53% of Indonesian young adults think saving money is easy, but the reality is that saving money to meet financial goals is difficult for many Indonesians.
Jakarta, Monday, 3 May 2021 – PT Bank Commonwealth, today, launches CommBank Mobile, an innovative new mobile banking application that meets the daily financial needs of young Indonesian adults and helps them to manage their finances better to achieve their financial plans and aspirations.
Through the CommBank Mobile app, banking transactions are made simpler, easier and more enjoyable. From the simple account opening process, the application is user friendly, helping customers do their transactions for their daily needs, and manage their finances to help them to achieve their goals.
The number of internet users in Indonesia has reached over 200 million people with 98% owning a mobile phone, and the most widely used mobile applications are social media and shopping applications. Banking and financial applications are also increasing in usage – now almost 40% of internet users have been accessing their finances through digital means. “It confirms our belief that many people are either using – or will need to use – digital banking applications to meet their needs,” said President Director of Bank Commonwealth Lauren Sulistiawati during today’s virtual launch of the CommBank Mobile app.
The CommBank Mobile app is part of Bank Commonwealth's commitment to continue its digital transformation journey. It is closely aligned with the Bank's strategy of becoming "a simpler and better Bank" and to achieve the Bank's Purpose, "to improve the financial wellbeing of our customers and communities". "We do hope that our customers can enjoy banking products that are simple, fun, comprehensive and also safe to use," said Lauren.
In developing the CommBank Mobile app, Bank Commonwealth has been conducting research with its target demographics, to find the key reasons behind the financial behaviours of young adults in Indonesia today. Many of those the Bank spoke to agreed they were overly-consumptive and had difficulty saving money, and they did not have good habits to understand where their money went. But they were also very aware of the importance of saving money, and believed that with the right tools they could save more and meet their goals. And of course with this demographic being young Indonesians, the expectation was for a user-friendly mobile application to help them manage their finances better.
CommBank Mobile app is not just a simple mobile banking application – it is also a comprehensive financial services application that puts the customer at its center. Bank Commonwealth’s Director for Digital and Strategy Ming Chen said “we believe that with CommBank Mobile, our customers will be empowered to enhance their financial wellbeing with an intuitive and enjoyable banking experience in the palm of their hand.”
In addition to the ability for new customers to open a Bank Commonwealth account through the CommBank Mobile app without ever needing to go to a branch, the app also has a built-in budgeting feature which is available to all customers. Customers can better manage their budget and expenses by easily categorizing their spending, for example on bill payments, health, education or travel costs, and eating out. When a similar expenditure happens again, CommBank Mobile automatically assigns the category which helps customers easily summarize where their money is going. Customers can also easily assign monthly spending budgets for categories to help alert them
CommBank Mobile is also equipped with a simple-to-use QR payment tool, which uses the new Quick Response Code Indonesia Standard (QRIS) to make it easier and faster to do payments. It is a part of Bank Commonwealth's support for the National Non-Cash Movement launched by Bank Indonesia in 2020.
Another interesting and useful feature is Goal Saver, a product that helps customers achieve their financial goals. "Goal Saver is a very flexible savings product with a comprehensive digital experience and competitive savings rates. Customers can apply for a Goal Saver account and use its unique features immediately through the convenience of CommBank Mobile," explained Rian Kaslan, Bank Commonwealth’s Head of Digital Channels & Delivery.
With Goal Saver, customers have the flexibility to set savings goals, including the length of time and target savings amount, and it is easy to set aside an initial deposit amount and set up monthly deposits in the app. Funds can be withdrawn from the account at any time, and goals can be changed. Customers are also rewarded for meeting their objectives and showing good behaviors, to give them continuous motivation and incentive for establishing the right financial habits.
"We have developed the CommBank Mobile app to be a financial buddy to our customers, to help them plan and realize their financial aspirations," Rian concluded.