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Bank Jago: A Multifunction Fintech App to Ease Your Life

Recently, the name of a digital bank has skyrocketed, namely Bank Jago. From January 2021 to June 28, 2021, the share price of ARTO, the stock code of Bank Jago, has increased by 276.29% or Rp13,450 per share. Bank Jago, which is also supported by investment funds by Gojek and GIC Private Limited (a state-owned investment company from Singapore), has become a leading issuer with a share capitalization of up to 184.50 trillion rupiah. A fantastic value for a new digital bank.

Previously, this bank was known as PT Bank Artos Indonesia Tbk (Bank Artos). When this bank was acquired by PT Metamorfosis Ekosistem Indonesia (MEI) and Wealth Track Technology Limited (WTT), the name change to PT Bank Jago Tbk took place. This bank is also controlled by Patrick Walujo as the leader of WTT and Jerry Ng as the leader of MEI. Both agreed to bring Bank Jago to have a competitive advantage, which is to become the first digital bank in Indonesia.

To become the first digital bank in Indonesia, Bank Jago is optimizing technology and using the digital ecosystem. Bank Jago in terms of technology will utilize a cloud system or cloud computing storage system. Meanwhile, in terms of the digital ecosystem, this bank will collaborate with various platforms, ranging from e-commerce, transportation service providers, the travel industry, online shops, to fintech funding.

Bank Jago offers three values, namely Mudah/Easy in daily affairs, Kolaboratif/Collaborative to be able to work together with loved ones, and Inovasi/Innovation in the form of Kantong, an account system that can be customized according to customer needs. Bank Jago itself targets market segmentation from the middle and mass market segments in the form of Micro, Small, and Medium Enterprise (MSME) players. This bank hopes to accelerate the digitization of MSMEs so that they have even more competitive advantages.

As the first digital bank in Indonesia, Bank Jago provides advantages that makes it different from its competitors. First, the Bank Jago app is designed with a personalization system so that users are able to customize the app interface. It will make users more comfortable because they can design the display by themself. Second, this application allows users to utilize shared-feature for specific purposes. Bank Jago provides collaborative money management through a shared-pocket feature. This feature allows the group of users to create their shared-pocket without opening a new bank account while they can monitor their shared-pocket at once. Not only shared-pocket, but also users can create diversified pockets in their account. Generally, users should open a new bank account if they want to create a new pocket, but Bank Jago provides a feature that allows users to create a new pocket in the same account. For instance, users can create pockets for emergency funds, education funds, and so on in the same account. This feature will ease money management by monitoring the money in one integrated account. Third, the Bank Jago app is embedded in a digital ecosystem. Bank Jago app can be integrated with various digital platforms, such as e-commerce, transportation, and so on. Fourth, Bank Jago has adapted the latest technology. By utilizing the latest technology, Bank Jago makes its innovations seem possible. Whether those advantages will truly be beneficial for Bank Jago depends on how its customers react.

In order to raise Bank Jago's brand awareness, they collaborate with various digital partners to facilitate access to digital payments for customers. Bank Jago established a strategic partnership with Gojek last December. This partnership marketing strategy will expand the reach of a company’s target audience while also increasing the marketing exposure of Bank Jago.

To assist their customers in their daily lives, Bank Jago developed a life-centric finance solution. Bank Jago's life-centric applications appeal to customers because they meet their desire for simple, collaborative, and innovative financial management. As a conclusion, Bank Jago has adopted a customer-centric strategy. Customer-centricity is a business strategy that emphasizes providing a great experience both during and after the transaction in order to increase profit and obtain a competitive advantage. Customer-centric marketing increases customer loyalty and long-term customer retention, both of which are critical in the banking industry.

For its products and services, Bank Jago targeted the middle class and mass market. They increase brand awareness by partnering with various digital partners, and they increase client loyalty through their life-centric financing solution. However, Bank Jago should explore a large-scale marketing campaign to increase brand awareness via social media.

In conclusion, it starts with a quite interesting background and also offers many new breakthroughs coupled with various advantages that Bank Jago has, especially innovation in the scope of bank digitalization. Not to forget, various marketing strategies are carried out while maintaining brand awareness with the aim of inviting and introducing the first digital bank in Indonesia, Bank Jago can certainly become one of the new innovators in the banking industry in our country. Bank Jago is expected to be the hope of the community as its customers so that they can be more assisted and facilitated in conducting transactions related to banking service.

Sumber:, Tirto,

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