Can technological innovation spur economic development? The case of Indonesia

Junarsin, Eddy; Hanafi, Mamduh M.; Iman, Nofie; Arief, Usman; Naufa, Ahmad Maulin; Mahastanti, Linda Ariany; Kristanto, Jordan

doi:10.1108/jstpm-12-2020-0169

Cited by 27 publications

(16 citation statements)

References 22 publications

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“…Meanwhile, 51% of the Indonesian population was still unbanked in 2017 (World Bank, 2017). Since economic digitalisation might increase financial inclusion (Rekha et al ., 2021), Indonesia intends to accelerate open banking to elevate financial inclusion (Junarsin et al ., 2023). In this regard, the central bank (Bank Indonesia) intends to implement open banking by 2025 (Bank Indonesia, 2019).…”

Section: Methodsmentioning

confidence: 99%

“…Technologically enabled innovation, such as open banking, will blur traditional firm boundaries and promote the emergence of new business models and value creation (Golçalves and Araujo, 2023; Gozman et al ., 2018). Financial innovation will then develop new products and services that may potentially challenge long-established incumbents (Iman, 2020; Junarsin et al ., 2023). McKinsey (2017) defines open API as the technical realisation of open banking.…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

“…Prior studies have shown the positive impact of open banking on the financial system, e.g. by improving customer choices and experiences (Kassab and Laplante, 2022), increasing economic growth (Armstrong-Taylor, 2014), increasing innovation in financial services (Junarsin et al ., 2023), mitigating financial risks (Gozman et al ., 2018), increasing financial inclusion (Rastogi et al ., 2020), providing a better costumers experience as well as reducing costs and increasing revenue for banks (Gärtner and Fernandez, 2018).…”

Section: Introductionmentioning

confidence: 99%

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Is technology truly improving the customer experience? Analysing the intention to use open banking in Indonesia

Iman,

Nugroho,

Junarsin

et al. 2023

IJBM

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PurposeOpen banking, with its promise to revolutionise electronic transactions through open application programming interfaces (APIs), aims to bridge the gap between banks and non-banks, enhancing lending, payments, investments and funds distribution. However, does this bold innovation truly resonate with consumers? This study delves into consumer intentions to adopt open banking in Indonesia by leveraging the technology readiness model, scrutinising its antecedents and moderating factors, and identifying the key attributes that users anticipate.Design/methodology/approachThrough quantitative and qualitative approaches, this study answers the following questions: (1) Are financial service users ready to use open banking/open API applications? (2) What are the key attributes that consumer expects of open banking/open API? First, the authors developed a structural model based on the technology readiness model, distributed the questionnaire in eight major cities in Indonesia, analysed it using PLS-SEM and utilised a machine learning approach to unpack the main attributes expected from open banking.FindingsThis study’s findings indicate that customers are generally prepared to embrace open banking innovations. Nonetheless, to enhance public acceptance, certain factors should be emphasised, including organisational support, user-friendly technology, a comprehensive range of features, consumer financial literacy and banks' readiness to adopt open banking. In contrast to prior research, this study reveals that loyalty to traditional banking positively moderates the connection between customer value and the intention to utilise open banking. Additionally, the authors did not observe a significant moderating effect of financial literacy on the relationship between perceived customer value and the intention to use open banking.Originality/valueTo the best of the authors’ knowledge, this study is one of the few that comprehensively analyses the consumers' readiness for open banking in developing contexts. This study is expected to produce a theoretical contribution as well as effective and optimal policies for the financial services sector.

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Section: Methodsmentioning

confidence: 99%

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Is technology truly improving the customer experience? Analysing the intention to use open banking in Indonesia

Iman,

Nugroho,

Junarsin

et al. 2023

IJBM

Self Cite

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“…The number of crypto asset users or customers at the end of 2021 was 11.2 million, up 48.7% from 16.55 million at the end of November 2022, bestowing to The Commodity Futures Trading Supervisory Agency, commonly abbreviated as CoFTRA or Bappebti data. Interestingly, the majority of that number came from millennials, aged between 18 and 30 (Junarsin et al, 2023;Usman et al, 2021). According to data collected by Coinfolk, the provinces of Bali, DKI Jakarta, Banten, Yogyakarta, Riau Islands, and West Java exhibit the greatest cryptocurrency interest in Indonesia.…”

Section: Introductionmentioning

confidence: 99%

Individual Cultural Values and Profit Expectations on Investment Intentions in Crypto Currency: Religiosity as a Moderating Variable

Abadi,

Hamdan

2023

BASKARA

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This study intends to investigate the effects of conscious and unconscious processes on crypocurrency investment intention. The impact of personal cultural values, profit expectations, and religiosity on intentions for hazardous investments was examined within this paradigm. Additionally, the mediating function of profit expectations in the association between a person's cultural values and religion for crypocurrency investment intents was also examined. Additionally, the topic of religion as a mediator of profit expectations and crypocurrency investing purpose was covered. When our graduate students willingly shared the online survey link on their social networks between February and July 2022, the data were gathered. In all, 446 people responded to the questionnaire in this manner. The AMOS programme was used to carry out structural equation modelling (SEM), which was used to test the research model.In addition to these, the effects of age, education level, sex, and marital status on individual cultural values and investment intentions were examined. The age group of 41 to 50 years old had the highest uncertainty avoidance level. People above the age of 41 had the highest level of long-term orientation. The 51-year-old age group had the least risky investing objectives. Age did not influence collectivism or power distance. The amount of schooling had no impact on any variations in the pertinent variables. Intention to take risks, power distance, masculinity, and collectivism are all greater in men than in women, and married people are more likely to avoid uncertainty and to identify as men than unmarried people. This study is the first to examine the combined effect of conscious and unconscious processes on cryptocurrency investing intentions. The authors have also offered evidence for the presence of a link between these three factors. On the other hand, the number of empirical studies examining the relationship between profit expectancy, religion, and investment intention in cryptocurrency is rather small.

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“…These problems result in information asymmetry, encouraging the emergence of moral hazards and opportunistic behaviour. Information asymmetry causes the institutions/institutions not to be strong enough, thus creating inefficiencies in various fields (Junarsin et al, 2021). As a result, competitiveness is low, and Indonesia does not realise the expected targets/impacts.…”

Section: Introductionmentioning

confidence: 99%

Digital transformation for maritime logistics capabilities improvement: cases in Indonesia

Iman

Amanda

Angela

2022

MAEM

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PurposeThe authors have faced rapid technological developments over the past few years. Still, the authors face challenges of maritime supply chain inefficiency, high costs and the low competitiveness of Indonesian ports. In line with the flow of this research, the purpose of this paper is to conceptualise best practices to improve port connectivity, which impacts improving maritime logistics capabilities in Indonesia that are relevant to the current situation.Design/methodology/approachThe authors utilise surveys and interviews as a data collection method, where several sources were actors in the maritime logistics industry. The authors also use secondary data from the Ministry of Transport of the Republic of Indonesia, online databases as well as trade magazines and newspapers. This paper conducts a multiple case study and principal component analysis (PCA) to meet the research objectives.FindingsThe intention to use port digitisation services will increase if the perceived usefulness of the service also increases. Also, if the negative coefficient of user trust rises, it will bring a very sharp decrease in customers' intentions to use. Furthermore, the high estimated value of context indicates that users expect to have a good experience using the application and bring benefit to their business.Originality/valueBased on the authors’ knowledge, there has been no review about port digitalisation, specifically in Indonesia. The authors initially provided best practices to improve port connectivity, which can impact improving maritime logistics capabilities.

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Can technological innovation spur economic development? The case of Indonesia

Cited by 27 publications

References 22 publications

Is technology truly improving the customer experience? Analysing the intention to use open banking in Indonesia

Is technology truly improving the customer experience? Analysing the intention to use open banking in Indonesia

Individual Cultural Values and Profit Expectations on Investment Intentions in Crypto Currency: Religiosity as a Moderating Variable

Digital transformation for maritime logistics capabilities improvement: cases in Indonesia

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