Banking Will Be The Center Of The Future Digital Ecosystem

Illustration (doc. Antara)

JAKARTA - The Financial Services Authority (OJK) believes that the development of the digital ecosystem of the financial services industry in the future will be centered on the banking sector.

This means that in the future banking institutions will play more of a role as a center for products and services, for both financial and non-financial services.

"In the future, there will be more (banks) that will implement open banking with the Application Programming Interface (API) in collaboration with other institutions to serve customers," said Research Director of the OJK Banking Research and Regulation Department, Mohamad Miftah, in the Hybrid Banking Ecosystem webinar, in Jakarta, as reported by Antara, Thursday, March 17.

According to Miftah, in the future, there will also be platformification, which will allow various services and customers to connect, interact, and exchange value.

Since 2019, according to Miftah, the evolution of digital banking has occurred in the aspects of data, business models, regulation and supervision, as well as the use of technology, and will continue to develop in the future.

Regarding data, the bank will continue to develop to fulfill its function as the most secure store of customer personal data. Bank services will also become more complete with the establishment of their own platform, meaning that the bank will provide a choice of services for customers personally.

"Regulation and supervision will also change from product specific to monitoring institutional activities and being result-oriented," said Miftah.

The technology used to digitize banking in the future will also move dynamically to meet the movement of the ecosystem and also references from customers.

"For example, by using machine learning, Artificial Intelligence, biometrics, cloud computing, and quantum computing," said Miftah.