Digital financial services: What are Indonesians’ top concerns?

Digital financial services: What are Indonesians’ top concerns?

92% of consumers in Indonesia have some concerns about using digital financial services – such as digital-only banks, e-wallets and cryptocurrencies.  

Research by YouGov shows that close to three in five consumers worry about their identity being stolen (57%), while more than half are concerned about not having access to their money without an internet connection when using digital financial services (51%) and being exposed to too much risk from hackers (51%).

Additionally, two in five are concerned about not being able to easily speak to a person if they run into problems while using digital financial services (41%) and there not being enough fraud protection (40%). Just 2% say they do not have any concerns with digital financial services today.  

How do concerns about digital finance vary across different generations in Indonesia? 

Gen X (born 1965 – 1980) consumers are much more likely to worry about their identity being stolen when using digital services – close to three-quarters (72%) express concern – compared to almost three in five Baby Boomers (born 1946 – 1964) and Millennials (born 1981 – 1996), and half of Gen Z (born 1997 – 2009) consumers.

Baby Boomers, on the other hand, are much more likely to be concerned about digital finance services not having enough fraud protection measures (65%), compared with less than half for other generations. Additionally, almost three-fifths of Gen X and Baby Boomers are also concerned about the risk of being hacked when using digital financial services, compared with around half of Gen Z and Millennials.

More than three in five Gen X and Baby Boomers (above 60%) worry about not being able to access their money without an internet connection when using digital financial services, compared to closer to half of Gen Z and Millennials.  

Older consumers are also more likely to worry about not having easy access to customer service personnel, with Baby Boomers almost twice as likely as Gen Z consumers to be concerned about not being able to access their money without an internet connection when using digital financial services. 

Meanwhile, around a quarter of consumers across age groups say they have difficulty understanding digital finance services.

Baby Boomers are also far more likely to feel there is not enough government regulation of digital finance at present, nearly twice as much as Gen X consumers and over three times as much as Gen Z consumers. 

Meanwhile, more than one in five of Gen X and more than one in four of Baby Boomers are also concerned about the reliability of digital finance, compared to around one in seven among Gen Z and Millennials.

Read YouGov's latest consumer research in the finance sector: 

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How does consumer trust in traditional versus digital-only banks vary across different markets and age groups in APAC?

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Methodology: YouGov Custom Research is a full end-to-end service from YouGov experts, from sample framing and questionnaire design to analysis and more, which provides bespoke market intelligence and research insights. Indonesia data figures (N = 1,034) have been weighted by gender, age, socioeconomic class, city tier to be representative of the adult online population in Indonesia (18 years or older), and reflect the latest Indonesian Bureau of Statistics (BPS) population estimates. APAC data figures (N = 5,653) include the following markets: Australia, China, India, Indonesia, Hong Kong and Singapore. Learn more about YouGov Custom Research.