Indonesian banking industry has seen significant growth and development over the past few decades. Indonesia is home to the largest economy in Southeast Asia and the 16th largest economy in the world. The country has a population of over 270 million people, making it the fourth most populous country in the world. The banking industry in Indonesia has been playing a key role in driving economic growth and development in the country. Indonesia’s BFSI (Banking and Financial Services) industry’s contribution to the GDP is 6.8% – 7.2%, whose total annual growth is currently at 5.7%.

Indonesia currently operates 3 state-owned banks: Bank Mandiri, Bank Rakyat Indonesia (BRI), and Bank Negara Indonesia (BNI). There is also the addition of Bank Central Asia (BCA) and BTPN (Bank Tabungan Pensiunan Nasional) to Indonesia’s lineup of winning banks.

Financial services in Indonesia have flourished and the country is on the path of the next digital revolution. Indonesian banks like Bank Mandiri, Bank Central Asia and Bank Rakyat Indonesia are driving revenue growth via digital channels. This has led to massive growth for the banking and financial services industry in the country as seen in exhibit 1 below.

Therefore, it is crucial to underline the best of Indonesia’s financial institutions, as it can yield valuable information in understanding the core issues Indonesia needs to solve to expand and grow even further. Which are some of the best practices that have led to the growth of the Indonesian banking and financial services industry?
Let’s take this quiz and find out!

About the state of Indonesian banks quiz

• 5 questions in 3 minutes
• Regardless of your knowledge about this topic, this quiz is still for you
• Insights at the end of each question
• At the end of the quiz, click on “Submit” to get your final score.

We collaborated with Kyndryl, on the State of Indonesian banks report 2023 that delves into the thriving landscape of financial services in Indonesia by identifying the key drivers of growth that have contributed to their success. Furthermore, it sheds light on various growth opportunities that both new and existing banks in Indonesia can leverage to enhance their success.

For deeper insights, read the full report on the platform here: Winning financial services in Indonesia 2023.

Learn more on the digital banking scenario of Indonesia here: Digital banking apps benchmarks of Indonesia’s top 5 banks in 2023.