Fintech platforms are playing a crucial role in strengthening Indonesia’s economic growth by providing better financial access and literacy. According to Dana CEO Vince Iswara, digital financial services are not just about accessibility but also about educating users on money management and financial planning.

One of the key features offered by fintech apps is budgeting tools, which help users track their income and expenses more effectively. This allows people to save a portion of their earnings and, eventually, invest in financial products. "Digital financial services are important not just in terms of access but also in education and literacy," Vince said at the Indonesia and Data Economic Conference (IDE) Katadata 2025 in Jakarta on Thursday (February 19, 2025).

Fintech companies can tailor their services to users' preferences by analyzing spending patterns and transaction history. For instance, users who frequently transact via fintech platforms may become eligible for loans as these companies collect and analyze financial data to assess their repayment capacity. "Users can get loans according to their financial ability," Vince explained. In addition to loans and investment options, fintech services also provide access to insurance, further enhancing financial security.

According to Dana’s internal data, 36% of its users were previously unbanked individuals who had never accessed banking services before. The growing adoption of digital wallets is also evident in data from the Financial Services Authority (OJK), which reported that 60% of digital financial transactions in 2022 were conducted via e-wallets. "Digital financial services have experienced rapid progress over the past five years, especially since the government introduced QRIS," Vince added.

With a daily data processing volume of approximately 4 petabytes, Dana leverages machine learning and artificial intelligence to manage financial data efficiently. AI-powered data management allows fintech companies to provide personalized services while maintaining security and preventing fraud. "Data is often called the new oil, so it is essential to use it properly to improve people’s welfare," Vince emphasized.

As data becomes an increasingly strategic resource, fintech firms must ensure robust data security, privacy protection, and unbiased processing. To enhance user protection, Dana has introduced the Smart Friction feature, which alerts users to suspicious transactions or potential fraud risks.

Through fintech innovations, digital financial services are expected to continue driving financial inclusion, economic stability, and national growth.

PHOTO: AKURAT.CO/IST

This article was created with AI assistance.