Bank Raya Launches Online Account Opening Through the BRImo Application

PT Bank Raya Indonesia Tbk (IDX: AGRO) announced a synergy with parent company PT Bank Rakyat Indonesia Tbk (IDX: BBRI) to integrate services digital savings. Through this synergy, prospective Raya customers can open new accounts on the BRImo application.

At the inauguration ceremony, BRI Small and Medium Business Director Amam Sukriyanto revealed that this was the first step of digital transformation within the BRI Group, which refers to the BRIVolution 2.0 blueprint. "We continue to strive to provide holistic financial services for customers," said Amam.

While, President Director of Bank Raya Kaspar Situmorang said that this synergy has enabled Bank Raya to advance to its position as a end-to-end digital providers and accelerate the rapid growth of the number of its customers.

"Since the first day of Bank Raya's establishment, we have also implemented the transformation of assets and liabilities carried out by BRI here. Therefore, the products we develop are adapted to the market we are looking for. serves, i.e. workers gig economy, said Kaspar.

The Raya application has been launched since February 2022 and has as many as 713 users as of June 2022. The company is aiming for one million users of the Raya application this year. Meanwhile, BRImo has been used by 18,3 million users, where this synergy is expected to shift 2 million users to the Raya application.

Fitur digital savings Raya has been available on the BRImo application since May 31, 2022 and is claimed to have generated 1.008 new accounts. Raya account opening also uses e-KYC technology, free of administration fees, and there is no minimum balance.

Prior to this, BRI's parent company also collaborated with a number of digital platforms to integrate online account openings. BRI is noted to have hooked up applications that have a large ecosystem and user base, such as: Grab and Tokopedia (BRI Ceria). However, strategy front end channel This has also been done by a number of banks, such as CIMB Niaga, Mandiri, and Permata Bank.

Informal workers

For information, Bank Raya was previously called Bank Agro which rebranding since September 2021. Unlike the parent company that plays in the micro and ultra micro segments, Bank Raya targets the informal worker segment or gig workers.

The Central Statistics Agency (BPS) survey recorded the number of perpetrators gig economy in 2020 to reach 46,4 million people. Meanwhile, BRI Agro's internal survey projects gig workers reach 74,8 million workers in the next five years taking into account digital acceleration in Indonesia.

According to the survey, this projected growth is triggered by the Covid-19 pandemic (27% YoY) and the decline in the number of full-time employees (8,84% YoY). Meanwhile, Bank Raya is targeting 10% or 6-7 million informal workers from the total projection.

Bank Raya has managed Third Party Funds (TPF) of Rp10,15 trillion in the first quarter of 2022 with a CASA Ratio of 45,20% to TPF. Its transformation into a digital bank is expected to gradually increase the CASA portion.