Insider, the industry-leading platform for delivering individualized, cross-channel customer experiences, has further strengthened its presence and services in Indonesia with a partnership with Amazon Web Services (AWS) and data centers hosted locally in Jakarta, Indonesia.
Insider’s advanced customer engagement and retention solutions, backed by AWS, have already made a significant impact on several renowned Indonesian businesses, including leading financial brands like CIMB Niaga, Allo Bank, Hijra Bank, BCA Finance, Adira Finance, LinkAja, and many more, Insider has played a vital role in elevating their digital banking and financial services experiences, helping them to gain a deep understanding of their customers, gain actionable insights into behavior, predict behavior, and respond to preferences in real-time, to adapt each customer touchpoint, resulting in increased customer satisfaction, loyalty, and lifetime value.
This news means that financial services companies will be able to reach the highest levels of customer experience and engagement possible with Insider, the #1 leader recognized by Forrester, Gartner, IDC, and G2 while complying and acting in accordance set by the Services Authority Finance (OJK). By leveraging Insider’s cloud-based solution powered by AWS, financial services companies can now rapidly deploy and scale their services while ensuring robust security and compliance.
“At Insider, we’re dedicated to upholding the highest data privacy and security standards for our customers,” said Harris Naga Putra, VP of Growth for Indonesia at Insider. “By partnering with AWS to offer services through local data centers, we can now ensure that all Indonesian businesses, including banks and financial services, can deliver exceptional customer experiences while safeguarding customer data and sensitive information.”
“We are thrilled to be at the forefront of Indonesia’s digital banking and financial revolution, in alignment with OJK’s visionary regulations,” added Jack Nguyen, Regional Director, SEA at Insider. “Consumers’ expectations in regards to customer experiences are only increasing. Fundamentally, one of those expectations is that the brands they interact with keep their personal data and information safe. Our commitment to delivering superior customer experiences, combined with strict adherence to data compliance and privacy, underscores our dedication to driving financial innovation while prioritizing customer trust.”
Indonesia’s 278 million population values seamless omnichannel experiences. According to McKinsey & Company, 75% use at least 3 main channels, including WhatsApp (87%), live chat (71%), and social media (62%). Frost & Sullivan’s latest research states that 88% of Indonesian consumers are willing to pay more for a better customer experience. Ease of use, convenience, and seamless experiences are becoming increasingly significant value drivers in most industries, including retail, media, travel, and financial services, specifically consumer banking, insurance, neobanks, and fintech.
With one of the highest net interest margins in the world, the Indonesian banking industry has become one of the most profitable among ASEAN countries. The GDP of financial and insurance activities in Indonesia was forecast to grow around 1.93 percent in 2022. As of 2023, Indonesia has 106 commercial banks and over 2,792 thousand bank offices.
The Banking Supervision of Indonesia’s Financial Services Authority (OJK) issues and sets regulations for banks, digital banks, and financial technology in Indonesia. This move puts Insider at the center of the OJK’s mission to unlock the next generation of digital banking in Indonesia, supported by best-in-class customer experiences—while maintaining the highest standards in data compliance and privacy.
The news of Insider’s partnership with AWS comes at a critical time as Southeast Asia is forecasted to be the global leader in ecommerce and retail sales for the third year running, with growth expected to reach $54.9 billion USD by the end of 2023 and $172.3 billion USD by 2028, according to The Allied Research report. Indonesia has the largest economy in Southeast Asia, and the 7th largest economy in the world in terms of GDP (PPP), and is estimated at over 21 quadrillion rupiah.
Insider’s partnership with AWS in alignment with OJK cements its position as a pioneering force in transforming the digital banking and fintech landscape in Indonesia. By embracing forward-thinking regulations and prioritizing data security, Insider stands ready to revolutionize the financial services sector in the country, offering unmatched digital banking solutions.
