Bank Jago Wants GoTo Data Integration to Run in the Third Quarter
PT Bank Jago Tbk (ARTO) plans to integrate transaction data with Gojek and Tokopedia which have been consolidated under the GoTo umbrella. The move is in line with the digital bank’s efforts to make a profit this year.
Bank Jago President Director Kharim Indra Gupta Siregar admitted that his party is currently exploring the negotiation process with Gojek and Tokopedia so that the data integration can be carried out in the third quarter of this year.
Transaction data integration is carried out to create customer profiles and market financial products. With Gojek, integration will be carried out so that Gojek users can register to become Bank Jago customers.
Gojek users can then get financial services from Bank Jago, including loans. Later, Bank Jago will ask for approval from customers to access travel data, food purchases, and other transaction data.
The data will help assess the loan eligibility of Gojek users. “Their daily lifestyle can be information for us,” Kharim said.
In addition to Gojek, data integration is also carried out with Tokopedia. “With the presence of Tokopedia, another digital ecosystem can be created that can partner with Bank Jago,” he said.
According to him, data integration with Gojek and Tokopedia has the potential to attract more customers. Moreover, Gojek has 170 million users in Southeast Asia.
Meanwhile, Tokopedia has more than 11 million merchants with more than 100 million monthly active users in Indonesia.
Bank Jago is also Collaborating with Bibit
Previously, Bank Jago also engaged a mutual fund investment startup, Bibit, to integrate its services. Through this integration, Bibit users can open Jago accounts through the Bibit platform.
Account opening continues through a digital know your customer process. For Bank Jago, application integration can quickly increase the number of customer bases, considering that Bibit’s current users reach more than one million.
Kharim said, thanks to the adoption of technology and capabilities embedded in the ecosystem, Bank Jago can grow inorganically.
“The customer number seed is one million, our target is to become Bank Jago’s customers,” said Kharim in a virtual press conference yesterday (5/7).
Bank Jago’s incessant integration efforts hook the digital ecosystem, namely to record profits this year. As is known, Bank Jago has set an aggressive target to achieve a net profit of Rp 50 billion throughout 2021.
This figure is much higher than when Bank Jago posted losses in previous years. Based on the 2020 annual report, Bank Jago had to suffer a loss of up to IDR 189.56 billion last year.
The company’s losses have swelled at least in the last three years. In 2018, the company recorded a loss of IDR 23.28 billion and in 2019 it reached IDR 121.96 billion.
In 2021, Bank Jago also targets asset growth of 190% from the position at the end of 2020 which was valued at IDR 2.17 trillion. This target will be supported by credit and financing (sharia) growth of up to 259%, and third-party funds of up to 138% compared to 2020.
Collaborating with Paper.id
PT Bank Jago Tbk cooperates with PT Pakar Global Digital (Paper.id) in increasing the distribution of business funding for distributors and retailers in the fast-moving consumer goods or FMGC industry and the transformation of the digital business ecosystem.
Paper.id is an invoicing, payment, & financing platform that has been used by more than 250,000 companies. It is intended to streamline cash flow and ease operational expenses through invoices and digital payments and funding.
Paper.id CEO & Co-founder, Jeremy Limman stated that Paper.id is quite optimistic to be able to record a growth in funding distribution of at least 3 times compared to the previous year.
Collaboration with Bank Jago is expected to help the government’s digitalization efforts in providing a digital economy ecosystem, to help manage business more efficiently and effectively.
That way, the competitiveness of business actors will increase and turn unbankable business actors into bankable through neat digital bookkeeping, in order to gain access to funding from trusted financial institutions.