Banks closing the UX gap on Indonesia’s fintech firms

The rise of Indonesia’s fintech sector has taken place at a breakneck speed. But while one of its biggest advantages over traditional banks was the usability of its platforms, that gap seems to be closing.

As this graphic from a report on the country’s fintech industry from Boston Consulting Group (BCG) shows, while fintech firms previously dominated in UI and UX design, now there’s little difference between them and traditional banks.

According to the report, which surveyed banking customers in Indonesia, the ease of use and onboarding advantages that fintech platforms once possessed over banks have mostly slipped away.

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The BCG report notes that to preserve their lead over banks in customer experience, fintech players must become even more innovative. It also advises reducing reliance on promotions as this could undermine consumers’ opinion of the fintech industry.

That said, the report highlights that fintech platforms lead over banks in terms of overall use. They also scored higher in terms of access to other services such as cross-selling.

However, Indonesia’s banks have maintained their advantage over fintech firms when it comes to security.