The title
above seems exaggerated, doesn’t it? But one thing for sure that we are living
in a world where technology alters many practices of doing something. I am concerned
that the revolution in finance is inevitable and we are now the part of this revolution.
As people who make financial transactions in our daily activities, we will have
to adjust ourselves to many things as they have somewhat changed.
In the
past, money transfer technology at a bank was remarkable. As an example, for supporting
my study in Bandung around 2005 to 2009, my parents in Garut transferred some money
using bank transfer (wire) to my account. This was somewhat progressive because
previously, our parents had to go to the post office to take some money wired
by someone at somewhere. However, bank transfer practice seems to be passé or maybe
too traditional for some people because I now witness that money transfer can
be done using an app in our smartphone. Yes, you might have ever done this
before where you sent some money using OVO or GoPay to your friend’s account.
Well, this is a new thing for my parents, they may not have imagined it before.
Besides, you also may have encountered where several sellers at Instagram now accept
or prefer payment using OVO. This is indeed a result of technology which
changes our way in transferring money or making payment.
In addition
to changing our way of transferring money, technology also changes our way in
obtaining loan for our consumptive or productive activities. In the past (and
of course today), people went to the bank for applying for a loan. This money
can be used either for capital in doing business or for buying anything we
wish. But today, we just tap on our cellular phone, installing apps of fintech
firms. They can give us a loan or facilitate us to buy the products we want at
an online market place. As an example, you can buy a new laptop from
bhinneka.com, shopee, or jd.id by registering yourself as a user of Angsur.
Angsur is a company which allows us to purchase a particular product available
online using an Islamic contract. This business model is so lucrative that making
hundreds of fintech firms operating in Indonesia. Some of them are illegal
though since they have not complied with the rules of financial services
authority (OJK).
Another thing
that may change our financial transaction is when we want to invest our idle cash.
Some people might have confused about how to invest their money. But the wise
people may go to the capital market as the stocks may give higher potential
returns (with higher risk level as well). Nevertheless, in today's life, I again
witness that people can invest their fund in fintech firms such as EthisCrowd
or InvesProperti. These two Islamic fintech firms allow anyone who has money to
invest his or her money for purchasing or developing a house or building. These
two firms are categorized as crowdfunding which collects fund from many people
for funding a project or something. They argue that this business model allows investors
to have averagely higher returns as the property price keeps increasing day by
day, especially in big cities in Indonesia.
I am
grateful as I am the part of a generation who witnessed several transitions in technology
and many aspects of this life. I am happy that now I can use a PC or laptop to write
this writing, but I am also more joyful because I realized that this is a
powerful movement from using typewriter years back ago. In financial
transactions, I also see that several things have changed. I recognize that any
remarkable change or revolution may have a side effect or even a destructive
effect for particular parties or people. But I hope that these changes can
bring betterment for human’s lives in the year or so to come. Admittedly, it has
also been a part of mine as an academician to do it.
(Written on Argo
Parahyangan Train, May 7, 2019)
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