Digital Bank Competition, Jenius Records Increased Deposits and Loans

As a bank that carries out its function as an intermediary, Jenius has recorded positive performance for third party funds deposits (DPK) and loans disbursed until June 2023.

It was noted that DPK showed an increase of 43% to IDR 24,7 trillion from IDR 17,3 trillion in the same period the previous year. Loan products rose 119% to IDR 1,3 trillion from the previous IDR 602,1 billion. Meanwhile, user growth (registered user) rose 19% to 4,8 million from 4 million.

In mediagathering which was held yesterday (22/8), Digital Banking Head of Bank BTPN Irwan Tisnabudi said that this performance was supported by a number of initiatives carried out by the company. To increase DPK, the company strengthened its savings products, namely Flexi Saver (time deposits), Dream Saver, Maxi Saver (time deposits), and priority customers.

The priority customer product itself has just arrived named Sinaya Prioritas which has been introduced since 2019. This product targets the tributary Those with a minimum total deposit of IDR 500 million can take advantage of various digital banking experiences.

"Since 2019 we have started segmenting customers to mature. So Jenius users are not only young people. Its development [customer mature] has been increasingly felt since the pandemic using Jenius," said Irwan.

Meanwhile, to boost financing performance, so far the company has only provided consumer-based loans. Namely, Flexi Cash (cash loans), Jenius Credit Card, and most recently Jenius Paylater. This last product was just introduced in March 2023, not all Jenius customers can enjoy this facility.

The limit provided is also not large, namely IDR 500 thousand per customer. This limit can be used to set cash flow, especially when paying for transactions at QRIS merchants, good offline nor online.

"Paylater we are still very small [users] because for an invitation first for us to study. We want to educate customers about good loan products, this will be an introductory product before customers enter Flexi because paylater this is part of Flexi."

Feature development

According to Irwin, digital banking competition in the end will not be much different from the competition between conventional banks with one another. These products and services are very easy to imitate, but in the end what makes the difference is the service in enhancing the user experience.

"Make user experience that's the hardest. Jenius wants to use AI to create experience different. From various services we have email for contact customer service, but there are still many consumers who choose the phone. We want to use chatbot agar service better, quickly contacted, and quickly resolved."

Jenius has launched and developed a series of features throughout the first half of 2023 to meet the needs of the community digitally savvy. Among them, easier access to QRIS scans from the Jenius application, top up and self-managing e-money from the e-Wallet Center, exchanging Yay Points, extending operating hours for activation and foreign currency exchange at Jenius, Jenius Paylater, and the #FlexiRasaMaxi 2 program.

All of the above features are the result of co-creation and collaboration with 44.000 cocreators (community members Jenius Co. Create) has joined Jenius Co.Create to convey his voice and input to Jenius for solution development life finance.

This co-creation process has also been carried out through more than 1.024 online surveys, focus group discussions (FGDs), in-depth interviews involving more than 116.212 community members. digitally savvy as respondents, with an average of 17 interviews conducted each month.

The results of the development of fruitful features are positive. It was explained that the volume of QRIS transactions through Jenius increased by 192%, buying and selling foreign currencies increased by 84%, and exchanging Yay Points increased because the process was simplified, no need to contact call center as previously.

Survey results

On the same occasion, the company also revealed the results of a survey titled Jenius Study: Digital Savvy Financial Habits 2023. From the survey results it was found that as many as 96% of respondents saved regularly, an increase from 70% in the previous year. As many as 73% of respondents who have routinely saved, allocate funds to save more than recommended by financial planners (10% -20% of income).

Then, as many as 83% of respondents have realized the importance of taking notes cash flow, up from 73% in the previous year. One way they use is by making installments (93%). In 2023, 55% of respondents have used Flexi Cash to help with arrangements cash flow, including for business capital, home renovation, buying dream items, and others.

Jenius Study also revealed that the Jenius Visa Debit Card (m-Card) has accompanied and made it easier for Jenius friends to do transactions while traveling to 188 countries on various continents, including Asia, Australia, Europe, Africa, North America and South America.

For the record, this survey was conducted in August 2023 involving 156 respondents aged 17-41 years.