trust.

This transformation surrounds various things. How to respond to a change from the industry itself, the consumer itself. One of the important things is to determine a strategy to carry out customer engagement," said Roy.

Then, Krisna said, there are a number of alternatives so that the banking industry can raise digital awareness. In terms of human resources, for example, it takes human resources who have knowledge and training, concern and a sense of belonging to the company.

Furthermore, the transformation strategy must be thought of carefully. The reason is, according to Krisna, that many transformation failures occur due to an unclear transformation strategy. In addition, it should also be understood that information technology systems can be hacked or stolen. Therefore, avoid errors in choosing the type of technology used. This type of technology used is related to the cyber security system of a banking. Cybersecurity is a crucial issue, amidst the rampant mode of cyber attacks that lurks banks. In this case, Roberto encourages the financial industry to carry out smart collaboration initiatives. This means that every financial industry actor must be connected to various ecosystems.

"I always encourage a concept that I call smart collaboration, this is something that might initially be foreign but then start to apply," he said. According to him, OJK has pushed as many as 200 banks in Jabodebek and Banten Province to conduct smart collaborations in cybersecurity simultaneously. Because if you are alone you cannot afford it and everything, you have no money, you have no expertise, you don't have enough information and so on," said Roberto.

In the 'How Banks Can Comply with Regulations to Enable Fund Protection for Customer' session, the Head of the IT Infrastructure & Operation Excellence Division of PT Bank Raya Indonesia Tbk Muhammad Fahry, who is one of the speakers, also highlighted the security system in banking.

In this case, according to Fahry, the biggest challenge regarding cybersecurity is not the technology used, but at the level of knowledge and awareness of human resources. Then, the panel discussion continued with the theme 'The Key of Customer Experience for Business Growth'.

In this session, Bank DKI President Director Agus Haryoto Widodo was present as one of the speakers. According to him, PT Bank DKI continues to present customer experience as an effort to increase customer trust and loyalty. His party always emphasizes the importance of consistency in customer experience for its customers.

"Consistency is the key in creating superior customer experience. Companies must focus on consistency in all customer journeys, both emotionally and in terms of communication to build customer trust and loyalty," said Agus.

On the same occasion, Eril Firmansyah, Vice President of PT Bank Mandiri (Persero) Tbk also emphasized the importance of customer experience in the business world. According to him, this can encourage the creation of competitive advantages for banks bearing this gold ribbon logo.

"Higher price, for example, good customer experience if we have it (competitive advantage), several times we buy a item or service with a good customer we will pay to pay on (willing to pay more)," he said.

Growth Summit 2024 is also filled with a discussion panel with the theme 'Digitally Transforming Banking and Finance: Ditch Legacy Platforms, Embrace Modern MarTech'. In this session, Reny Futsy Yama, Chief Marketing Officer AstraPay, Dandy Handoko, Chief of Data Officer of Neo Commerce Bank, Amanda Gracia Purba, VP Digital Sales & Acquisition UOB, and Alissa Vananda, AVP GTM Lead Digital Banking BNI.

There is also a discussion panel of 'Hyper-personalizing Connected Customer Experiences'. This panel was attended by Yosua Devara, Head of Product Cinema XXI (M-tix) and Dian Charlo, Head of Digital Channel Home Credit.