To ensure fast growth-trend of bank-led digital-transactions in Indonesian: Seeking for motivational efforts adopting voluntary insurance policies

Akim M.  Rahman

doi:10.59400/fefs2014

Akim M. Rahman Faculty of Business, Sheikh Hasina University of Science and Technology (Proposed New Name Dr. Momtaz Begum University of Science and Technology), Banshgari, Bhairab, Kishoreganj 2300, Bangladesh

Article ID: 2014

DOI: https://doi.org/10.59400/fefs2014

Keywords: e-banking services; perceived risk-factors; psychological-risk; motivational-efforts for policy-design; Akim’s theory of achievement ensuring cashless society; Indonesian-economy

Abstract

Purpose of the study: In today’s world, banking services have been modernized where customer compete for time-saving option in economy-country-wise where Indonesia is no exception. Here the Bank Indonesia (BI) has been speeding up the efforts for making the financial system to be digital based for few years now. The BI-FAST is a payment system infrastructure, which was earlier introduced by the BI. However, probable customers are still concerned about psychology-driven risk-factors using digital banking, particularly bank-led digital banking-services. As a result, it has been undermining the growth-trends of digital-transactions. To marginalize the dilemma, attaching a new product known as Voluntary Insurance (VI) is proposed in literature where the value of the VI-product can keep the e-banking businesses growing. Over the time, it can ensure absolute unhazardous or riskless digital banking in Indonesia. It can facilitate the Indonesian-society to be the first cashless-society in world. Thus, the pivotal enquiry in this study is: can bank-management and policy-practitioners of Indonesia be motivated and play its roles for further better-ness of its society? Methodology: For answering the question, this study used theoretical research-techniques where motivation and supportive efforts model has been developed underpinning the goal of achievement ensuring cashless economy of Indonesia. Findings: The theoretical analysis clearly shows that the motivations of officials and policymakers in Indonesia-economy can contribute significantly strengthening its economy. Implications: Thus, the answer to the question posed is Yes and as an outcome, it can facilitate to be a cashless society soon where bank-management and policymakers’ motivations are prerequisite for the achievement.

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