Challenges

Despite the increasing trend of digital transactions in Indonesia, the country’s financial literacy rate remains low, with only 38.03%. The situation created a tech-savvy society that lacks financial-savvy capabilities. To help millions of Indonesians understand better how to empower themselves through digital financial management, GoPay, as the leading e-wallet in Indonesia and part of GoTo Financial, created a financial literacy campaign called FinanSiap.

Primary target

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Description of Innovation

The FinanSiap campaign was officially launched with a press conference attended by national and local traditional media and social media content creators. The press conference leveraged the public’s high curiosity about digital investment, which drove excellent news coverage and started dynamic discussions.

Campaign activities included 11 virtual classes conducted from July to December 2021. The content was distributed over a broad platform base, including a webinar series, Instagram Live sessions, podcasts, and articles placed on microsites. To drive even further impact, GoPay provided their networks and rich content to collaborate with the Indonesia Stock Exchange (IDX) to develop stock market content and successfully reach 16 million people.

Twelve influential key opinion leaders (KOLs) recognised for their financial management expertise were engaged as spokespersons in the virtual classes to attract large audiences further. They became one of the main key selling points as the participants could interact and directly ask questions to them. The campaign's aim was straightforward: Equip tech-savvy society with financial-savvy capabilities.

Results

The Finansiap press conference and press releases generated a total of 142 media coverage. Based on the news coverage analysis, the social impact story of FinanSiap and the money management insights received the highest level of amplification from the media.

The series of Instagram Live, Webinar, and newsletter sessions recorded over 14 million views. These numbers exceeded the campaign’s initial target by seven times. Feedback from participants yielded positive results, including inquiries of when the next series would be held, appreciation of the lessons that had been learned, and testimonials saying that they would share their learnings with their friends and family.

Additionally, in collaboration with the Financial Services Authority, FinanSiap launched an educational e-book titled “Buku Pintar Finansial: Pengelolaan Keuangan untuk UMKM” (Financial Smart Book: Financial Management for MSMEs). The e-book, which was specifically written and composed for MSMEs, consists of various money management tips and tricks, including earning capital, optimizing online transactions, and calculating and reporting business tax. The e-book was downloaded over 26,000 times as of January 2022. These educational contents were further amplified through a series of blog posts and newsletters.

Lessons Learnt

The FinanSiap Campaign used multiple digital channels that were the most accessible and attractive for the target audiences. One challenge in tapping the rural area is how to reach consumers in remote areas with limited access to internet connection.

Technology will continue to play an important role in the financial industry. The speed of technological change will keep increasing and all players, both existing and new comers will need to continuously innovate. Thus, the collaboration between the regulators existing players and new entrants will be required to understand how new innovations alter the risk profile of the industry – positively and negatively.