Industrial Revolution 4.0 Becomes a Challenge for Financial Service Sectors in Indonesia

Indonesian economy, especially in financial service sectors, is now entering the industrial revolution 4.0. Through this era, modern people expect to possess easy access to financial transaction. However, some people still undeniably impugn the industrial revolution 4.0 as a threat for them to obtain jobs. One of the solutions offered is improvisation of human competencies to surmount the industrial revolution 4.0.

Providing an opportunity to gain the competencies, International Program of Management and Business (IMaBs) 2019 conducted the 5th International Conference on Management Sciences (ICOMS 2019) at Prambanan Ballroom of Cavinton Hotel of Yogyakarta on Tuesday (26/3). Director of IMaBs Dr. Indah Fatmawati, M.Si. stated, “In this agenda, we invite several economic academicians. We also present business practitioners and researchers from various higher institutions in Indonesia to discuss and exchange knowledge through 45 presented papers.”

Moreover, the international conference also invited three global speakers, namely Prof. Shu Hsien Liao from Tamkang University Taiwan, Dr. Shafinar Hj. Ismail from UTIM Malaysia, and Assoc. Prof. Pensri Joroenwanit from Khon Khaen University Thailand. Besides, IMaBs also brought Dr. Baruna Kurnianto from the Financial Service Authority (OJK). In his presentation, Baruna conveyed, “The industrial revolution 4.0 is rather an opportunity than a threat. Some financial services such as banks even improve their utilization of information technology through digital banking (mobile banking) and branchless banking. Through this convenience, customers will obtain easy access to perform transactions.”

Through this technology advancement of industrial revolution 4.0, people can perform efficient transactions through Big Data, Artificial Intelligence (AI), and Internet of Things. Baruna continued, “Through AI, people can work together with robots. Likewise, the analytical function of the Big Data is enacted by fast and accurate computers.”

Therefore, Baruna appreciated the ICOMS 2019 for bringing up Strengthening Competitiveness to Cope with Industrial Revolution 4.0 as a theme. As for Baruna, the theme corresponds with a fact that human resources in Indonesia still require massive improvements. “Our professional staffs in financial service sectors should prepare for professional deficiency due to digital technology advancement. People should commence building self-competencies so that they will not be replaced by robots,” ended Baruna.

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