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May 2018 - IDC Perspective - Doc # AP43801118

The Digital Transformation Journey of the Indonesia Banking Industry, 2018

Author: Handojo Triyanto
Senior Research Manager

Abstract

Indonesia, with the fourth largest population in the world with 260 million people, is progressing the digital transformation of its financial services industry. Driven by the top-level banks in the country, the transformation promises great benefits, such as new products and services, convenience, efficiency, and reliability, to financial services users. The market also entices many technology providers and investors either locally or overseas. The regulators in the country are also being considerably responsive to the industry. The purpose of this research is to understand the digital transformation journey of the country's banking industry. "Overall, the Indonesia banking industry is catching up with the latest digital transformation best practices when looking at the vision, strategy, initiatives, products, and services. However, there are still several gaps, and there are opportunities to improve toward becoming the best banks," says Handojo Triyanto, senior manager, of IDC Financial Insights.

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