Bank Ganesha (‘Ganesha’) is a leading private bank in Indonesia within BUKU2 (core capital IDR 1-5 trillion) category. Established in 1990, Ganesha started a major transformation in mid-2015 and laid down a new business aspiration, to be the ‘Everyday Bank in 2020’ and to be the ‘Most admired Fintech Bank in 2025’. As part of its strategy, the bank focuses on six distinct key pillars, which leverage upon the development of organisational strength and capabilities combined with the spirit of innovation. All these are the fundamental pivots to make its vision ‘To Be the Best Bank in Class, Delivering Reliable and Innovative Products Through Excellent Service’ a reality.
Since mid-2015, despite challenging macroeconomic backdrop, Ganesha has undergone a remarkable revolution, experienced rapid growth and delivered record financial performance by formulating new strategy and focusing its efforts on key areas with greatest impact and long-term value creation.
Highlights of 2015-2017
Building Scale through Strategic Alliances
The bank partnered with Mitra Adi Perkasa (‘MAP’), which is one of the biggest retailers in Indonesia. Ganesha introduced an innovative savings product named Ganesha-MAPCLUB Savings where customers’ savings and their shopping journey becomes a more beneficial experience.
The partnership is mutually beneficial to both Ganesha and MAP whereby Ganesha’s customers and MAPCLUB members, who open Ganesha-MAPCLUB Savings can enjoy both interest and MAPCLUB loyalty points at the same time as well as receive attractive product promotions and campaigns.
In addition, Ganesha also introduced Bancassurance to its customers in cooperation with its affiliated company, launched a co-branding credit card with a major local bank and implemented ‘Employee Banking’ strategy for Ganesha’s affiliate companies, which were well received.
Financial Management and Inorganic Growth
Ganesha conducted and completed its Initial Public Offering in 2016 to strengthen its long term funding structure for business expansion. Oversubscribed 13x, the IPO saw robust demand from investors amidst current market condition and tight competition for funds. Shareholders’ equity rose 407% yoy, enabled Ganesha to ascend to BUKU2 classification and offer more products and services, including Mobile/Internet Banking, Credit Card and Trade Finance.
Brand Building and Better Customer Service
Ganesha launched multiple initiatives to improve branding and increase operational efficiencies, in particular:
- Revitalised branding on all products and services, providing modern and fresh look on both tangibles and intangibles.
- Optimised network by opting for selective expansion, relocating and/or refurbishing existing branches.
- Introduced Service Culture and established much higher standards on service quality.
- Launched new 24-hour Customer Care Center, previously opened only 9am-5pm.
- Revamped and relaunched the bank’s website, aiming to inform on latest promotions and developments, visually appeal key target segments, especially the Millennial generation, and serve as a customer acquisition tool, in conjunction with digital marketing.
Technology-driven Innovations and Efficiencies
- Introduced customer-centric Business Intelligence and Data Analytics for better management insight and sharper top-line decision making.
- Launched ‘Outsource, Improve, Reduce’ programme for most operational aspects to improve efficiency and cost effectiveness.
Strong Gains in Key Metrics
Despite difficult global and domestic macroeconomic backdrop, Ganesha not only survived 2015-2017, it thrived; with gains made in terms of profitability, lending, deposits, capitalisation, branding, organisational capacity and service quality.
The bank’s growth performance is better than the national banking industry average on many key metrics. During the first semester of 2017, Net Profit was up 58% yoy driven by strong revenue generation, disciplined cost management and asset quality improvement. Assets were up 37% yoy on the back of Loan book growth of 40% yoy. The funding base is diverse and up 52%. Gross and Net NPL ratios improved to 1.35% and 0.82% in the first half of 2017 from 2.13% and 1.11%, respectively, in the corresponding period in the previous year.
During the nine months of 2017, Bank Ganesha received accolades from multiple sources, both international and domestic, in recognition of its successful transformation and steadfast commitment to continue meeting customers’ banking needs.
The bank won the award for the ‘Best Website of the Year in Indonesia’ at the Asian Banking & Finance Retail Banking Awards 2017 programme in Singapore and the Gold Award for ‘Excellence in Innovation in Financial Industries’ at the Asia Pacific Stevie Award 2017 programme in Japan.
The bank also won three awards simultaneously at the prestigious 2017 International Business Awards programme — CEO Surjawaty Tatang for Woman of the Year (Silver Stevie Winner), Bank Ganesha for Small Banking Company of the Year (Silver Stevie Winner) and for Banking Website of the Year (Bronze Stevie Winner).
The bank won the 2017 ‘Best Small Bank Indonesia’ award from International Finance magazine for successfully negotiating a challenging macroeconomic backdrop.
In the domestic arena, the bank won the award for the best bank in the Rp. 1-25 trillion category presented by Investor Magazine, in addition to the ‘Very Good’ predicate from InfoBank Magazine.
About the bank
Name: PT Bank Ganesha Tbk.
Address: Wisma Hayam Wuruk 2nd fl.; Jl. Hayam Wuruk no. 8; Jakarta 10120; Indonesia