Targeting Millennial Customers, BCA Releases "Wealth Management" Application

BCA released the Welma application to reach millennial customers who are not familiar with financial products. This strategy is a way for banks to boost business wealth management.

BCA President Director Jahja Setiaatmadja explained that the launch of the Welma application is one of the company's ways to improve financial literacy.

"This application has an interesting function for the public, especially the millennial generation, to start investing. Through this, BCA wants to develop the enthusiasm and willingness of the public to like to invest," he explained at the launch of Welma, Tuesday (8/10).

The Director General of Treasury of the Ministry of Finance Andin Hadiyanto explained that the rise of Welma-like applications would certainly make it easier for the public to get access to financial products. So it's not only about financial instruments and deposits.

"This is getting better, so it's not only how we manage investment but part of improving financial literacy, deepening the financial sector, so that people are given many choices for investment," he explained.

Business wealth management can be said to be quite tempting for banks, because there is non-interest income (fee-based income) taken from each transaction. This is a profit-making machine that banks now rely on in the midst of the onslaught of the technological era. However, wealth management very identical designed for rich customers only.

At BCA itself, business wealth management It has managed funds (AUM) of up to IDR 55 trillion. The total customers are around 153 thousand people, which are divided into priority customers (minimum balance of IDR 500 million) 150 thousand people and solitaire customers (balance of more than IDR 10 billion) 3 thousand people. Meanwhile, BCA has 18 million accounts in total.

"This value grew 40% (compared to the previous year), with Welma offering ease of use, of course we expect to grow even better," added BCA SEVP Wealth Management Christine Setyabudhi.

Before this application was present, in offering products wealth management BCA puts people in branch offices to serve its customers.

Welma app features

Deputy President Director of BCA Suwignyo Budiman added that the launch of the application underscores the company's commitment as a bank that offers solutions to financial needs for all its customers, not only for wealthy customers.

This application accommodates investment product transactions such as mutual funds, bonds, and bancassurance. Customers can buy or sell their investment products, monitor their investment portfolios, and search for insurance products easily.

The nominal investment starts from IDR 1 million to IDR 3 billion. It's just that, to be able to enjoy all these facilities, only those who are registered as BCA customers and have a BCA ID for login.

Next, you need to have an SID registered in the BCA system to buy mutual funds or bonds. If you haven't been able to visit the nearest BCA branch to register.

The mutual fund products sold at Welma are quite diverse, including Ashmore Asset Management, BNP Paribas, Batavia Prosperindo Asset Management, Bahana TCW, Danareksa, Eastpring, and so on. If you are interested in buying, it will be deducted directly from your account balance.

Meanwhile to buy products bancassurance, customers must contact BCA by calling or coming to the nearest branch. The insurance products sold are quite varied, ranging from health insurance, education, inheritance, pensions, accidents, property, and many more.

"Customers can compare three insurance products at once to see which benefits best suit their needs," said Suwignyo.

As for buying bonds, it is only available for the primary market. Suwignyo confirmed that in the future BCA will release additional features for selling bonds in the secondary market. Thus, customers can more easily manage their financial portfolio.

Welma also allows customers to invest regularly with the auto debit feature every month.

Currently, the new application is available for the Android version only, while for iOS it will be available no later than next year.