Corresponding Author: Theodorus
Sendjaja
E-mail: [email protected]
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INTRODUCTION
Based on Law No. 7 of 1992 concerning
Banking which has been amended into Law No. 10 of 1998, a bank is a business
entity that collects funds from the public in the form of deposits and
distributes them back to the public in the form of credit and or other documents
by the aim is to improve the standard of living of the people (Simatupang, 2019).
In the face of competitive pressures,
businesses in the financial services industry increasingly depend on innovation
and sustainability to succeed and survive. The stress of business competition
has made many banks worldwide close their branch offices in recent years. In
2021 according to S&P Global Market Intelligence Data, in the United States,
it was recorded that 2,927 branches were closed, a record number of bank branch
closures (Brief, 2021).
In Indonesia, thousands of commercial
banks were also closed, so the fate of bank employees were questioned (Laucereno, 2022).
The Financial Services Authority has recorded a decrease in the number of
Commercial Banks branches since 2016, from 32,720 associates to 28,688 at the
end of the year (R. Indonesia, 2016).
_files/image006.gif)
Figure 1. Number of Commercial Banks Branches
in Indonesia
However, on the business side of
commercial banks, Figure 2 shows growth in the number of assets, sources of
funds and distribution of funds which have continued to increase since 2012.
�
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Figure 2. Total Assets, Sources of Funds,
Distribution of Commercial Bank Funds
From an analysis of banking transaction
data for 2021 at PT. Bank Central Asia, Tbk shows that the frequency of banking
transactions conducted through branches is only 1%, while the frequency of
transactions carried out through electronic channels is 99%. This data shows
that customers in their transactions prefer to use electronic media such as
ATMs, internet banking or mobile banking rather than going to commercial bank
branches.
Regarding the total rupiah value of
transactions at branches, 57% is still greater than transactions on electronic
channels (KEUANGAN, n.d.). It
can be interpreted that transactions made on electronic media, even though the
number of frequencies is greater, are transactions of small value. Branches are
still needed for transactions of high value, such as withdrawing money that
exceeds the limit that an ATM can provide. Corporate credit transactions, home
ownership, and car ownership loans also require the customer's presence at a
bank branch. This research aims to identify and analyze the transformation of
digital banks into sustainable innovations in financial institutions
METHOD
This study is a
literature study that collects theoretical references relevant to sustainable
innovation in financial institutions with particular attention to two main topics: sustainable
digital technology innovation in Fintech and digital transformation of banks.
Academic references are sought through international and
national reputable journals and books deemed relevant. Analysis of rules and
reports from financial institution regulators, namely Bank Indonesia and the
Financial Services Authority, was also carried out in this study. This
study will produce a digital transformation strategy proposal for the Bank's
sustainable innovation.
RESULTS AND DISCUSSION
1.
Fintech
Fintech stands for financial
(financial) and technology, which means technological innovation to improve and
automate the delivery and use of financial services. (Wahyuddin et al.,
2022). Fintech uses digital technology as a sustainable
solution in offering financial inclusion services that are difficult for old
players in the financial industry to fulfill. Because some Fintechs create new
markets, they are often referred to as startups or startups. Fintech is a
continuous digital technology innovation in the financial sector with
characteristics: agile, serving underserved segments, and faster, better
services. So, that Fintech becomes a challenge, a threat, and finally seizes
the traditional financial service providers that have taken root (Osburg
& Lohrmann, 2017).
In May 2019, there were 249 Fintechs in Indonesia.
There are 2 Fintech categories
with the highest growth and composition, namely peer-to-peer lending (43%) and payments
(26%) dominate the Fintech industry (Batunanggar, 2019).
Fintech in the peer-to-peer lending category in 2018
recorded loans of Rp. 22.67 trillion, growing 645% from 2017. Fintech
in the payments category in 2018 recorded a total transaction of Rp. 12.3 trillion,
growing 557% from 2017.
a.
Sustainable
Digital Technology Innovation in Fintech
In essence, Fintech is used to help companies,
business owners, and consumers better manage their financial operations,
processes, and lives by taking advantage of special software and algorithms
used in computers and smartphones (Bogoviz, 2020).
Some
of the ongoing technological innovations in fintech include:
1)
Artificial
Intelligence
Artificial
intelligence is the simulation of human intelligence in machines programmed to
think like humans and imitate their actions. Machines with artificial
intelligence can do learning and problem-solving like humans.
2)
Machine
Learning
Machine
learning is a field of artificial intelligence (Artificial Intelligence). It is
the concept that a machine with a computer program can learn and adapt to new
data without needing to be programmed again by humans.
3)
Predictive
Behavior Analytics
Covers
a wide range of statistical techniques from data mining, predictive modeling,
and machine learning, which analyze current and historical facts to predict
future or unknown events.
4)
Data-driven
Marketing
Data-driven
marketing or data-driven marketing is a method of determining the final
marketing decision that is fully based on certain data that has been set.
A
data-driven marketing process is where marketers gain insights and trends based
on in-depth analysis of big data collected through consumer interaction and
engagement to form predictions about future behavior.
5)
Chatbots
Chatbots
are artificial intelligence-based programs that simulate conversations or chats
with other users, like humans, through messaging applications, websites, mobile
applications, or by telephone. This technology is also a digital assistant that
can quickly understand and process user requests and provide relevant answers.
Chatbots are often described as one of the most sophisticated and promising
expressions of interaction between humans and machines.
6)
Distributed
Ledger Technologies
Distributed
Ledger Technology (DLT) is a protocol that enables decentralized digital
database security. DLT allows storing all information safely and accurately
using cryptographic technology. Once the information is stored, it becomes an
immutable database managed by outside networks. Blockchain is one application
of distributed ledger technology. NFT (Non-Fungible Tokens) and Crypto Currencies
are implemented with the blockchain concept.
b.
Fintech
category
Fintech
innovation in business can be categorized as follows:
1)
Peer
to peer Lending
Peer
to Peer (P2P) Lending is a fintech service that offers mediation between
investors/lenders and borrowers where anyone can easily borrow money even if
they don't have a bank account. Fintech that runs Peer
to Peer Lending includes Friends Money, Danamas, Asetku, KoinWorks etc.
2)
Crowdfunding
Fintech
is for mass financing or joint ventures, one of which is used for online
fundraisings, such as helping disaster victims and sick people or funding
work/projects. Fintech in crowdfunding services include kitabisa.com,
tanifund.com
3)
Market
Aggregator
Fintech
acts as a collector/comparator of financial products, which will collect
financial data as a useful reference to make it easier to make decisions.
Fintech market provisioning/aggregators include rajapremi.com, pasarpolis.com,
cerati.com etc.
4)
Payment,
Settlement & Clearing
Serves
as a payment gateway, providing money/electronic wallets (e-money/e-wallet). Bank
Indonesia supervises this Fintech activity because the payment system is under
the responsibility of Bank Indonesia. Kredivo, Akulaku and e-money such as
Dana, Gopal, Ovo, LinkAja, and ShopeePay are examples of this Fintech.
5)
Risk
& Investment Management
Fintech
helps users get investment products that best suit their preferences. There is
also asset management that will help make business operations more practical.
Investment program offerings by Fintech, such as investee, my finances are
examples of Fintech risk & investment management.
6)
E-commerce
c. Fintech
advantage
Some of the benefits of Fintech are as follows:
1) Innovative
2) Faster
3) Flexible
4) Interactive
5) Super Application
6) Disruptive Thinking
7) Design Thinking
2. Digital
Bank Transformation
The development of information technology has changed the
approach to how people interact with financial institutions. Advances in
digital technology have opened up new ways of doing financial business, giving
rise to Fintech, which has shaken up established financial institutions such as
banks (McMillan, 2014).
Fintech appears in peer-to-peer lending, virtual
marketplaces and digital currencies. They have opened up new possibilities for
meeting society's demand for liquid and secure loan opportunities while still
providing borrowers with long-term financing for riskier projects. By analyzing
the new options, it becomes clear that banking is no longer needed. Information
Technology enables the financial system to support a decentralized and
capital-intensive economy without banking. In the digital era, where Fintech is
emerging, banking is starting to lose its reason for existence. Information
Technology can destroy the banking system's functioning and enable banking to
develop. The
digital revolution in the last decade has drastically changed the behavior of
economic agent transactions. Consumption patterns shift to shopping on digital
platforms and demand payment methods that are mobile, fast, and at the same
time secure. Industrial
relations between actors turned to an increasingly modular pattern and gave
birth to new business models. Digital platforms with a global dimension are
increasingly fading jurisdictional barriers (borderless) and reducing national
economic sovereignty.
The digitalization trend affects all aspects of the
economy, changes the pattern of public transactions, both individuals and
corporations, and disrupts conventional functions, including the financial
sector. This trend creates opportunities and risks that pose new challenges for
authorities. The policy challenge for the rules is finding the right balance
between efforts to optimize the opportunities brought by digital innovation and
mitigating risks (B. Indonesia, 2019).
Changes in public expectations of financial services are
forcing banks to adapt and transform to maintain business continuity. Banking
development needs to be directed to various effective strategies to accelerate
the transformation of banking digitization. However, the change in banking
digitalization presents new challenges that need to be anticipated by banks.
Banking development also needs to be directed at various efforts to deal with multiple
challenges that banks will face in the digitalization era. Thus, banks can
benefit greatly in the digitalization era while still prioritizing the
principle of prudence to not cause stability fluctuations in the financial
sector that impact the national economy.
Bank digital transformation is a form of continuous
innovation from Conventional Commercial Banks to Digital Banks. They have to
think and do continuous innovation like Fintech. Digital business models are influenced by technological
evolution and aim to implement digital service-oriented policies to ensure
long-term business sustainability (P�nzaru et al., 2022).
Continuous innovation in the form of digital
transformation in the Company must pay attention to the following matters:
1) Motivation to adopt continuous innovation within the
Company.
2) Company Relations with Customers and Business Partners.
3) Internal communication within the Company regarding constant
innovation and digital transformation.
4) Use of digital tools to support digital transformation.
5) The result of the adoption of continuous innovation in
the Company.
a. Sustainable
Innovation Ecosystem
So far, the theories and practices explored have
demonstrated sustainable innovation for digital transformation at the company
level. At the ecosystem level, sustainable innovation will be more meaningful.
Industry practice suggests shared knowledge creation,
stakeholder engagement, and working with partners and customers for technology,
product development and environmental sustainability solutions. In this way,
sustainability can become a driving force for innovation and business change.
In contrast, the innovation approach contributes to sustainability, providing a
new agenda for economic, social and environmental issues (Liu & Stephens, 2019).
In carrying out digital transformation, two dimensions
interact to form a sustainable innovation ecosystem that is:
1) Key players/drivers: industry (companies, suppliers,
competitors, etc.), universities, research and development institutions,
governments, users, and NGOs.
2) Key Performance Indicators / Outcomes: product, service,
process, business model and long-term network development.
b. Driving
Force
Innovation
is related to knowledge creation and sharing activities within and between
organizations, such as the exploration and introduction of new products, new
production methods, new markets, new sources of supply, and new industrial
organizations. Internet of Things, big data, 3D printing and other advanced
technologies of the Industrial Revolution 4.0 are increasingly reflecting and
enabling the development of the sharing economy with features of creativity,
small company participation and community engagement (Trott, 2017). At
the same time, the sustainability feature is an important consideration due to
the social and environmental impacts of production and economic activities.
Companies are now considering sustainable features in their product innovation,
process technology and supply chain. Through approaches such as reducing energy
consumption, investing in recycling and engaging in
community activities, the Company's brand and image can be better recognized by
customers, which in turn brings benefits to the Company in a sustainable
manner.
Proactively
considering continuous innovation in the financial services industry can be
linked to digital transformation resulting in new product and process designs,
enabling companies to respond to new sustainability pressures and challenges
while also taking advantage of existing opportunities. Externally, supply
management, ethical sourcing, and strong customer relationships can also lead
to impactful (and beneficial) innovations for institutions and society. The
flow of digitalization in the world of economics and Finance has changed the
behavior of economic agents. Now people are increasingly demanding financial
services that are fast, cheap, and safe. The interaction pattern between
economic actors, both as consumers and as factors of production, is also out of
the ordinary. The world is heading for a new normal that is no longer the same
as what we know. Digitalization is a new genre we need to understand and reap
the benefits of without losing vigilance. Technological innovation is a
solution that makes financial services in your hand no longer stop as mere
jargon. Now everyone, male and female, young and old, rich
and poor, with or without a bank account, has the same access to the world of Finance,
simply with an application on a smartphone that is connected online. Digitalization
opens wide doors for economic and financial inclusion opportunities for everyone
(B. Indonesia, 2019).
The driving force within the Company to carry out sustainable innovation can be
seen from the internal and external sides in the form of operations and
strategies (Dalvi et al., 2019),
namely:
1) Internals
a) Internal
Operations
-
Resource
Efficiency
-
Cost
reduction
-
Innovation
-
Employee
Attractiveness
-
Customer
Attractiveness
-
Supply
Chain Pressure
b) Internal
Strategy
-
Sustainability
Vision/Mission
-
Sustainability Road Map
-
Government Sustainability
Performance
2) external
a) Operational
External
-
Competitive
Advantage
-
Reputation,
Brand Value
-
Regulation,
Standard
-
Tax
Incentives
-
Profitability
b) External
Strategy
- Materials
Analysis
- Disclosure
� Sustainability Report
c. Bank
Digital Transformation Strategy
The
environment is becoming increasingly uncertain due to the pressures of globalization
and digitalization forces. The globalization process has been going on for a
very long time. But the speed of change is different now compared to the past.
Another strength of digitization is the use of the internet and the rise of
Fintech. Uncertainty and strategy are integrally linked. Design is basically
about how to navigate an uncertain future. If the standard approach treats
uncertainty as a topic that does not need to be explored in detail, then the
continuous innovation strategy considers the uncertainty framework. This
framework is underpinned by the assumption that it is possible for leaders to
logically identify the most relevant political, economic, social and
technological factors in the environment that impact their organizations and
take strategic action accordingly (Datta et al., 2021). To
be successful in competing with Fintech, the Bank needs to carry out continuous
innovation with a digital transformation strategy as follows:
- Compliance
with Regulators
Comply with the rules
submitted by regulators, namely the government, Bank Indonesia
and the Financial Services Authority
- Customer
Centered
Continuous innovation using
customer-centered technology, building relationships using convert, connect and
collaborate methods.
- Openness
Collaborating with business
partners, including Fintech, by applying the principle of open banking
according to the blueprint of Bank Indonesia's payment system.
- Digital
as Core Value
Continuous innovation by
carrying out digital bank transformation is not only carried out as project
management in producing new products or carried out on a business basis by
pursuing profit. Digital transformation must be the Company's principal value
in doing business.
1) Comply
with Government Regulations
For the Bank's digital
transformation, there are several regulations from the Financial Services
Authority related to sustainable innovation that need to be complied with,
including:
-
Financial Services Authority
Regulation Number 51/POJK.03/2017 concerning implementing Sustainable Finance
for Financial Services Institutions, Issuers and Public Companies.
-
Financial Services Authority
Regulation Number 13/POJK.02/2018 concerning Digital Financial Innovation in
the Financial Services Sector
2) Sustainable
Finance Principles from the Financial Services Authority
Sustainable Finance is comprehensive
support from the financial services sector to create sustainable economic
growth by aligning economic, social and environmental
interests. The biggest challenge in implementing sustainable Finance is
convincing business actors and the community that efforts to generate profits
will be better and more sustainable if done by considering natural resources
and social impacts on society. This is known as the principle of profit,
people, and planet (3P). Thus, an initiative is needed that can change the
mindset of business actors from pursuing short-term gains to long-term
prosperity (Keuangan, 2021).
Phase I Roadmap has resulted in several initiatives that have become the
foundation for changing the mindset of business actors. First, OJK introduces
eight principles of Sustainable Finance. These eight principles are the main
considerations for players in the financial industry to develop their
activities. Second, OJK requires players in the financial services industry to
prepare reports containing the application of environmental, social and
governance principles in business plans and the obligation to submit information
to the public regarding the application of the Environmental, Social,
Governance (ESG) principles. Third, OJK has compiled a Sustainable Business
Activity Category. This category will serve as a reference for grouping the
green sector for the financial industry so that it will increase the service
portfolio in the development of sustainable Finance.
3) Indonesian
Payment System Blueprint 2025
The
2025 Indonesian Payment System Blueprint (BSPI) is the cornerstone for Bank
Indonesia and the national payment system industry to step into the digital era,
which is very different from previous generations. The digital age is
inevitable and has colored the landscape of payment systems lately. The shorter
technology cycle is a challenge for regulators to keep abreast of developments amid
the variation, innovation, and complexity of payment systems (B. Indonesia, 2019).
In responding
to these conditions, regulators must be proactive in encouraging innovation and
technology development because they can increase productivity, efficiency and inclusiveness. However, on the other hand,
regulators must also be aware of the challenges and risks accompanying these
innovations and technological developments. For this reason, a balanced
approach (striking the right balance) between encouraging innovation and
mitigating risk needs to be carried out carefully and in the right measure by
making the vision of the 2025 Indonesian Payment System Blueprint (SPI) as
follows:
-
SPI 2025 supports the
integration of the national digital economy-finance so that it guarantees the central
Bank's function in the process of money circulation, monetary policy, and
financial system stability, as well as encouraging financial inclusion.
-
The 2025 Indonesia Payment
System supports banking digitization as the main institution in the digital
financial economy through open banking and the use of digital technology and
data in the financial business
-
Indonesia Payment System
2025 guarantees interlink between Fintech and banking to avoid shadow-banking
risks through digital technology arrangements (such as APIs), business
cooperation, and company ownership
-
The 2025 Indonesian Payment
System guarantees a balance between innovation and consumer protection, integrity and stability, as well as fair business
competition through the implementation of KYC & AML-CFT,
data/information/public business disclosure obligations, and the application of
regtech and Supertech in reporting, regulatory and supervisory obligations
-
The 2025 Indonesian Payment
System guarantees national interests in the inter-country digital-financial
economy through the obligation to process all domestic transactions within the
country and cooperation between foreign and trained operators, taking into account the principle of reciprocity
From
the vision, it appears that the 2025 Indonesian Payment System Blueprint
supports the integration of the national digital economy-finance to guarantee
the central Bank's function in the process of money circulation, monetary policy,
and financial system stability.
d. Indonesian
Banking Development Roadmap 2020-2025
Banking
has a strategic role in moving the wheels of the national economy. The main
function of banking in the economy is to collect public funds and channel these
funds to finance production and consumption activities to encourage national
economic growth. With this strategic role, strong (resilient), competitive and
contributive national banking is a prerequisite for its success in supporting
national economic growth. To realize this, OJK has prepared a blueprint in the
form of the 2020-2025 Indonesian Banking Development Roadmap as a direction and
reference for all stakeholders so that all efforts and initiatives in future
banking development can be carried out in one harmonious orchestra (I. B. Indonesia, 2020).
The
2020-2025 Indonesian Banking Development Roadmap has been prepared by taking into account the following basic considerations:
- The
mandate of Law Number 21 of 2011 concerning the Financial Services Authority
- Alignment
of Banking development with Government work programs, Plans
- National
Long-Term Development and National Medium-Term Development Plans
- The
need for strengthening and increasing banking competitiveness
- Opportunities
and challenges facing banking in the digitalization era
The main objectives in the 2020-2025 Indonesian
Banking Development Roadmap are:
1) Strengthening
structure & competitive advantage, among others, by:
-
Increase capital
-
Accelerating consolidation
and strengthening of bank business groups
-
Strengthen the
implementation of governance and efficiency
-
Drive product and service
innovation
2) Digital
transformation acceleration
-
Strengthening IT Governance
and Risk Management
-
Encouraging the use of IT
Game Changers (Open API, Cloud, Blockchain, AI, Super App, Omnichannel)
-
Encouraging cooperation
related to technology.
-
Encouraging the
implementation of advanced digital banks.
To achieve this
goal, a supportive, sustainable financial ecosystem is needed. OJK is currently
developing an initiative to create a Sustainable Finance Ecosystem in Indonesia
through collaboration with relevant ministries and institutions. It is hoped
that this ecosystem will be able to encourage the implementation of sustainable
finance principles to reduce the impact of climate change and achieve other
goals contained in the Sustainable Development Goals. In this ecosystem, the
role and contribution of banking are vital in accelerating the achievement of
the expected goals. Banking is expected, among others, to be able to create the
instruments or tools needed to increase sustainable financing activities.
e. Implementation
of Sustainable Innovation at PT. Bank Central Asia, Tbk
PT. Bank Central Asia, Tbk (BCA) is committed to
implementing sustainability principles that support a harmony between business
and Environmental, Social, and Governance (ESG) aspects. Amid an ongoing
pandemic, a new, all-digital lifestyle has become the backbone of the national
economy and banking. BCA responded to this development by improving
digital-based banking services' capabilities to contribute to national economic
recovery. This digital transaction is accompanied by layered data protection
and IT security to mitigate the risk of cybercrime. In addition, BCA has implemented "green
initiatives" in its operational activities, including digitizing work
processes and implementing a green office. This significantly saves energy and
paper in banking transactions and operations at BCA.
Furthermore, BCA focuses on developing a Sustainable
Finance portfolio, including providing credit to the MSME sector, which
continues to grow positively. BCA is also one of the pioneers in financing new
renewable energy to eco-efficient products. As a joint effort and
responsibility in controlling the COVID-19 pandemic, BCA, through the community
empowerment program, participates in supporting the government's vaccination
program through vaccination centers for workers, workers' families and the
wider community. Following government regulations, BCA implements Work from
Home and promotes Banking from Home. The Company also consistently assists and
builds the capabilities of the 12 villages administered by BCA so that village
communities can support village economic growth for the better.
Overall, increased mobility, economic recovery, and
various innovation breakthroughs and collaborations are a concrete form of our
togetherness with all stakeholders. Engage together, act together, and Live to
Engage. (PT. Bank Central Asia, Tbk, 2022) . BCA annually provides a Sustainability Report as a form
of transparency in carrying out a sustainable financial business.
CONCLUSION
Bank digital transformation is a form of
continuous innovation from Conventional Commercial Banks to Digital Banks. They
have to think and do continuous innovation like
Fintech. The digital business model is influenced by technological evolution
and aims to implement digital service-oriented policies to ensure long-term
business continuity. In carrying out digital transformation, it is important to
form a sustainable innovation ecosystem with two interacting dimensions,
namely: (1) key players/drivers: industry (companies, suppliers, competitors,
etc.), universities, research and development institutions, government, users,
and NGOs and (2) key performance indicators/outcomes: products, services,
processes, business models, and long-term network development. The driving
force in the Company to carry out sustainable innovation can be seen from the
internal and external sides in the form of mutually supportive operations and
strategies. The proposed digital transformation strategy for the Bank's
continuous innovation is as follows: compliance with regulators,
customer-centric, openness principles, and making digital a core value in
business.
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