Articles

Improving the KYC Onboarding Process Using Business Process Re-Engineering: A Case Study of a Foreign Bank in Indonesia

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The Know-Your-Customer (KYC) onboarding component in the customer acquisition process became an issue in an Indonesian branch of a prominent global bank. In 2023, the branch received a significant complaint from one of its major clients, noting the inefficiency of its KYC onboarding process, thus garnering attention from local senior management. From 2019 to 2023, there was a steady increase in client dissatisfaction rate and the number of new clients dropping their requests during the KYC onboarding stage. This research aims to identify the pain points in Magnolia Bank’s KYC onboarding process and propose solutions using the Business Process Re-engineering (BPR) approach. Fifteen respondents, including 10 bank employees and 5 corporate clients, were interviewed. Thematic analysis of interview results was conducted and it revealed three major pain points of the process: difficulty in document submission, challenges in requirements, and communication issues. The root cause of these pain points were then analyzed using the fishbone diagram, from which three root causes were discovered: inadequate technology infrastructure, lack of transparency in the process, and insufficient guidance that clients receive from the bank. The BPR approach was taken to fix the problems, the project focused on improving the guidance to clients, enhancing technology infrastructure, and developing a system for clients to track their onboarding progress. The proposed business solution for this research is for Magnolia Bank to develop a dedicated KYC onboarding platform, allowing prospective clients to submit the requirements directly, experience a one-window communication system, and track their KYC onboarding status.

Developing Marketing Strategy Initiatives to Enhance Customer Acquisition and Customer Retention for MedTech Startup (Case Study: Riliv)

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In response to increased consumption, the MedTech market in Indonesia, which includes applications for mental health services, has experienced phenomenal growth. However, customer acquisition and retention have emerged as significant obstacles for businesses such as Riliv, a prominent mental health service application. This study seeks to identify the factors that influence and improve Riliv user acquisition and retention among non-users, current users, and former users. A quantitative research strategy employing descriptive statistics and a non-probability sample of 200 respondents were utilized. To capture data, the Likert scale questionnaire was distributed online. The research included both internal and external analyses (STP, 7Ps of the marketing mix, and VRIO) as well as PESTEL, Porter’s Five Forces, competitor, and customer analyses. The SWOT and TOWS analyses were then conducted. The findings highlight the importance of effective promotional activities, competitive pricing, and superior product quality and service in attracting and retaining Riliv users. Increasing brand recognition, enhancing product attributes, and ensuring service quality have been identified as crucial factors positively influencing consumer acquisition and retention. Riliv can implement strategic marketing initiatives such as targeted advertising, influencer collaborations, refined messaging, content marketing, personalized experiences, trial periods, referral programs, and continuous engagement in order to overcome these obstacles. By adopting these strategies, Riliv can position itself as a dependable online mental health services provider and accomplish sustainable growth in the highly competitive MedTech industry.

Marketing Communication Strategy to Increase Customer Acquisition in Digital Bank: A Case Study PT Bank Sukses Bersama, Tbk

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Digital banks have emerged as a new phenomenon in Indonesia’s financial services ecosystem. Because it uses technology and provides efficient services, the emergence of the digital bank is expected to be a game changer. In 2021, PT Bank Sukses Bersama, Tbk launched the life-centered Sukses Application, which simplifies, collaborates, and innovates financial management. Bank Sukses Bersama’s transformation from a conventional bank to a digital bank aims to increase its business growth and efficiency. However, since its launch, Bank Sukses Bersama has not attained a cost-to-revenue ratio which would be optimal in comparison to its competitors. The research objectives for this study are to evaluate Bank Sukses Bersama’s market segmentation and find opportunities to increase users by reaching more potential markets through new segmenting, targeting, and positioning, as well as to propose a marketing communication strategy for Bank Sukses Bersama in order to increase customer acquisition to maximize the income and improves Bank Sukses Bersama’s performance. This research utilized both primary and secondary sources of data The primary data was collected through questionnaires targeted for 150 respondents of bank customers in Indonesia. The purpose of the questionnaire is to obtain responses from bank customers in Indonesia regarding digital banks in Indonesia, including their perceptions of Bank Sukses Bersama. This research assessed internal and external analysis of Bank Sukses Bersama in digital banking industry. The suggested Bank Sukses Bersama marketing communication strategy proposes an approach for emphasizing the brand’s value proposition, engaging customers through storytelling and personalization, and utilizing digital platforms and collaborations to increase customer acquisition and retention. This strategy intends to position Bank Sukses Bersama as an innovative and trustworthy digital banking solution in Indonesia through integration with the target population and the bank’s fundamental values. The scope of this study is mainly focus on Bank Sukses Bersama as a digital bank. The company’s identity has been concealed for publicity and reasons related to confidentiality.