[PRESS RELEASE] Financial Habit in Digital Era | Digitalk #32

Yogyakarta, 26^th September 2019 – The development of digital technology is changing the pattern of people’s behavior, especially towards their financial behavior. This also turned out to have impact on the banking sector, which transitions from the traditional banking system to digital banking system. In the 32^nd series of Digitalk that was held at the Convention Hall FISIPOL UGM, Center for Digital Society discussed about people’s financial habit in digital era along with Waasi B. Sumintardja as the Digital Bank Business Product Head of Jenius-BTPN, as the event itself was attended by more than 300 participants.

Financial Habit Patterns of Inter-Generations in Indonesia

Seeing the rapid growth of the internet penetration and digital technology, Jenius took the opportunity in developing the concept of digital banking. Waasi then explained how Jenius conducted further research on the behavioral patterns of the baby boomer generation, generation X, generation Y and generation Z. “Apparently, in general the inter-generation’s perception of digital finance technology is a technology that helps them to execute easier transactions, easier process on monitoring savings and expenses, and conducting transactions without paying administrative costs’, Waasi explained.

Regarding the common assumption that sees millennial generation is consumptive and has no wealth, Waasi has different perspective about it. According to Waasi, millennials do not necessarily have no money, instead they just usually spend a lot and they don’t manage their money wisely. Therefore, he and his team present Jenius as a banking product that can help this generation to prepare their financial plan. “When the phenomenon of demographic bonus occurs, we are all productive. But after retirement, we must not suffer because we have no savings or investment”, Waasi asserted.

Digital Banking Security Tips

In his explanation, Waasi said that cyber security threats could enter all industries, including banking and e-commerce. From the bank itself, the existence of a user ID and password is considered as an effort to protect user accounts. So, even if the phone is lost or the application is used by someone else, the account cannot be accessed as long as the user ID and password for the related account is kept secret. “As a digital application user, there is an important security tip, which is email separation. We should divide our emails to be used only for financial stuffs, only for work stuffs, only for online shopping, and only for social media. So, it’s not only the bank responsibility to maintain the security, but users must also be aware of their data security too”, he concluded.

Author: Laili R.

Editor: Raka W.