Banks Adopting Competitive Strategies to Expand Service Offerings

Banking circles are actively pushing the consumer segment this year.

Arlina Satiti Mugi Laras & Fahmi Ahmad Burhan

4 Mar 2024 - 17.14
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Banks Adopting Competitive Strategies to Expand Service Offerings

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Bisnis, JAKARTA — Banking circles are engaged in a competitive endeavor to expand their service reach within the consumer segment, aiming to enhance performance throughout the year. This initiative aligns with the prevailing dominance of commercial banks as primary sources of financing for household customers.

According to the Banking Financing Supply and Demand Survey conducted in January 2024, over 30% of household respondents opted for commercial banks as their preferred source of financing. Additionally, multipurpose loans emerged as the preferred product among respondents.

In light of these circumstances, banking circles are actively pushing the consumer segment this year. For instance, PT Bank Tabungan Negara (Persero) Tbk. (BBTN) is promoting loan distribution within the consumer segment by introducing the buy now pay later (BNPL) feature or pay later, slated for release from this month until April 2024.

BTN President Director Nixon L.P. Napitupulu revealed that the company is currently in the process of obtaining a license from the Financial Services Authority (OJK) and Bank Indonesia (BI). He also anticipates that the introduction of this feature will signify an expansion in the Sharia line through inorganic means.

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