KreditGoGo is the latest online financial comparison site to enter the very hot Indonesian market

A McKinsey report suggests that Indonesia’s savings and investments industry is expected to grow rapidly in the next few years. While financial services have penetrated Indonesia’s consumer markets far less than in other Southeast Asian countries, the industry has grown by six percent a year over the past decade and today contributes eight percent of Indonesia’s GDP.

We covered seven financial comparison websites that emerged in Indonesia a few months back. These sites provide comparisons for various products such as home loans, credit cards, insurances, and more. And the surge isn’t stopping there as Indonesia-based KreditGoGo wants a slice of the pie too.

Experienced backers

Just like its rivals, KreditGoGo is a platform that helps people compare and apply for financial products. The site has personal loans, car credits, mortgages, credit cards, and health insurance from over 27 financial service institutions.

Launched in March 2014, KreditGoGo aims to provide access to and educate Indonesian people about financial services. Most consumers in the country are currently relying on an outdated way of applying for financial products. They typically meet frontliners and agents who are likely biased because they are paid based on commission. This is the problem KreditGoGo tries to solve.

Two industry players are supporting KreditGoGo’s operations in Indonesia. They are Celebes Capital, an Indonesian venture capital fund specializing in the financial services space, and Savings Plus, a Malaysian company which owns two Malaysian online financial service platforms: Save Money and RinggitPlus. Three dedicated management team members and around 15 employees are currently in charge of operations in Indonesia.

Challenges

Al Mukmin, who leads the performance marketing team at KreditGoGo, says that the main challenge KreditGoGo faces is the much bigger area that they have to cover in Indonesia compared to Malaysia which makes it more difficult to control the customer service quality. The other challenges come from the less developed processes that exist in banks due to newly created regulations such as a decentralized credit approval process. This creates a need for the team to develop a different business model from the Malaysia version.

Similar to another financial comparison website KreditAja, KreditGoGo provides an end-to-end service for financial service providers from getting leads to receiving a complete application. It’s called the “click-to-brick” model, and it covers the entire leads management process from online to face-to-face customer interaction.

So yes, KreditGoGo can send its couriers up to the customer’s doorstep just to ask for their signature when they apply for a financial product. The team claims that they could send their couriers nationwide, depending on the agreement they have with the financial institutions.

As an archipelago, Indonesia is a challenging country for banks and finance companies to expand due to the high logistical costs of creating branches. Banks and finance companies can use KreditGoGo to attain an extra channel to reach out to customers, and this is how KreditGoGo wants to differentiate themselves from the competition.

See: CekAja helps Indonesians compare and apply for financial products, delivers the service to their front doors

Mukmin tells Tech in Asia that over 19,000 users have indicated interest in their service by applying directly for financial products through the website, or subscribing to the newsletter, or contacting KreditGoGo’s customer service. Like other financial aggregator sites, KreditGoGo doesn’t charge its customers. It monetizes from the banks and multi finance companies they are working with based on leads and number of customer applications made.

The team plans to launch a community site which will contain articles related to saving tips and planning as well as a discussion forum where the users can share about personal finance matters and help others to better manage their money.