Bank Central Asia (BCA) is one of the largest privately-owned banks in Indonesia, renowned for its customer-centric approach and innovative banking solutions. Established in 1957, BCA has grown to become a key player in the Indonesian banking sector, offering a wide range of financial services, including retail banking, corporate banking, and digital banking.

BCA is particularly recognized for its extensive ATM network and advanced digital services, which have made banking more accessible and convenient for millions of Indonesians.

Over the years, BCA has maintained a strong reputation for trust, reliability, and trustworthy customer service, marking its position as a leader in the banking industry.

With a focus on strategic growth and technological innovation, BCA continues to adapt to the customers’ needs while contributing to Indonesia’s financial sector development.

In March 2024, BCA ranked 1st on the list of the strongest banking brands according to the report titled “Top 500 Banking Brands” by Brand Finance. This position was secured by BCA among 500 other renowned global banking brands from the United States, Europe, Asia, and Africa.

The bank is part of a competitive landscape of strong national banking players in the Asian market. As a result, the Asian group is led by BCA, which stands out as the strongest brand among the Top 500 Banking Brands.

Brand Finance highlighted that BCA achieved the highest Brand Strength Index (BSI) score among global banking brands, with a score of 93.8 out of 100. The report, issued by the London-based consultancy, also recognized BCA with an AAA+ brand rating.

“On behalf of all BCA management and employees, I extend my deepest gratitude to Brand Finance for naming BCA as the strongest banking brand in the world. This recognition is undoubtedly a result of the trust of our loyal customers, the support from the government and regulators, as well as the hard work of all BCA employees across the nation. This appreciation serves as motivation for us to continuously enhance the quality of our services and banking solutions to meet the diverse needs of our customers,” said BCA President Director Jahja Setiaatmadja.

The Ranking Aspects

Since 1996, world Best Bank is an event organized by Brand Finance with Forbes in collaboration with the survey institute Statista. The “World’s Best Bank” as recognized by Brand Finance, refers to the bank with the highest combination of brand value and brand strength globally.

This ranking is part of the annual Brand Finance Banking 500 report, which assesses the top 500 banking brands worldwide. The title of the “World’s Best Bank” is awarded based on two primary metrics:

1) Brand Value

This is the monetary worth of the bank’s brand. It reflects the future net income that the brand is expected to generate for its owner.

Calculated using the Royalty Relief Method, it estimates the value by determining how much the bank would have to pay to license its brand in an open market.

2) Brand Strength Index (BSI)

This is a measure of how well the bank performs in key areas such as:

• Marketing investment
• Customer satisfaction and loyalty
• Employee perception
• Financial performance

Forbes, in partnership with market research firm Statista, uses a methodology to identify the world’s best banks. This evaluation is based on feedback from 49,000 customers across 33 countries with 17 languages, focusing on five key aspects: trust and security, terms and conditions, customer service, digital services, and the quality of financial management advice.

Additionally, Cloris Chen, CEO of Cogito Finance, a firm providing institutional-grade equities for the blockchain, emphasizes that

trust and security, alongside technological innovation, are essential factors that define a great bank for customers, whether corporate or retail, international or local.

Participants were asked to assess banks where they had held a checking or savings account for at least three years or that they knew from family or friends. Excluded U.S. credit unions, any institution offering checking or savings accounts qualified for the study.

Survey respondents rated their overall satisfaction with each bank and indicated whether they would recommend it to others. They also evaluated the banks with five criteria that has mentioned:

• trustworthiness
• terms and conditions (including fees and rates)
• customer service (such as responsiveness)
• digital services (ease of using websites and mobile apps)
• the quality of financial advice.

These elements were combined into a scoring system that also included last year’s results at a lower percentage. Banks with the highest scores in each country made the final list. (The number of banks included for each country varies depending on the size and structure of its banking sector.)

Factors BCA ranked 1st in Brand Finance

Investing in the Bank’s Hybrid Ecosystem

BCA as the strongest banking brand in the world invests in building a strong hybrid banking system, combining mobile and internet banking, point-of-sale services, branch offices, ATMs, and contact centers. These efforts are designed to deliver the desired services and meet all types of customers’ needs.

Thanks to these initiatives, the total transactions processed by BCA grew by 20.8% over the years, reaching 8.3 billion in the first quarter of 2024. On the digital side, mobile and internet banking transactions alone hit 7.2 billion, showing a 23.5% year-over-year increase.

“On digital platforms alone, transactions from BCA’s mobile and internet banking reached 7.2 billion, up 23.5 percent from last year,” said Jahja.

And by the end of June 2024, BCA had served more than 37 million customer accounts with the total frequency of transactions processed by BCA increased by 21% YoY to reach 17 billion, which means BCA serves almost 100 million customer transactions per day. In digital channels, the frequency of mobile and internet banking transactions reached 14.8 billion, up 24% YoY.

Advancing the Online Features

In addition to enhancing the features of its BCA mobile app and internet banking platform (KlikBCA), BCA has introduced other digital initiatives, such as the myBCA app.

With myBCA, customers only need a single user ID (BCA ID) to access all their account information at BCA, including savings, deposits, investments, credit cards, consumer loans, and BCA rewards.

Since its launch in 2021, BCA has continuously added new features to myBCA to enhance transaction convenience for its customers. These features include debit and credit card controls, biometric login, investment access through the Welma feature, financial records and transaction notifications, QRIS Customer Presented Mode, vehicle tax and electricity bill payments, QRIS Transfer transactions, converting credit card transactions into BCA installments, and even BCA Paylater.

“With the myBCA application, customers only need a single user ID (BCA ID) to access all account information they have at BCA, including savings, deposits, investments, credit cards, consumer loans, and BCA rewards,” said Jahja.

Keep Branch Offices Available

Aside from digital services, BCA recognizes that branch offices still play an essential role in serving customers. Not all transactions can be entirely replaced by digital solutions, which is why BCA continues to develop its frontliners, from transaction officers to security personnel to provide the best possible service for its customers.

As of the end of March 2024, BCA operates 1,258 branch offices across various regions in Indonesia. Of these, over 80 percent have adopted innovative digital devices and supporting applications.

ATM Modernized

Although seems trivial, ATM often becomes a key consideration for someone when opening a savings account at BCA because of its extensive ATM network. So, it’s no surprise that the company’s growth is strong, as its strategy aligns well with the needs of the times.

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Additionally, BCA is an independent enterprise that values several advantages over SOEs (state-owned enterprises). Private companies are free to formulate corporate policies with clear strategic objectives, aimed at generating profit. This includes the ability to reduce the number of employees, hire temporary staff, implement contract employment, or even close offices in certain areas if those offices fail to generate profit.

On the other hand, in state-owned enterprises (SOEs), company directors and commissioners can be appointed or dismissed by the Minister of SOEs. This means that a director could be appointed based more on their service or contributions rather than their expertise in the banking sector.

Moreover, if a state-owned bank has branches operating in unprofitable areas, they will continue to operate. The reason is to ensure easy access and distribution of services, remembering that this is an enterprise owned by the state.

Conclusion

Bank Central Asia (BCA) has established itself as a leading financial institution, both in Indonesia and globally. Known for its customer-centric approach, extensive ATM network, and advanced digital services, BCA has built a strong reputation for trust, reliability, and innovation.

Its recognition as BCA ranked 1st in the world’s strongest banking brand in the 2024 “Top 500 Banking Brands” report by Brand Finance highlights its outstanding performance and dedication to meeting customer needs.

This achievement reflects BCA’s ability to adapt to evolving industry demands while maintaining high standards across key areas such as financial performance, customer service, and digital solutions. With an infrastructure comprising 1,258 branch offices and 19,047 ATMs, along with 24/7 digital services, BCA ensures easy access for its customers.

BCA in Brand Finance receives the highest Brand Strength Index (BSI) score of 93.8 and a prestigious AAA+ rating and an infrastructure comprising 1,258 branch offices and 19,047 ATMs, along with 24/7 digital services, that leads BCA ranked 1st in the banking industry, which exemplifies the qualities of a world-class bank. As it continues to expand its reach and enhance its services, BCA remains a leader in driving growth and setting benchmarks in the financial sector.

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