The 2016 National Survey on Financial Literacy and Inclusion, released by the Financial Services Authority (Otoritas Jasa Keuangan/OJK), revealed that Indonesians comprehension on finance remain low. Not more than 50% of Indonesians understood financial. One of the highlights in the survey was the people’s financial allocation, which was still dominated with short-term goals, such as fulfill daily needs and sustain life.
ZAP Finance financial educator Prita Ghozie said that she found three common mistakes in financial management. Firstly, Indonesian people often did not have financial direction and goal. With the “you only live once” jargon, we often thought that we could do anything freely without considering the financial consequence in the future.
Secondly, the failure in managing cash flow. Prita said although we had made saving accounts in several banks to divide our spendings, but many still had difficulties in managing the funds. One of the causes was the proportion in fund allocation to each account might not be right. Besides, the funds which had been allocated to several accounts were sometimes used for other purposes.
Thirdly, people often did not prepare savings or emergency funds due to their more consumptive lifestyle. According to Prita, the easiness to get information through the internet has an impact to the impulsive consumption pattern. “We often not realize that our consumption pattern has made us forget to spare money for savings or emergency funds,” she said.
Therefore, to make sure that our needs and wants were fulfilled in line with our income, Prita continued, we could start dividing our income into different spending components. The monthly routine spending component ideally were divided into 5% alms, 30% monthly routine spending, 15% saving and investment, 30% maximum lending installment, 10% emergency fund and 10% lifestyle.
BTPN Digital Banking Value Proposition & Product Head Irwan Sutjipto Tisnabudi said BTPN realized that the understanding on financial management was not entirely easy. On the other hand, the needs and wants for people kept increasing. To fulfill the needs and wants, people needed an easy, smart and save financial management.
Based on the understanding, BTPN has presented Jenius, a revolution in banking with digitalization process since the beginning. With Jenius, a user can open an account, manage the card limit, block and unblock card, and self-financial management by using Android or iOS-based smartphones.
“Jenius presents unique features to manage the users’ life finance, such as In & Out, Card Center, and Save It,” said Irwan.
With In & Out feature, Jenius users can see, track and download all transaction history. They can even decide the filter based on type, category, time range and the amount of transaction to a more specific search. Card Center enables each user to have up to four physical debit cards and one e-card with each card’s transaction limit can be managed by the user.
“The Card Center feature allows consumers to control their debit cards. The users can self-block and unblock the cards, permanently or temporarily, using only their smartphones. These features are designed to enable users manage their spending by allocating their money into different debit cards,” Irwan explained.
Jenius also has saving features that can directly separate the saving fund from the daily life fund allocation. Through the Save It menu, users can allocate money for saving and their daily life. Save it has three features, namely Flexi Saver, Dream Saver, and Maxi Saver.
For unexpected situation, costumers can prepare it through Flexi Saver, a saving equals to deposito that can be topped up or withdrawn based on the costumers’ needs without any specific period. Meanwhile, Dream Saver can help costumers to save automatically to realize their dreams with the targeted fund as well as counting the period of savings and the amount of fund that should be saved every day/week/month. Meanwhile Maxi Saver is for a maximum saving with optimum interest for 1 to 12 month period.
With various unique features for life finance management, Jenius does not only present as a digital bank service. Jenius keeps trying to adjust with the costumers’ needs. “We understand that each costumer has different needs, wants, goals and conditions,” Irwan said.
Therefore, since the beginning of the establishment, Jenius has been created and developed through co-creation and collaboration process with digital savvy. This is done to make Jenius always relevant with the costumers and update with the dynamic lifestyle of its customers.