Breakthroughs in credit cards enable millennials to manage their finances the smart way | Bahasa

Indonesia, 19 Aug 2021 - Today, millennials are into a fast-paced lifestyle. To support this lifestyle, they need services that enable them to increase their time efficiency and enjoy their freedom. An example is the new way millennials make transactions for or purchases of various products and services, such as music, entertainment, books, and transportation services, all of which can be done quickly via digital applications in smartphones.

In addition, the Covid-19 pandemic requires people to minimise physical contact. As a result, people use digital technologies to do most of their daily activities, from work, school, health consultation, to enjoying entertainment and shopping. As many as 30% of people have increased their online spending to meet their daily needs. 

In fact, the two things mentioned above also affect people's transaction and financial management habits, with 63% of them starting to use digital banking applications during the pandemic. With regard to credit cards, the results of the 2019 digibank Usability Test Finding research revealed that people want to find out more quickly about the approval of their credit card applications and the agreed limits. The research confirmed that millennials seek efficiency, transparency, and certainty - and they want them as fast as possible - when submitting credit card applications.

Regarding credit card management, millennials want to have full control of their spending. The 2019 digibank Usability Test Finding research revealed another fact: millennials want control over their spending as well as good cash flow management so they can pay their bills and installments on time.

Another interesting fact about the millennial generation is that they increasingly prioritise a sustainable lifestyle. A survey conducted by Zero Waste Indonesia showed that more than 50 percent of members of the millennial generation feel responsible for the environment, as indicated by, among other things, their attempt at preventing excessive use of goods, choosing recycled products, and reducing the use of paper to create a more sustainable environment.

“As part of Bank DBS Indonesia, which is a purpose-driven bank, digibank by DBS offers a multi-purpose solution to answer all the needs of the public. In terms of time efficiency, we perfected the customer journey with a credit card approval process and an agreed limit within 60 seconds. To help control spending, we provide monitoring and credit card management services that can be accessed 24/7. In addition, we also support a sustainable lifestyle by focusing on digital operations that have an indirect impact on reducing paper use,” said Head of Card Business, PT Bank DBS Indonesia, Ari Lastina.

Given the fast development of digital technology, millennials require fast, efficient and sustainable digital applications. As credit card features are increasingly becoming more sophisticated, millennials can improve their time efficiency and manage their finances in real-time using digital applications.

 

[END]

 

 

About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SG50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 29,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.