OJK: The Financial Industry Will Be More Efficient With the Presence of Technology

INDUSTRY.co.id - Jakarta, Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Wimboh Santoso said that currently innovations related to technology not only change the technology industry. Moreover, technology has changed human daily behavior.

"Innovation is one thing that we cannot deny, in the industry the progress is very rapid. Inevitably we have to optimize the presence of technology, meaning that we have to change the business process and work system," he said in the Initial Launch of the Financial Services Authority Finctech Center which was launched early in the guesthouse Mulia 2, Jakarta, Monday (08/20/2018).

In fact, added Wimboh, in daily life in OJK, currently the supervision process with technology is far more effective.

"We don't send too many people, with technology can be more effective. Even our dreams we will have our own buildings and become the most advanced digital office in Indonesia," he said.

Regarding financial technology, Wimboh Santoso said that innovation was now carried out not only by digital start-ups, but even banking and financial service providers also began to develop services with the use of technology.

"This fintech is broader than that. With the technology, it can cover more customers with a fast time. There is a growing branchless banking or banking agent. In the future the opening of a physical branch office will no longer exist," he said.

According to the Chairman of the OJK Board of Commissioners, his party is preparing to deal with the change.

"We welcome, even if there are those who think the employees at the branch want to do, we are anticipating it," he explained.

Wimboh Santoso said that the financial industry would be more efficient with the presence of technology. "The task of OJK with the presence of technology we expect the financial industry to be more efficient. Customers prefer it because the process is fast, transparent and costs are cheap," he said.

Therefore, Wimboh expects fintech developers to make breakthroughs and provide benefits to the community.

"If the cost of fintech is equal to banking, it will not sell. We have issued a rule that essentially fintech is a benefit for the community," he said.

The rules of the OJK issued last week, explained by the Chair of the Board of Commissioners include the provision of services that must be transparent, no abuse, accountability or someone responsible, and refer to the financial services sector.

In an effort to build a fintech ecosystem in Indonesia, OJK Infinity enables stakeholders from the financial and banking industry, digital start-ups, and ministries and institutions to discuss, conduct research, counseling related to developing financial initiatives that are safe, reliable and beneficial for the people of Indonesia.