Digital banking revolution: Krom Bank leverages AWS for rapid growth in Indonesia’s market

Krom Bank, a digital banking service under the Kredivo Group, is collaborating with Amazon Web Services (AWS) to revolutionize Indonesia’s digital banking sector. By leveraging AWS Cloud, Krom Bank aims to reach Indonesia’s unbanked and underbanked populations, which constitute nearly 74% of the country’s population. This strategic partnership enables Krom Bank to scale services rapidly, experiment with new features, and create a more inclusive financial ecosystem tailored for Indonesian consumers.

Krom Bank utilizes several AWS technologies to ensure seamless banking experiences. The use of Amazon Aurora provides a reliable and scalable database service, ensuring smooth application performance even as the user base expands. Additionally, Amazon Elastic Container Service (ECS) helps manage applications more effectively, facilitating the swift integration of new features such as electronic Know Your Customer (e-KYC) capabilities. These advancements allow customers to open bank accounts 10 to 20 times faster through the mobile app, eliminating the need to visit physical bank branches.

AWS’s infrastructure further supports Krom Bank’s use of advanced artificial intelligence tools. Technologies like Amazon Rekognition for image and video analysis and Amazon SageMaker for machine learning enhance customer experience by personalizing services based on user behavior. These tools also help streamline operations, making Krom Bank’s offerings more appealing and accessible to Indonesia’s digitally savvy, younger demographic.

The Role of Cloud in Financial Inclusion

Experts in the fintech sector emphasize that cloud technology is crucial for accelerating digital banking services in emerging markets like Indonesia. Anthony Amni, AWS’s Country Leader for Indonesia, highlighted the adaptability and flexibility cloud platforms provide in meeting market demands. “Krom Bank’s approach showcases how digital banks can leverage AWS’s robust capabilities to serve millions of previously underbanked Indonesians,” Amni said. This strategy promotes financial literacy and inclusion by making digital financial services more accessible.

By focusing on innovation and inclusivity, Krom Bank is setting a precedent for other digital banking services in the region. Its partnership with AWS highlights the potential of cloud technology in reshaping financial services and advancing financial inclusion in Indonesia.

The partnership between Krom Bank and Amazon Web Services exemplifies how cloud-based technology can be a game-changer for financial services in developing markets. With AWS’s cloud infrastructure, Krom Bank can continue to innovate rapidly, scaling its services while providing secure and reliable access to financial products for millions of unbanked and underbanked individuals in Indonesia.