2022 Winner – Bank Danamon Indonesia Best bank & open bank winner – Retail Banker International Asia Trailblazer Awards

 

 

PT Bank Danamon Indonesia Tbk (Danamon) has won the award for Best Retail Bank: Indonesia for its growth, partnerships, and digital innovation at the RBI APAC Awards 2022. It also won the Best Open Banking Initiative on 23 June for a seamless bank account opening option it provided to the Investree P2P Lending platform. It is powered by open application programming interface (API) functionality.

Consumer Banking
In 2021, the COVID-19 pandemic remained a significant challenge and limited the growth of Indonesia’s economy, including Danamon‘s Consumer Banking.
On top of that, competition became fiercer due to the rise of digital banking and Fintech Companies. Despite all the challenges, Danamon was able to expand its customer base with double-digit growth to achieve 2.2 million clients by implementing comprehensive and client-centric strategy.

The Bank’s customer base expansion was mainly driven by strong traction in digital acquisition which more-than-tripled 2020’s figures. Wealth Management (WM) business has doubled compared to 2019 and continues to provide various products by partnering with reputable third-party institutions. Current Account Savings Account (CASA) has also accelerated due to consistent execution of programs tailored to customers needs.

On the lending side, mortgage loan growth improved more than 1.5 times in 2021 due to strong collaboration with MUFG. Consumer Banking launched co-brand Danamon Grab credit card in order to tap millennial segment.

As the Bank continues to grow towards digitalization, it has rolled out a series of digital capabilities and features which include:

  • D-Bank PRO: the revamped omnichannel platform provides a standardized and seamless customer experience (CX) using enhanced mobile and internet banking capabilities, which now comes with additional advanced tools after Danamon accelerated its digital rollout to meet the increased demand for self-service, no contract banking in the wake of the COVID-19
  • D-Bank PRO QRIS capability provides ease and convenience to pay for purchases at merchants.
  • D-Bilink: is a platform for recurring bill management and reconciliation

 

Open Banking
The era of Open Banking, heralded by the widespread uptake of open application programming interfaces (APIs) to securely share data across ecosystems and aid co-creation projects, is upon us. The trend was illustrated – and rewarded by the RBI APAC judges – by a recent project Danamon undertook with Investree, a peer-to-peer (P2P) lending platform in Indonesia which has 25,000 active users, to provide them with an easy on-boarding API that quickly lets their users open a new bank account.

Investree users can now easily launch and manage a new Rekening Dana Lender (RDL) Danamon bank account, with attractive savings, from inside the platform. All data transfer and verification is branchless, and the secure API connection comes with all necessary compliant Know Your Customer (KYC) procedures via an in-built registration function with video verification. This will be enhanced next year with e-KYC digital signatures.

A debit card is delivered to the customer's correspondence address, which can be digitally activated. The D-Save digital savings product is attached to the account providing free online transfers, no admin fees, free ATM cash withdrawals and so forth. A rewards program was also on offer to Investree account holders.

"Investree users can now easily launch and manage a new Rekening Dana Lender (RDL) Danamon bank account, with attractive savings, from inside the platform."

Additionally, users can sign up to Danamon’s new Direct Debit API on the platform. This payment extension means the bank account can now be used as a source of funds to actively and easily lend on the P2P Lending platform. The initiative gives users a seamless and convenient lending and payment procedure to follow on the Investree platform. PT Bank Danamon Indonesia Tbk was also named HC: Highly Commended at the Retail Banker International (RBI): Asia-Pacific (APAC) Trailblazer Awards 2022 in the Best Fintech Partnership category.