Jenius Strategy to Compete Amid the Crowd of Digital Banking
In Indonesia, digital bank players are growing more and more in line with the trend of people’s needs who crave practical financial services. As of June 2021 alone, the Financial Services Authority (OJK) stated that there were already 14 digital banks present in Indonesia.
Ten of them are already operational and the rest are still in the preparation process. Jenius from Bank BTPN became a pioneer in digital banking which was introduced in 2016.
At that time, the development of the Jenius application took 18 months of preparation and an investment of up to 500 billion rupiah.
Over the course of more than five years, Jenius has delivered various innovations and has succeeded in attracting more than 3.7 million users spread across 514 districts/cities. how does Jenius stay relevant and compete with new players?
Many New Players Become A Challenge As Well As An Opportunity
It is not easy to compete in the midst of the swift current of competition in the digital banking industry. Waasi also agrees, the emergence of new players is a challenge as well as an opportunity for Jenius.
In terms of chance, the more players there are, the more people will educate about the concept of digital banking services.
Previously, in 2016, we started to educate the concept of digital banking including its features and how to use it. With the emergence of new players, education about digital banking can reach more Indonesians in understanding this concept.
In addition, the Indonesian people will also benefit because there are more choices and they can choose digital banking services according to their preferences. Even so, the challenges present become the spirit as well as the trigger for Jenius to continue to innovate and provide better services.
To support this, from an internal perspective, Jenius routinely improves itself by implementing three factors to keep it relevant to the needs of the community. Jenius always prioritizes change in mindset, change in ways of working, and change in culture.
Namely applying a mindset that puts the customer at the top priority, implementing a sustainable product development process with the Minimum Valuable Product (MVP) method and feedback from users, and creating a highly creative and innovative culture by recruiting a variety of talents from various industries and backgrounds with a mindset diverse.
Jenius‘ Strategies To Strengthen Existence
In addition to the above, the service products offered by digital banks are believed to be the key to business success. As a leader in product development, Waasi also explained how Jenius was still able to continue to grow and compete despite various challenges.
He said, there are 3 main aspects that are currently the focus, namely co-creation, collaboration, and expansion. Jenius was developed from the process of co-creation and collaboration with the digital savvy community and various parties from across industries to build an integrated digital economy ecosystem.
This spirit of co-creation and collaboration is what Jenius continues to promote to present innovative solutions that are relevant to the needs of the digital savvy community in Indonesia.
“This has become Jenius’ strength to continue to make continuous improvement and listen to voices, input, and ideas from digital savvy which are then transformed into revolutionary features and services on the Jenius application,” added Waasi to DailySocial.id
This co-creation process is carried out through the Jenius Co.Create platform, a digital savvy community in the form of a website (co.create.id), articles, sharing rooms, workshops, and the annual Co.Creation Week event.
Jenius Co.Create community members can directly provide input and ideas through the Co.Create forum and any ideas can be voted on by other members as an additional consideration for Jenius to develop features and services from the input.
Various features resulting from this co-creation process have also been presented by Jenius. Starting from making it easier to open an account, save, manage cash flow, to invest.