redi road Telkomsel Enter the Digital Bank Industry

Yesterday (28/10) coincided with Youth Pledge Day, Telkomsel inaugurated its partnership with BCA's digital bank unit, otherwise known as blu. On the side Telkomsel, the partnership involves the redi platform, as a banking service aggregator application that allows users to manage multiple bank accounts in one dashboard. Currently, the redi application can be used by users, both on the Android and iOS platforms.

Now, redi users can integrate blu accounts into the app – including registering from there. In addition, users can also manage blu accounts such as checking balances, and making transfer transactions. The value proposition offered, the redi app integrates a bank account in it with the user's mobile number. In addition, they also offer various promos and promotions reward exclusive.

There are already several other banks

In addition to blu, there are actually 23 other bank options available integrated into redi. Some popular names such as Mandiri, BNI, Bukopin, BCA, CIMB Niaga, and others. Users can add more than one bank account to manage together. As for the types of transactions that can currently be used via redi, they are transfers, QRIS, various payments (plus reminders), and top-up.

Our main problem when trying, all accounts should ideally be registered with a number Telkomsel which is used as a redi account. Of course this is a natural thing, because the redi service itself is designed as an added value for users Telkomsel. However, it can be an obstacle for users who have already used numbers from other providers for their banking services.

On the design side, redi also tries to come up with a modern user experience – a simple design and offers a variety of promos.

Opportunity in the middle of BaaS

One of the business models promoted by digital bank providers is Bank as a Service (BaaS). Simply put, the concept allows them to integrate banking services with various types of consumer applications. blu alone, other than with Telkomsel, has also established strategic cooperation with several parties, one of them Blibli.

BCA Digital President Director Lanny Budiati explained, "In realizing BCA Digital's mission as a Bank as a Service to build a sustainable digital ecosystem in Indonesia, we focus on collaborating with expertise from every industry. As a leader in its field, Telkomsel is an ideal partner for BCA Digital to grow together and provide seamless banking experience which is easier and more convenient for blu customers and redi users.”

According to a report compiled by Verified Market Research, the market value of BaaS has reached $356,26 billion in 2020 and is projected to increase to $2.299 billion in 2028 at a CAGR of 26,33% over the period.

The number of digital consumers in Indonesia itself is very large – for example, seen from the number of service subscribers mobile telco, E-commerce, or other. Obviously this is a soft market for financial services to do on-boarding new customers, including from new circles who may not have previously been facilitated by banking services. API-based, these banking services can be embedded into other digital applications, providing a more streamlined experience.

"In the future, the digital ecosystem built by blu together with Telkomsel This redi will continue to be expanded and produce new and better breakthroughs and become a digital solution for various needs for our customers," added Lanny.