Reaching Indonesia’s unbanked and underbanked population has been a long-standing challenge for banks. Hindered by numerous factors, including sociocultural diversity, low levels of financial literacy, and Indonesia’s archipelagic geography, the expansion of traditional banking channels has been cost-prohibitive. The result is that half of the country’s 181 million adults do not have a bank account, whilst another 26% have an account but are unable to access other basic financial services. However, with around 74% of Indonesians connected to the internet and the banking industry undergoing huge digital transformation – fueling innovation and the development of the banking ecosystem beyond traditional…
Author: John Guest, MD Universal Banking, Finastra
Author
John Guest, MD Universal Banking, Finastra
John Guest is MD Universal Banking for Finastra, based in Singapore. Additionally, John acts as a mentor and advisor to regional fintech startup organizations. John’s domain expertise is global digital banking transformation, with over 20 years in financial software sales and consultancy. This follows more than a decade in UK Retail and Business banking. John holds an Associateship from the Chartered Institute of Bankers, and a Post Graduate Diploma in Digital Business from the EMERITUS Institute of Management, in collaboration with Columbia Business School and MIT Sloan.