, Indonesia

CIMB Niaga leads the way in captivating Indonesia’s youth

The bank’s digital solutions are winning over younger generations with 3.2M mobile users and 96% digital transaction rate in 2023.

 SPEAKING of innovative strategies at the recent Asian Banking and Finance Forum in Indonesia, CIMB Niaga was candid about reeling in digitally savvy young customers amongst its broader clientele.

“Our aspiration is to become a leading digital bank ready to support our customers and the Indonesian economy,” Lusiana Saleh, who heads Digital Banking, Branchless, and Partnership at CIMB Niaga, told the forum at Shangri La Jakarta last 14 May.

And if that aspiration means having to captivate Indonesia’s youth, then so be it.

Already, CIMB Niaga is the largest privately-owned bank by total assets in Indonesia, boasting assets of IDR333t (US$20.31b), total loans of IDR212t (US$12.93b), and customer deposits amounting to IDR248t (US$15.13b).

With a workforce of 12,000 employees and an expansive network of 407 branches, including digital lounges and Sharia branches, the bank’s reach is extensive.

The bank’s digital footprint is equally impressive and that is key to capturing the young market. With 3.2 million mobile users and 1.9 million internet banking users, CIMB Niaga’s digital platforms are robust and well-utilised, Saleh said.

Digital transformation

CIMB Niaga’s digital journey has been marked by several milestones.

The introduction of OCTO Mobile and OCTO Clicks represents a significant leap towards providing comprehensive digital banking solutions.

OCTO Mobile, a rebranded version of the bank's previous mobile banking application, features a new user interface and functionalities like Personal Financial Management (PFM) and gamification, enhancing user engagement and experience.

In 2023, the bank supported millions of digital transactions. OCTO Mobile saw 1.037 billion transactions, whilst OCTO Clicks facilitated 376 million transactions. “96% of CIMB Niaga’s transactions in 2023 were performed via digital channels,” Saleh told the forum, highlighting the bank’s successful digital adoption.

Meeting the needs

The new generation of customers demands instant gratification, accessibility, and seamless digital experiences. CIMB Niaga addresses these needs through features like cardless withdrawals, scannable QRIS for payments, and online Know Your Customer (KYC) processes.

These innovations cater to the digital-first mindset of young customers, making banking more accessible and efficient.

“Our digital initiatives are designed to integrate seamlessly into the daily lives of our users, providing solutions for everything from investment to bill payments,” said at the Jakarta forum.

For instance, the OCTO Mobile app allows users to top-up e-wallets, pay credit card bills, and even invest in mutual funds or bonds with ease.

What to focus on

CIMB Niaga is also committed to demystifying wealth for younger demographics, promoting financial inclusivity and understanding through digital platforms.

The bank’s #GetWealthSoon campaign emphasises simplified communications, engaging visuals, and personalised offers to make wealth management accessible and appealing to the youth.

The digital contribution to various financial products is significant, with 58% for mutual funds, 53% for bonds, and a staggering 97% for new account openings conducted digitally as of December 2023. These statistics underscore the effectiveness of CIMB Niaga’s digital strategy in attracting and retaining young customers.

Future directions

Despite its successes, CIMB Niaga faces challenges in its digital transformation journey. Legacy systems and infrastructure require continuous upgrades to keep pace with technological advancements.

In addition, digital adoption is primarily concentrated in urban areas, with rural customers still preferring traditional branch banking. The bank is also navigating new digital crimes and stringent regulations, which necessitate robust data privacy measures and advanced cybersecurity protocols.

Saleh acknowledged these hurdles: “We are focused on refreshing our tech and procedures, expanding digital adoption beyond big cities, and equipping our team with new skill sets in AI, big data, and UI/UX expertise.”

CIMB Niaga’s commitment to innovation and customer-centric digital solutions positions it as a leader in Indonesia’s banking sector. By continuously evolving to meet the demands of a new generation, the bank is not only enhancing its service offerings but also contributing to the broader digital transformation of the financial industry.

As Saleh aptly put it: “Join the digital movement and #GetWealthSoon with CIMB Niaga.”

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