OCBC NISP wants young Indonesians to develop financial literacy
The economic disruption and uncertainty caused by the pandemic has caused many people to carefully review the way they handle money and perhaps even redefine their idea of financial security. Bank OCBC NSIP wanted to get more Indonesians to become financially healthy and spread awareness about the importance of have the right knowledge to better manage their personal financial aspirations.
To this end, OCBC NISP has launched the Financial Fitness Gym by Nyala OCBC NISP. According to Amir Widjaya, EVP head marketing and digital communication at Bank OCBC NISPthe idea for the gym came about when the bank wanted to make its financial fitness solution appealing to the lifestyles of Indonesia’s younger generation.
OCBC NISP’s financial health solution is an integrated program that combines financial literacy and inclusion. The solution and education offered is also tailored to individual needs, similar to how individuals receive personalized workouts at a gym. Another similarity that Financial Gym relies on is the initial assessment that customers undergo. Instead of height, weight, and BMI, OCBC NISP’s gym does an initial financial health assessment, to learn about clients’ financial status, which is then followed by financial counseling.
Personal finance and entrepreneurship classes are also taught at the driving range. “Therefore, the solution is thorough, end-to-end, but still follows each client’s financial conditions and aspirations,” Widjaya explained.
Additionally, OCBC NISP has also run a Financial Health Index, a research collaboration with NielsenIQ that describes the financial health status of Indonesia’s younger generation by examining financial management attitudes and behaviors and how to improve them. The results revealed four main factors that can help improve the financial health of the younger generation, namely making budget allocations, creating simple expense records, consulting with financial planners, and continuing to learn financial management.
Therefore, Widjaya said, the bank does not focus on specific marketing channels, but rather on prioritizing its solution, program and marketing channels based on what works for Indonesian youth. It would also allow the rear to build engagement with its consumers in a disruptive and unconventional approach.
OCBC NISP is currently looking to expand the Financial Gym to the wider Indonesian community, with a focus on meet the needs and expectations of the community, particularly for the financial management education function.
“Our goal is to be able to help the younger generation in Indonesia to have a healthy financial situation or what we call #FinanciallyFit. We will certainly be delighted if the people of Indonesia entrust Bank OCBC NISP as their banking partner to achieve #FinanciallyFit terms and fulfill various aspirations,” said Widjaya.
Leveraging an unorthodox approach to building financial literacy in the marketplace, Financial Fitness is marketed with an approach based on customer needs and education, motivating customers to achieve their financial goal, putting focus on creating an experiential customer experience.
Create a unique customer experience
The gym is part of OCBC NISP’s commitment to presenting a sustainable financial solution that helps customers #GoFarBeyond by positively impacting society. JTo help Indonesians be financially healthy, OCBC NISP continues to strengthen its digital banking services at your fingertips, which not only meet customers’ transaction needs, but also help customers manage their finances and investments. which enables them to achieve their financial aspirations.
At the same time, the pandemic has led to an increase in public expectations of financial institutions for products and services, both at the individual level and at the level of business actors. This, coupled with rapidly changing customer needs due to the pandemic, has led OCBC NISP to seek out more innovative and customer-centric touchpoints that will enhance the customer experience. Widjaya noted:
Instead of being a major cost center, the operations of the future will be a driver of innovation and customer experience.
Nyala OCBC NISP’s financial fitness solution is also aligned with the bank’s corporate visions based on ESG as a compass, which Widjaya believes will have a positive impact on the organization, environment and society.
With no end to the pandemic in sight, the bank launched its financial gym with health protocols and regulations in place. For example, all members are required to pre-register to attend physical classes. At the same time, virtual options have also been made available for customers who would prefer to learn from home. In December last year, OCBC NISP already had more than 250 video contents, podcasts, articles and scheduled courses that customers can choose from. “We want everyone to be empowered to make smart financial choices by having the right knowledge and mindset to achieve their financial aspirations,” Widjaya noted.
Why digital literacy is important
According to Widjaya, Indonesia saw a few trends when the pandemic hit. There was an increased awareness of the importance of saving for rainy days. Moreover, the massive shift to digitalization has also led to increased interest in digital banking and equity investing. “More and more people are comfortable using a mobile app to do their investments, business and individual transactions. However, these trends must also be followed by good financial literacy,” he explained.
Widjaya added, “We fully understand the need to adjust the business strategies and personal investments that clients need to make. Align with OCBC NISP’s vision to be the trusted partner to enrich quality of life, we will continue to always be side by side with the customer to help them choose the best choices so that they can achieve their aspiration.”
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