Charting the future: Inside Allo Bank's vision for digital banking in Indonesia

Digital Reinvention
07/12/2023 Interview
profile picture of Indra Utoyo

Indra Utoyo

Allo Bank


Embark on a journey through the digital landscape of banking as we sit down exclusively with Indra Utoyo, the President Director steering the course at Allo Bank, Indonesia's trailblazing digital banking solution. In this candid interview, he unveils the essence of Allo Bank's mission, explores its standout features, and outlines the strategic roadmap for the next two years, charting a course toward enhanced financial inclusion across Indonesia.

For our readers who may not be familiar with the banking industry in the APAC region, how would you introduce Allo Bank to them? What is your role in Allo Bank? And what are your goals for the next two years?

Allo Bank is a digital bank in Indonesia that was launched in 2022. It is a subsidiary of CT Corp, one of Indonesia's largest conglomerates. Allo Bank is focused on providing financial services to the underserved and unbanked in Indonesia, which is a country with over 270 million people but only 55% financial inclusion.

Allo Bank offers a variety of digital banking features, including:

• Easy account opening: Allo Bank accounts can be opened entirely online with no minimum deposit required.

• Free transfers and bill payments: Customers can enjoy free transfers and bill payments to other Allo Bank customers and to select banks in Indonesia.

• High-yield savings accounts: Allo Bank offers high-yield savings accounts with interest rates that are up to 6.5% p.a.

• Affordable loans: The bank offers affordable loans to individuals, with competitive interest rates in Indonesia.

As the CEO of Allo Bank, I can say that suitable goals for Allo Bank as a digital bank for the next two years include:

• Expand its user base: Allo Bank should focus on expanding its user base by targeting the underserved and unbanked in Indonesia. It can do this by partnering with other companies in the CT Corp and other ecosystems, to offer its financial services to their customers.

• Develop new products and services: Allo Bank should continue to develop new and innovative financial products and services to meet the needs of its customers. The bank should focus on developing a digital financing solution like buy now pay later service to help customers purchase goods and services online and pay for them in installments.

• Improve its customer experience: The bank should focus on improving its customer experience by making its app more user-friendly and by providing better customer support.

Overall, Allo Bank is a well-positioned digital bank with a lot of potential. It has strong backing from CT Corp, and it is offering a variety of innovative financial products and services. If Allo Bank can successfully achieve its goals for the next two years, it could become a major player in the digital banking industry in Indonesia.

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