Bank Jago's Great Synergy with the Ecosystem Gojek and Seeds

PT Bank Jago Tbk (IDX: ARTO) officially launched the application bankingJago in early April 2021. Three months after launching to date, the Jago application has been recorded as having pocketed rating 4.1 with total downloads reaching almost half a million.

The Jago application offers a number of excellent features that are said to give users freedom in managing finances. With a fully digital e-KYC process, users can do budgeting through the Pocket feature that can be personalized according to your needs.

Apart from these features, what has been long awaited is the realization of a synergistic partnership between Bank Jago and Gojek. The public is looking forward to how the two parties synergize with each other's ecosystem.

When Gojek announced as a shareholder in December 2020, the service that will mark the initial synergy of the two is the opening of a Bank Jago account in the application Gojek.

This time, DailySocial had the opportunity to interview the Main Director of Bank Jago Kharim Indra Gupta Siregar and exclusively to find out the big picture of Bank Jago's synergy with Gojek and partners in other digital ecosystems in 2021.

Claim positive response

Although he did not reveal statistics, Kharim admitted that he had traction and feedback healthy from the launch of the Jago application. Some of the positive responses highlighted by Bank Jago users are the speed of the process on account opening and presence of the Pocket feature.

For Kharim, this positive response is seen as a challenge in itself so that Bank Jago can carry out adjustments quickly, especially during the e-KYC process. In addition, he considered the Pocket feature to be one of the milestone important in creating something new, namely transparency in sharing money.

"Even our [debit] cards can be connected to any Pocket at any time as the user wishes. For me, it's very cool because users can know the exact use of their money, such as cash withdrawals or online shopping. We put a lot of effort into design and architecture so that you can produce response time which is very good. We are continuously upgrading the technology as we speak,"

For now, his party admits that they are exploring implementation machine learning in the Jago application. The form of implementation that is being tested, for example, is to categorize transactions to produce a recommendation (suggestion) to the user.

Great synergy

From a number of plans throughout 2021, Kharim quite a lot highlighted the realization of Bank Jago's synergy with Gojek. The big picture, Bank Jago ecosystem and Gojek targets can be connected to each other. For the initial stage, both of them will first enter through the account opening service.

Technically, said Kharim, there will be link which connects directly Gojek and Bank Jago to open an account. According to him, opening an account in the application Gojek will have a similar process with Bank Jago. This is an important note because it relates to regulatory.

"The minute you do the download or registration, all processes are in the bank. You can seamlessly link Gojek so that the Jago application can immediately become a source of Gopay funds. The first aim of this is to ensure convenience so that users do not have to constantly top up Gopay. I make sure that these features can be enjoyed by users this year," he said.

apart Gojek, Kharim also revealed a lot about Bank Jago's collaboration with marketplace Seed's mutual fund announced today, Monday (5/7). In accordance with its vision of offering financial services centered on life centric, his party seeks to democratize investment services which have been identical only to the established class.

There are several advantages that users can enjoy through this collaboration. First, users can open a Jago account in the Bibit application. Users do not need to think about which funds are the main source of mutual fund payments at Bibit. This means that users can use the Jago application as the main source of investment in Bibit.

Then, users can also set it as recurring transactions where mutual fund purchases can be made directly from Jago's account. Automatically, Pocket Seeds will appear in the Jago application. This also applies if GoPay becomes a source of funding, namely GoPay Pocket appears in Jago.

"We are definitely already at the latest stage of development. We are ready production. When? Very very soon. Hence, I have had enough confident say after we go live with Seeds, the next one will be with Gojek. Gojek is a huge ecosystem. Along the way, we will explore new things," he said.

Partnership opportunities with GoTo

Since its inception, Bank Jago has always emphasized its vision to connect financial and lifestyle solutions into one platform. Therefore, collaboration with the digital ecosystem is a key strategy to realize this.

With the increasingly fierce competition for digital banks today, he believes that the industry needs to realize that banking products are no longer a product of the future. What should be underlined, he said, is where and what is the position of the bank in the digital ecosystem, both financial and lifestyle.

Kharim emphasized that currently Bank Jago is focusing on developing its strategic partnership first this year. The company is aiming for synergies with partners who have customer base thus speeding up the process of acquiring new users. In this case, he judged mutual interest both parties make user acquisition costs more efficient because acquisitions occur through partner services/products.

"Currently, use case synergy Gojek and one-way new Brawler, where our functionality just available in partner apps. The next step is the other way around or functionality Gojek it's in the Jago app. Likewise with Seeds, for example. One of use case In the future, users don't need to leave the Jago application when they want to use Seeds. And vice versa," said Kharim.

On the other hand, his party also welcomed the merger action positively Gojek and Tokopedia became Goto. According to him, this action opens up more opportunities to explore new collaborations/synergies. Kharim has not been able to reveal the possibility use case new with GoTo. However, he took this momentum as an opportunity to learn more as an organization.

"In early 2021, we all know that our main ecosystem that we are planning to work together is Gojek. We did not see GoTo in the picture. Now we should be ready for what's coming because you really have to react quickly on this so we can focus on our main strategy. We have to see what collaboration opportunities can be accessed with Gojek. I think this is an exciting journey," he said.

Collaboration challenge

In his journey of collaborating with the ecosystem, Kharim also highlighted how the common vision and passion is crucial in building partnerships. With his position as tech-based banks, his party is also required to make decisions quickly, but still refers to the regulatory framework which exists.

He took as an example, the strategic partnership with Gojek and Seeds. They use the concept embedded ecosystem where both sides should be seamless partners in that ecosystem. According to Kharim, to build integration seamless pattern this cannot be done transactionally. That is, there must be alignment to all levels of the organization.

"If you talk with a different language, it will be difficult. different process, different way of working, OKR is also different. It clearly has to start from the top, starting from ownership, leadership, vision, and execution. There will be implementation challenges, but a common vision will make it much easier. This must be learn by doing, how to make decisions quickly. So far, our partners have a good alignment with us."