Boosting Performance, Bank Mandiri Continues Digital Transformation On Its 23rd Anniversary

Minister of SOEs, Erick Thohir while attending the 23rd anniversary of Bank Mandiri. (Photo: Doc. Bank Mandiri)

JAKARTA - In an all-digital era, of course, all businesses must also follow developments so they don't fall behind. This is the reason why Bank Mandiri actively continues to develop banking products and services with the role of technology at the forefront to facilitate the needs of customers and the community.

Entering the age of 23, Bank Mandiri has made a quantum leap to provide reliable digital banking solutions to customers by launching the Financial Super App Livin' By Mandiri to provide a customer experience like Branch services in hand and the Wholesale Digital Super Platform Kopra by Mandiri to provide the best financial solution for corporate customers through wholesale banking digitization.

Bank Mandiri President Director Darmawan Junaidi explained, supported by digitalization until the end of August 2021, Bank Mandiri managed to optimize the collection of third-party funds (DPK) and was able to reduce the cost of funds more efficiently.

This optimization is reflected in Bank Mandiri's total deposits (bank only) as of August 2021, which reached IDR 933.04 trillion, growing 8.00 percent YoY with a CASA to DPK ratio of 72.86 percent. Cost of Fund (CoF) was at 1.67 percent or decreased by 110 bps year on year.

Growth on the credit side is also in line with Indonesia's economic recovery efforts. As of the end of August 2021, Bank Mandiri's total credit distribution on a bank-only basis grew by 8.06 percent year on year (YoY).

Darmawan added, one proof of the success of digitalization at Bank Mandiri was also reflected in the increasing number of users of the Financial Super App Livin' By Mandiri, which reached 8.2 million at the end of August 2021, an increase of 50 percent compared to the previous year.

Along with the growth in the number of users, the rate of financial transactions for Bank Mandiri customers through Livin' by Mandiri also shot up to 63 percent yoy, penetrating 607.5 million transactions with a transaction value of IDR 1.008 trillion as of the end of August 2021.

In line with the theme of the 23rd anniversary of "Mandiri Becomes Digital", the company has been able to digitize almost all of Bank Mandiri's customer transaction services. As a result, until the third quarter of 2021, more than 95 percent of Bank Mandiri's banking transactions can be done digitally.

Darmawan said that in line with the vision to become the main financial partner of choice for customers with the best digital banking services, his party believes that the speed and excellence in digitizing banking services and products will be the differentiator in the fierce competition of the banking industry in the future.

"At the age of 23, Bank Mandiri is ready and has strong capital to accelerate the development of digital banking services for the retail and wholesale customer segments, and grow to become a leader in customer experience," said Darmawan on the sidelines of the 23rd anniversary celebrations. Bank Mandiri in Jakarta, Saturday, October 2, attended by SOE Minister Erick Thohir.

On this occasion, Bank Mandiri updated the Super App Livin' by Mandiri as the latest form of improvement in the company's digital banking. The latest features include opening new accounts, face verification, quick access, cardless cash withdrawals, e-wallet linkage for top ups, and updating of e-money balances including other electronic money with one click to transfer and pay favorite bills in one place.

"Livin' by Mandiri has transformed into a super app that utilizes an AI (Artificial Intelligence) approach to create a unique and modern personal touch in accessing complete financial services, including billers and subsidiary company products," added Darmawan.

It doesn't stop there, to accommodate the increasingly dynamic needs and ecosystem of customers in the wholesale segment which is the existing core business of Bank Mandiri, coinciding with the 23rd anniversary of Bank Mandiri launched the Wholesale Digital Super Platform Kopra by Mandiri with single access digital services that become a center for information and financial transaction activities for the business community of business actors in the wholesale segment and its ecosystem from upstream to downstream.

As of the end of August 2021 (YTD), Bank Mandiri's wholesale channel transactions recorded 123 million transactions with a transaction value of IDR 6.449 trillion.

As a Wholesale Super Digital Platform, continued Darmawan, Kopra by Mandiri will integrate all wholesale transaction needs into a single platform with a single sign on (SSO) features with Cash Management, Forex Transactions, Value Chain Financing, Trade Finance, Smart Accounts, and Online Custody.

Present to meet the needs of wholesale and SME customers, Kopra by Mandiri is equipped with three service variants, namely Kopra Portal, Kopra Host to Host, and Kopra Partnership which adapt to the needs of customers in the wholesale segment.

"Conceptually, Financial Super App Livin' and Kopra by Mandiri both carry a comprehensive banking experience approach, with various features that will bring Bank Mandiri closer to the digital ecosystem and strengthen collaboration with the Mandiri Group. the bank of choice and customer trust," said Darmawan.