Indonesia has the fourth-largest unbanked population in the world, here's how Bank DBS Indonesia promotes financial inclusion | Bahasa
Indonesia.15 Mar 2024.0 min read
Education, technology utilisation, and affordable investment are the keys to access to finance
Indonesia, 15 Mar 2024 - The results of the National Survey on Financial Literacy and Inclusion (SNLIK) in 2022 show that Indonesia’s financial literacy and inclusion index has increased to 85.10% from 76.19% in 2019. The OJK expects the rate to increase to 90% in 2024. However, World Bank 2021 data revealed that Indonesia has the fourth largest number of unbanked people (individuals who are old enough but do not have a bank account) in the world, at 97.74 million, or 48% of the country's adult population.
In the increasingly dynamic era of globalisation and digitalisation, financial inclusion is one of the keys to achieving sustainable economic growth. Financial inclusion is not just a concept but a mission to empower all levels of society through fair and equal access to financial services. For Indonesia to achieve financial inclusion requires the contribution of many parties, including the banking industry.
To that end, Bank DBS Indonesia has taken the following steps:
Bank DBS Indonesia is also committed to facilitating people who want banking product options that are more supportive of environmentally friendly movements through the LiveBetter feature. This feature allows customers to receive tips for sustainable lifestyle while investing in environment, social, and governance- (ESG) based products. LiveBetter and all of Bank DBS Indonesia’s banking products can be accessed anytime and anywhere through the digibank by DBS application.
In a discussion at Indonesia Data and Economic (IDE) Conference 2024 organised by Katadata, Head of Investment & Insurance Product at Bank DBS Indonesia Djoko Soelistyo said, "The products we offer focus on helping people from all segments. We also collaborate with many parties so that we can reach people from all walks of life. Bank DBS Indonesia's initiative to address the issue of financial inclusion is not only about providing access but also involves a dedicated approach to financial literacy and social care. This commitment is embodied in Bank DBS Indonesia's three sustainability pillars, namely Responsible Banking, Responsible Business Practices, and Impact Beyond Banking, in line with our vision to be the 'Best Bank for a Better World'".
For more information about Bank DBS Indonesia’s commitment to financial inclusion and sustainability, visit this page.
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
In the increasingly dynamic era of globalisation and digitalisation, financial inclusion is one of the keys to achieving sustainable economic growth. Financial inclusion is not just a concept but a mission to empower all levels of society through fair and equal access to financial services. For Indonesia to achieve financial inclusion requires the contribution of many parties, including the banking industry.
To that end, Bank DBS Indonesia has taken the following steps:
- Be the driving force in helping Indonesia achieve the financial inclusion index target in 2024. This is done under the guidance of Bank DBS Indonesia's first and third sustainability pillars, namely Responsible Banking which emphasises the bank's efforts to provide inclusive and responsible banking products, and Impact Beyond Banking, which seeks to make a positive impact on the wider community. Bank DBS Indonesia runs the 'Kedai Belajar' programme that involves employees as volunteers to provide financial literacy education for the micro, small and medium enterprise (MSME) community and marginalised communities in several cities.
- Expanding financial access to marginalised unbanked segments of society. Over the past few years, Bank DBS Indonesia has partnered with other ecosystem players such as fintech platforms to reach a wider audience, including Kredivo, Home Credit Indonesia, with Adapundi and Indodana the latest additions.
- Bank DBS Indonesia also utilises technology to expand banking access through digibank by DBS, a digital banking application that allows customers to use banking services seamlessly via mobile phones. digibank by DBS allows customers to access various features, such as opening a savings account online, conducting transactions using the Quick Response Code Indonesia Standard (QRIS), digibank PayLater, digibank Credit Card, and more. Customers can manage, monitor finances, block or activate credit and debit cards, make zero-fee transfers, top up e-wallets, and pay bills with one click without the need to switch to another app, 24/7.
- Democratizing Wealth or democratising access to investment services through diverse product options. One example is enabling customers to purchase investment products at a low price starting from Rp100,000 for mutual funds and from Rp1,000,000 for secondary market bonds. By lowering the minimum investment amount, Bank DBS Indonesia seeks not only to provide access but also to build public awareness of and interest in investment. A lower investment ceiling is expected to make people become more motivated to start their investment journey, thus creating better saving and investing habits.
Bank DBS Indonesia is also committed to facilitating people who want banking product options that are more supportive of environmentally friendly movements through the LiveBetter feature. This feature allows customers to receive tips for sustainable lifestyle while investing in environment, social, and governance- (ESG) based products. LiveBetter and all of Bank DBS Indonesia’s banking products can be accessed anytime and anywhere through the digibank by DBS application.
In a discussion at Indonesia Data and Economic (IDE) Conference 2024 organised by Katadata, Head of Investment & Insurance Product at Bank DBS Indonesia Djoko Soelistyo said, "The products we offer focus on helping people from all segments. We also collaborate with many parties so that we can reach people from all walks of life. Bank DBS Indonesia's initiative to address the issue of financial inclusion is not only about providing access but also involves a dedicated approach to financial literacy and social care. This commitment is embodied in Bank DBS Indonesia's three sustainability pillars, namely Responsible Banking, Responsible Business Practices, and Impact Beyond Banking, in line with our vision to be the 'Best Bank for a Better World'".
For more information about Bank DBS Indonesia’s commitment to financial inclusion and sustainability, visit this page.
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
