Digibank Takes Indonesia by Storm

It’s a new era of banking.

digibank features imageBanks and credit unions are no longer boxed in as financial companies – they’re becoming tech companies. Digital banking – and the ability to deliver great banking experiences seamlessly across any customer touchpoint– is among the fastest drivers of new business for financial institutions.

The Global Center for Digital Business Transformation (DBT Center) estimates that four in ten retail banking incumbents are at risk of displacement in the next three years. There is no denying the noticeable and widening gap between institutions that harness digital technology and those that don’t.

Case in point: DBS’ launch of Digibank in Indonesia, a branchless bank that resides inside customers’ computers, digital devices, and cell phones. Digibank is open 24/7, and its customers’ transactions are paperless, signatureless, and painless. Expect to see more mobile-first -- and mobile-only -- banks coming online. This is no longer a nice to have, it’s a must have.

digbank virtual assistantIndonesia’s economy is growing, and competition is fierce for customers, particularly among millennials. Digibank has disrupted the industry with more than a million customers, and a projected 5 million customers by 2021: DBS Banking without Branches. This is what customers are clamoring for. They want to bank on their timetable and in their way. They don’t want to stand in line and they don’t need personal interaction unless they’re doing a complicated transaction. The vast majority of transactions don’t require that level of touch.

All of us at Kony congratulate DBS on this monumental accomplishment. Our team attributes DBS’ success to its visionary leadership, which is a complete paradigm shift for the banking sector. It’s proof that, when deployed with expertise and precision, enterprise digital banking pays dividends, as it is for DBS.

In the near future, expect to see more mobile-only banking options step onto the global scene. The lines between tech and finance are blurred and converging, and the financial industry is being pressed by consumers to do both.


Digital banking is definitely a major driver for me as a retail customer and a business customer. Unfortunately, Hawaii's local financial institutions haven't embraced the technology as much as most national/multinational institutions. I hope they catch the wave and save Hawaii residents from standing in line at their branches.'s picture

Julie, a lot of smaller institutions have had trouble embracing the technology, mostly because of the fact that local banks and credit unions typically don't have the resources to develop the types of apps that the big banks do. Or, rather, they think they don't have the resources; embracing low-code/no-code and utilizing pre-built apps actually enables the "little guys" to compete with the "big boys." We would love to help Hawaii's banks offer services like DBS Digbank does!

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