INTERVIEW
Bank Mandiri reveals its ‘blue ocean’ strategy
Thanks to this strategy, its net profit grew 61.7% YoY in the first semester of 2022.
F
or Bank Mandiri, the traditional ‘red ocean’ strategy, or bloody competition, has become obsolete. It has now fully embraced the ‘blue ocean’ strategy, opening itself to collaborations amongst its fellow industry players, partners or competitors alike. Bank Mandiri found that the disruption of technology, the work culture of millennials, and changes in consumer behaviour due to the COVID-19 pandemic have made the collaboration theme even more relevant. “The ‘Leveraging Digital Ecosystem’ strategy is one of the implementations of integration and collaboration strategies that are intensively carried out by Bank Mandiri,” said Thomas Wahyudi, SVP of Transaction and Banking Retail Sales at Bank Mandiri to Asian Banking & Finance.
Collaboration efforts Bank Mandiri collaborated with 10 partners across various industries—including culinary, beauty and health, events and attractions, fashion, sports and activities, games and entertainment, and travel—to develop Livin’ Sukha, a feature of Livin’ by Mandiri super apps. Livin’ Sukha allows customers to fulfil the needs of a number of transactions such as purchasing airline tickets, train tickets, entertainment, and game vouchers without having to switch applications. The ten partners are Telkomsel, Traveloka, Garuda Indonesia, KAI, Indosat, XL, Indomaret, Kopi Kenangan, Kopi Janji Jiwa, and XXI. Bank Mandiri actively played a role as the main payment channel in several events in Indonesia, such as ticket sales for concerts of foreign and domestic artists (Westlife Concert and We The Fest Concert, etc.), major sporting events (Mandiri Jogja Marathon, FIBA Asia Cup Indonesia 2022, etc.), and art events (Army Smile Art Exhibition). Bank Mandiri presents reliable digital banking solutions like branch services in the palm of your hand, as well as the lifestyle needs of customers through the Super App Livin’ by Mandiri. Bank Mandiri is fully aware that they must adapt quickly, providing an excellent customer experience, especially facing the rapid penetration of the IT-based financial industry. “And Livin’ Sukha is one of our responses to the adaptation,” said Thomas. Thomas said that Bank Mandiri’s services are available in a “one-stop solution for all your lifestyle” based on the 3S concept—Santap (Eat), Sehat (Healthy), Santai (Relax). To realise this concept, Bank Mandiri is actively working hand in hand with many partners. 24 ASIAN BANKING & FINANCE | Q4 2022
Bank Mandiri presents reliable digital banking solutions like branch services in the palm of your hand (Photo: Thomas Wahyudi, SVP, Bank Mandiri)
“Because we want Livin’ by Mandiri to be an application that accommodates the entire banking experience at Bank Mandiri, from account onboarding, savings, transfers, loans, to investments that are all done in the palm of your hand,” said Thomas.
Collaboration with clear goals, focus, and shared execution will drive productivity
Beneficial collaboration According to Thomas, collaborating with top players in the banking ecosystem is a step towards creating a mutually beneficial synergy for each party. However, Thomas also emphasised that in establishing collaboration, the vision and goals of synergy are the first things that need to be harmonised. Next is to build and sustain long-term trust through communication and coordination. “Collaboration with clear goals, focus, and shared execution will drive productivity which is a positive response to the challenges. This productivity will become a competitive advantage in a business organisation, including at Bank Mandiri and the effectiveness of collaboration will determine the level of productivity,” said Thomas. Market expansion, quick time to market, targeted campaigns and promo programs, and strong image recognition are some products of collaboration between
