Digital banking platform Jenius, operated by publicly listed Bank BTPN, plans to expand its services as a more holistic financial app to address the changes in consumer behavior caused by the pandemic.
In an Instagram Live session with The Jakarta Post, discussing the topic of boosting productivity through digital banking, Bank BTPN digital banking business product head Waasi B. Sumintardja said the digital bank aimed to provide services that could cater to users’ everyday activities.
From listening to a subscription-based radio streaming platform when getting ready in the morning to using ride-hailing services when going to the office, then paying for lunch at noon to purchasing tickets, all these activities are financial activities, Waasi explained.
“Jenius’ plan ahead is that we want to be present in our users’ every activity without them realizing it. What it means is that it becomes automatic for Jenius to be there,” Waasi said on Thursday. “This is what we call life finance.”
The features are also expected to correspond with the shift in consumer behavior during the pandemic, he added.
“Actually, people are managing their money better during the pandemic,” Waasi went on to say, adding that people tend to save their money and hold off on their expenses.
The pandemic has battered household spending, which accounts for more than half of Indonesia’s gross domestic product (GDP), as the health crisis continues to hit the economy. Household spending fell by 5.5 percent year-on-year (yoy) in the second quarter this year as the economy shrank by 5.32 percent yoy.
Waasi said that as observed through the Jenius transaction trends, its saving feature, Flexi Saver, is used more often during the pandemic. Prior to that, the majority of Jenius transactions were for its money transfer feature, Send It, and cash withdrawals, Waasi said.