OCBC NISP wants young Indonesians to work out their financial literacy - literally

The economic disruptions and uncertainty brought about by the pandemic have pushed many to take a hard look at the way they manage money and maybe even redefine their idea of financial security. Bank OCBC NSIP wanted to get more Indonesians to become financially healthy and spread the importance of having the right knowledge to have better management on their personal financial aspiration.

To that end, OCBC NISP launched the Financial Fitness Gym by Nyala OCBC NISP. According to Amir Widjaya, EVP head marketing and digital communication at Bank OCBC NISP, the idea for the gym came about as the bank wanted to make its financial fitness solution appealing to the lifestyles of Indonesia’s young generation.

OCBC NISP’s financial fitness solution is an integrated programme that combines financial literacy and inclusion. The solution and education offered are also adapted to suit each individual’s needs, akin to how individuals receive personalised workouts at a physical gym. Yet another similarity that the financial gym taps on is the initial assessment customers undergo. Instead of height, weight and BMI, OCBC NISP’s gym conducts an initial financial fitness assessment, to find out customers’ financial condition, which is then followed by a financial consultation.

Personal finance and entrepreneurship classes are also provided at the exercise ground area. “Hence, the solution is thorough, end to end, but still following the conditions and financial aspirations of each customer,” Widjaya explained.

Additionally, OCBC NISP also executed a financial fitness index, a research collaboration with NielsenIQ that describes the financial health condition of Indonesia's young generation by looking at attitudes and behaviour in financial management and how to improve it. The results revealed four main factors that can help improve the financial health of the younger generation, namely by making budget allocations, creating simple records of expenses, consulting with financial planners, and continuing to learn financial management.

Therefore, Widjaya said, the bank’s focus is not looking at specific marketing channels, but rather prioritising its marketing solution, program and channels based on what works for the Indonesian youth. This would also allow the back to build engagement with its consumers in a disruptive, non-conventional approach.

OCBC NISP currently looks to spread the financial gym to the wider Indonesian community, with a focus on meeting the needs and expectations of the community, especially for the education function in financial management.

“We aim to be able to help the younger generation in Indonesia have a fit financial condition or what we call #FinanciallyFit. We will certainly delightful if the Indonesian people entrust Bank OCBC NISP as a banking partner to achieve #FinanciallyFit conditions and achieve various aspirations," Widjaya said.

Tapping on an unorthodox approach to building financial literacy in the market, the financial fitness gym is marketed with a customer-need based and education approach, motivating customers to achieve their financial goal, with a focus on creating an experiential customer experience.

Creating a unique customer experience 

The gym is part of OCBC NISP’s commitment to present a sustainable financial solution that supports customers to #GoFarBeyond by providing a positive impact on society. To support Indonesians being financially fit, OCBC NISP continues to strengthen its digital banking services at hand, which not only fulfils the needs of customers transactions but also helps customers manage their finances and investments, which allow them to reach their financial aspirations.

At the same time, the pandemic led to increased public expectations of financial institutions on products and services, both at an individual level to business players. This, coupled with rapidly changing customer needs due to the pandemic, resulted in OCBC NISP pursuing more innovative, customer-centric touchpoints that will elevate the customer experience. Widjaya said:

Instead of a major cost centre, operations of the future will be a driver of innovation and customer experience.

The financial fitness solution by Nyala OCBC NISP is also aligned with the bank's corporate visions based on ESG as a compass, which Widjaya believes will have a good impact on the organisation, the environment and society.

With no end to the pandemic in sight, the bank launched its financial fitness gym with health protocols and regulations in place. For instance, all members are required to register in advance to attend physical classes. Meanwhile, virtual options were also made available for customers who would prefer to learn from home. As of December last year, OCBC NISP already had over 250 video content, podcasts, articles and schedule classes for customers to choose from. “We want everyone can be empowered to make wise financial choices by having the right knowledge and mindset to reach their financial aspiration,” Widjaya said.

Why digital literacy matters

According to Widjaya, Indonesia witnessed a few trends when the pandemic hit. There was an increased awareness of the importance of saving for rainy days. Additionally, the mass shift towards digitalisation also led to an increased interest in digital banking and investing in stocks. “More and more people are comfortable utilising mobile application to do their investments, business, and individual transaction. However, those trends must also be followed by good financial literacy,” he explained.

Widjaya added: "We have completely understood the necessity on the requirement to adjust business strategies and personal investments that customers need to perform. Align with OCBC NISP’s vision to be the trusted partner to enrich the quality of life, we will continue to always be side by side with the customer in assisting them to decide the best choices thus they could achieve their aspiration."

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