The Financial Services Authority Inaugurates Blueprint For Banking Digital Transformation: Future Banks Are Different From Today

Illustration (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) has officially launched a blueprint for digital banking transformation as an effort to accelerate the transformation of the national financial industry so that it is more resilient, competitive, and contributing.

The Chief Executive of OJK Banking Supervision Heru Kristiyana said this launch is a more concrete picture of the various initiatives and commitments of the authorities.

“Digital transformation in the banking sector is a necessity. Over the past few years, demands for digital acceleration have become increasingly prominent, driven by changes in public expectations for fast, efficient, and secure financial services that can be done from anywhere," he said at an online press conference, Tuesday, October 26.

According to Heru, this blueprint focuses on five elements of banking digitalization development. First, data protection, data transfer, and data governance. Second, information technology architecture.

Third, risk management and bank cyber security. Fourth, collaboration in the digital ecosystem. And the fifth is the institutional arrangement and human resource development.

"The five elements are strategic steps to encourage banks to create innovative financial products and services that can meet consumer expectations and are consumer-oriented," he said.

Heru also said that the blueprint was prepared by considering various aspects including studies related to future banking, the condition of banking digitalization, best practices in the banking industry, to harmonization with policies or regulations of the relevant authorities.

"Future banking will be very different from what it is today," he said.

For information, before launching the blueprint for digital banking transformation, a roadmap has been prepared in the Master Plan for the Indonesian Financial Services Sector 2021-2025 (MPSJKI) Pillar 3 and the Roadmap for Development of the Indonesian Banking 2020-2025 (RP2I) Pillar 2.

"The bottom line is that OJK together with the government directs banks to accelerate digital transformation while still implementing adequate information technology governance and risk management," concluded Heru.