Bank Danamon is one of a selection of Highly Commended entrants at the online, virtual Retail Banker International (RBI): Asia Trailblazer Awards 2020, who’ve been selected for this booklet for the noteworthy nature of their projects. In Bank Danamon’s case it’s for their D-Bank Registration process – the first fully online account opening application with electronic e -KYC (Know Your Customer) processes via a video call in Indonesia.
In early January 2019, Bank Danamon launched the D-Bank e-KYC Registration procedure. It allowed customers to open a new saving account without having to go to the branch. By simply downloading the app, customers are able to fill in the required forms and submit their ID card. At the end of the process, they will be connected to Bank Danamon's video banking agent to conduct a KYC session via a video call. This takes on average 5 minutes to complete.
Once approved, customers have instant access to mobile banking features through D-Bank and can immediately do transactions, thereby removing lengthy and traditionally manual process that cost a lot and are usually carried out in-branch.
By October 2019, more than 10% of new customers came from D-Bank Registration. In less than a year 17,000 new accounts had been acquired via this channel.
The initiative answers the general public's lifestyle need for fast solutions, and allows them to take full control of their banking needs, often doing it all from their mobile smartphone.
It is all part of Bank Danamon's commitment to innovate and improve service quality and supports the government's cashless society and financial inclusion drives, which are seeking to provide wider penetration of banking services.
There are many other projects currently on-going within the bank to expand its digital capabilities, often supported by its stakeholder MUFG. The venture capital arm, MUIP (MUFG Innovation Partners) for example, is ready to invest in Indonesian fintechs and start-ups that are partnering with Danamon. Just recently, the bank participated in the Grow Asia Hackathon sponsored by MUFG in the search for more digital partners to help it on its digitalisation journey.
One project that was started in early 2019 involves iApps, a start-up under the Digital Team in MUFG Singapore that focuses on supporting smallholder farmers in Indonesia to boost financial inclusion and sustainable farming and financing. Bank Danamon is bringing its local expertise to bear on this project and is looking forward to many more such co-operative or standalone fintech partnerships.
The Best Digital Banking category at the RBI: Asia Trailblazer Awards 2020 was very popular attracting a lot of entries and consequently another Highly Commended recognition for Maybank’s project. DBS Singapore was the winner.