REPUBLIKA.CO.ID, JAKARTA -- The Financial Services Authority (FSA) has suggested that financial industry, especially the banking sector, should take advantage of technology in order to improve their services.

"Financial industry should master technology so that it can improve the quality of service in financial business," Chairman of the FSA Board Commissioner, Muliaman D. Hadad, said at the Indonesia Change Management Forum (ICMF) 2017 here, Monday.

The synergy between technology and financial industry is needed as other industries have put technology as an important part of their business process, for example in transportation industry.

Muliaman explained that technology in the financial services industry has an important role given the diverse capacity of financial industry players.

"We know not every bank has the same capacity to use and build technology. There is a bank that is able to do so, like the state-owned banks, and there are small banks that are still difficult to utilize this technology," he said.

Muliaman suggested the small and medium-scale banks to build partnerships with a variety of technology-based financial services institutions (Fintech).

Related to this partnership, the FSA will build and oversee the regulatory aspects of such cooperation in order to realize the benefits for both sides, in which customers can get faster, cheaper and simpler services.

"The FSA wants banks to serve people professionally, otherwise the bank's performance will be impaired and could have a major impact on its role and functions in stimulating the national economy," Muliaman said.

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