Say, you need to transfer money from your bank account to a friend’s. You’re with Bank A, and your friend is with Bank B. How long does it take you to make the transfer? A few seconds? A few minutes?
If you’re in India or Singapore, all you need is your friend’s phone number and a few taps on your smartphone. In Indonesia, however, transferring money from one bank to another is a nuisance.
Here’s the user experience with online banking: You have to first go through the pains of adding your friend’s bank details. You’re then confronted with a multiple-choice question: do you want to make an online transfer, an LLG LLG Lalu Lintas Giro The local interbank transfer, which runs on Indonesia's National Clearing System (SKNBI) transfer, or an RTGS RTGS Real Time Gross Settlement RTGS is quicker that LLG, but comes with high fees and is intended for large sums transfer?