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Empowering Indonesia’s financial landscape: MSC’s role in OJK’s Regtech and Suptech revolution

  • time Dec 28, 2023
  • calendar 1 min

MSC supported OJK to conduct consultations, create vision documents, research consumer complaints, and implement technologies, such as sentiment analysis and chatbots. These innovations enabled OJK to efficiently handle complaints, educate consumers, and make informed decisions, to ensure a safer digital financial environment for consumers.

OJK, the Financial Services Authority in Indonesia, supervises more than 2,500 financial institutions. It observed an increase in consumer complaints due to the simultaneous growth in digital financial services. MSC supported OJK to implement consumer support technology initiatives. MSC helped OJK conduct stakeholder consultations, develop the Regtech and Suptech vision document, provide research findings on rising consumer complaints, design terms of reference for consumer support technology, implement a cloud-based sentiment analysis platform and an on-premise chatbot system, and develop publications to disseminate project insights to external and internal stakeholders.

MSC’s work has contributed to the development of a sentiment analysis solution to monitor social media activity around financial services. It also developed an automated chatbot for the OJK website for consumer education and inquiries or complaints.

These tools help OJK make informed decisions, better protect consumers, and handle complaints and inquiries more efficiently.

The Bill & Melinda Gates Foundation commissioned this project.

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