Formal financial institutions have connected only 22% of the Indonesian population. A huge potential for the financial sector still needs to be explored, and digitised lending, which combines retail banking with financial technology, should be a future solution.

According to a TABInsights survey on technology investment, FI in APAC prioritise data management, advanced analytics and digital banking capabilities

Banks have been investing in AI over the last few years, focusing on specific use cases. They must now scale AI across their business processes and incorporate emerging advancements in GenAI.

Banks in Asia Pacific invested an estimated $63 billion towards technology in 2022. The annual spending on technology is expected to increase by 7.5% in 2023 to $68 billion.