Branchless Banking Customers in Indonesia Vulnerable to Overcharges, Data Breaches, says MicroSave Survey
Early adopters of branchless and electronic banking services in Indonesia are vulnerable to agent misconduct due to a low public awareness of banking products, says a survey conducted by financial service consultancy firm MicroSave published on Tuesday (16/05).
The survey, which sampled 1,414 customers across 15 provinces in Indonesia, found that only 27 percent of branchless banking users and 15 percent of e-money users across the archipelago are aware of transaction charges imposed by banks. As a result, customers are left vulnerable to overcharges by banking agents.
“Agents usually charge ‘thank you fees’ for almost all transactions,” Ghiyazuddin Mohammad, a senior manager at MicroSave, said.