THE IMPACT OF THE DEVELOPMENT OF FINTECH ON THE EXISTING FINANCIAL SERVICES IN INDONESIA

• Main Author: Hanan Sjamsudin, Shaznaya
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/42966
• Institution: Institut Teknologi Bandung

In the early of 2016, the field of finance technology or FinTech in Indonesia has experienced significant development. FinTech places technology as the basis of business in the financial sector. Local and foreign players compete to get a license from Bank Indonesia so they can run the business, investments to Fintech companies strikes gradually. On the contrary, as a new player in financial services industry, Fintech might also ‘threat’ and give future impacts on the existing provider, traditional banks. Fintech companies are able to perform services in a more efficient way for customers compared to conventional bank. Some findings have shown that Fintech affects or is changing the business model of banking industry associated with some considerable risks. Since the technology is still new, one of the key objectives is to understand whether FinTech will disrupt the financial services here in Indonesia or will collaborate with the existing providers. This study will analyse through relating research papers and other relevant secondary data produced by industry experts. The study also includes primary data collection through qualitative data analysis. A semi-structured interview will be conducted and will involve eleven respondents from industry expert within the financial services industry and FinTech and Indonesian regular financial services users. These interviews will provide direct insights and wider perspectives of experts or financial services providers and Indonesian customers