Jakarta, 3 March 2024 - The number of young investors has increased significantly in recent years. PT Bank Central Asia Tbk (BCA) revealed some of the strategies it has adopted to reach more young people to invest through the Welma feature in the myBCA application.
BCA EVP Wealth Management Indrawan said that BCA is known as a transaction bank that constantly innovates to meet the diverse needs of its customers. Looking at market developments, BCA must also be able to accommodate the interests and needs of the public in investing, including the younger generation.
"To encourage young people and those who are just starting to invest, we are lowering the purchase limit, so that with Rp10,000 they can buy mutual funds, and with Rp1,000,000 they can buy bonds in Rupiah," said Indrawan in the Wealth Management Mini Studio at BCA Expoversary 2024 at ICE, BSD, Thursday (1/3).
Indrawan sees that the investment situation remains conducive amidst global economic and geopolitical dynamics. More interestingly, the number of investors in the Indonesian capital market increased by 17.95%, from 10.31 million in 2022 to 12.16 million by the end of December 2023.
In line with these developments, over the past few years, the number of investment customers at BCA has consistently grown by around 20% per year. Regarding the number of investors, Gen Z is still the smallest age group compared to other age groups. Although still small in number, this age group has experienced the highest growth, at around 30% compared to the previous year.
"While the minimum purchase of investment products is getting smaller, we see that the average purchase amount is getting better. Psychologically, it makes many people feel that they can buy it. In the previous case, there were many who were afraid. This method has succeeded in encouraging customers to dare to invest," Indrawan says.
The general increase in investment interest has also been felt by BCA, which has seen a growth in investment assets under management. By the end of 2023, BCA's investment assets under management, consisting of bonds and mutual funds, will almost reach Rp200 trillion, growing by more than 40% on an annualized basis (YoY).
In addition to providing convenience in investing, BCA also understands that high interest in investment must be balanced with good financial literacy. Now, the myBCA app also features wealth insights that provide publications on global and domestic economic and capital market developments, such as BCA Weekly Market Overview published weekly and BCA House View published monthly.
Additionally, BCA has regularly held BCA Wealth Summit for the past two years to increase customers' understanding and awareness of investment. The event features a variety of guest speakers from experts in economics, investment, and health, with the aim of providing BCA customers and the general public with diverse insights and knowledge on holistic financial management. The event also aims to introduce customers to financial products that can support them in achieving their financial goals.
Picture Information:
Investors Growing in Younger Age Groups - BCA EVP Wealth Management Indrawan (right) at the BCA Expoversary 2024 Mini Studio session, discusses Welma's strategy to reach more young people. In terms of the number of investors, Gen Z is still the smallest age group compared to other age groups. Although the number is still minimal, this age group has experienced the highest growth, which is around 30% compared to the previous year.
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About PT Bank Central Asia Tbk (as of 31 December 2023)
BCA is one of the leading commercial banks in Indonesia with the core business of transaction banking. BCA also offers a full range of financial services in consumer, SME, commercial and corporate segments. As of December 2023, BCA has the privilege of serving more than 38 million customer accounts, processing around 82 million of daily transactions through a network of 1,258 branches; 19,047 ATMs as well as the 24-hour internet & mobile banking systems; supported by 24/7 Halo BCA contact center. BCA’s presence is complemented by a number of subsidiaries focusing on vehicle financing, sharia banking, securities, general and life insurance, digital bank, remittance as well as venture capital business. BCA is committed to building lasting relationship with customers, putting people first, and making positive impact on society at large. With around 27,000 employees, BCA's vision is to be the bank of choice and a major pillar of the Indonesia economy.
PT BANK CENTRAL ASIA TBK
Group Corporate Communication and Social Responsibility - CSR
Corporate Communication
Alamat : Jl. MH Thamrin No. 1
Menara BCA Lt. 22
Jakarta Pusat 10310
Telepon : (021) 2358-8000
Fax : (021) 2358-8339
E-mail : corcom_bca@bca.co.id
