DIFFERENCES IN
INDONESIAN BANKING FINANCIAL PERFORMANCE BEFORE AND AFTER OJK REGULATION
IMPLEMENTATION CONCERNING FINANCIAL TECHNOLOGY
Anindya*, Kartini
Faculty of Economics and Business,
Universitas Islam Indonesia, Indonesia
Email:
[email protected]*
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Article
Information |
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ABSTRACT |
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Received:
January 18, 2023 Revised:
January 30, 2023 Approved: February 17, 2023 Online: February 23, 2023 |
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This study aims to analyse differences in banking financial
performance in Indonesia before and after the issuance of OJK regulations on
financial technology. This research is a quantitative study using a sample of
37 banking companies listed on the Indonesia Stock Exchange. The data used is
secondary data obtained from annual reports for the period 2014-2017 before
the issuance of OJK regulations and 2018-2021 after the issuance of OJK
regulations. The analytical method used is the Wilcoxon Signed Rank Test on
the variables ROA, ROE, BOPO, CAR and LDR. The results of this study indicate
that the ROA, ROE, and CAR variables have a greater value after the
regulation on financial technology, the BOPO variable has a smaller value
after the regulation on financial technology and the LDR variable has a
smaller value after the regulation on financial technology. |
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Keywords |
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Financial Technology; Banks; Financial
Performance; Wilcoxon Signed
Rank Test |
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INTRODUCTION
The
development of the times followed by technological developments, has always
experienced changes to this day. These changes can be utilized by the community
in aspects of daily life which can simplify and shorten the time in use. The
emergence of the latest innovations in the digital field occurs when there is
very rapid technological development in people's lives (Sholica, 2020).
There is one new innovation that has emerged in the field of digital
technology, one of which is financial technology. According to the National
Digital Research Center (NDRC) explains that fintech is a modern technology or
an innovation that is developing in the field of financial services. Financial
technology can be used as a means of payment, interbank fund transactions,
lending and other financial activities. Based on information obtained from the
Financial Services Authority (OJK), fintech itself can help and facilitate
users in accessing services from a financial service.
Reporting
from ocbcnisp.com, fintech has started to develop in Indonesia since 2006, then
people began to believe in the existence of fintech after the establishment of
the Indonesian Fintech Association (AFTECH) in 2015. In 2017, Bank Indonesia
stipulated regulation number 19/12/PBI/2017 concerning the implementation of
financial technology or fintech. The regulation considers that developments in
technology and information systems continue to produce various innovations,
especially those related to financial technology to meet various community
needs, including access to financial services and transaction processes. Bank
Indonesia stipulates this regulation to maintain the stability of the financial
system in Indonesia because the development of fintech is growing so fast that
it is feared that it will have a negative impact on its organizers (Parsaulian, 2021).
Financial technology also
has a legal umbrella stipulated by the Financial Services Authority Regulation
(POJK) number 13/POJK.02/2018 concerning digital financial innovation in the
financial services sector. The regulations contain provisions that have
oversight and regulations for the financial technology industry. The regulation
aims to direct fintech to produce digital financial innovations that are safe,
responsible, prioritize consumer protection and have risks that can be managed
properly. These regulations are also used to increase investment financial
inclusion, financing and other financial services and to support financial
services that are fast, easy, innovative, inexpensive and broad (Sholica, 2020).
Technological
developments are used by banks to compete by utilizing electronic services in
corporate activities (Margaretha, 2017). The
trend of payments using fintech can increase the efficiency of operational
activities and the quality of bank services to its customers. Fintech services
that are often used in banking include ATMs, e-money, mobile payments, and
e-banking (Kristianti & Tulenan, 2021). Ramadan (2021) said
that fintech that cooperates with banks can increase the existence of banks in
competing in financial markets. Financial technology used in the banking
industry can help increase the speed of processes in business operations and
marketing. The use of financial technology related to the banking industry has
benefits in the use of financial services because it makes it easier for
customers to process financial transactions.
Fintech
is increasingly becoming an important part of the structure of the banking and
financial services ecosystem. Access to financial services and products is
easier to manage than usual, especially for customers who currently live in
rural areas without a financial system. Financial technology can not only make
services more accessible, it can also make services cheaper by reducing
transaction costs for banks (Pramana, 2022). After the existence of
fintech, it has a significant influence on financial performance, one of which
is profitability, which has increased company profits. The use of financial
technology services by banks is expected to have an impact which can affect the
company's income level which is shown in the company's financial performance. If the use of financial technology can affect the income of
banking companies, then the benefits obtained will be seen in the company's
financial statements. According to Rahadi (2020), if financial technology is not managed properly related to risk,
it can be disruptive system company finance.
Measurement
of Return on Assets (ROA) for banks assesses bank profitability as measured by
assets where some of the funds they get come from the community and then the
bank will channel them back to the community. Fintech services in the form of
financial technology innovation become a resource for existing assets in the
company, so that they can increase bank profitability, especially in the ROA
ratio if fintech services are often used by customers (Mayasari et al., 2021).
This is consistent with the results of the study Prastika (2019) where
the use of fintech can affect financial performance which is able to generate
net profit by utilizing existing assets.
Return on Equity (ROE)
a company has a high value then the company has a good investment opportunity.
This ratio has increased which indicates that an increase in the net profit of
the bank will affect the increase in the bank's stock price (Rahmani, 2017).
Fintech services used by banks when used by many customers and attract
shareholders and potential investors can increase company profitability. It is
aligned with Alsmadi et al. (2019) where
the use of e-banking has a positive relationship to ROE in commercial banks in
Jordan. In addition, fintech is used by banks as a company operational tool
that is useful for customers to carry out their financial activities.
Operational
Costs and Operating Income (BOPO) have a major influence in measuring the level
of efficiency and ability of a bank to carry out its operational activities.
Banking can minimize administrative costs because with fintech transactions
made by customers can be resolved and minimize the company's BOPO. The BOPO
value of a bank if it has a small value indicates a better level of efficiency
for the bank because it is able to reduce banking operational costs thereby
increasing bank profitability. It is aligned with Margaretha (2017) where
BOPO positively and significantly makes a difference to the efficiency of banks
using e-banking.
Capital
Adequacy Ratio (CAR) is one of the ratios that shows the level of capital
adequacy which shows the ability of a bank to provide their funds which are
useful for overcoming the risk of loss. This ratio can affect changes in the
profitability of a company, where when the CAR value is higher it will have an
impact on increasing the sense of public trust which will increase the
profitability of a company. It is aligned with Mar'atushsholihah & Karyani (2021) where
CAR has increased after the use of fintech and experienced fairly stable
capital conditions.
Loan to Deposit Ratio (LDR)
is one of the ratios used as a determinant of the amount of credit given
compared to the amount of funds used which comes from the public and their own
capital (Darmawan, 2020).
Customers can make credit using services provided by banks such as internet
banking or m-banking and can affect banking LDR. It is aligned with Ally (2020) where
after the existence of fintech LDR has increased where there are differences in
LDR after the existence of fintech companies.
METHODS
Population, Sample and Data Collection
Techniques
The population
in this study is the banking sector listed on the Indonesia Stock Exchange
(IDX) for the period 2014-2017 (before using financial technology) and
2018-2021 (after using financial technology) with a size of 37 banking
companies. The sample used in this study selected using purposive sampling
technique. This research is a type of quantitative research using secondary
data obtained from annual reports of banks listed on the IDX taken on the IDX
website (www.idx.co.id).
Research variable
There are two
variables in this study, namely the dependent variable and the independent
variable. The independent variable in this study is the use of financial
technology before and after fintech. The dependent variable in this study is
banking financial performance as measured by Return On Assets (ROA), Return On
Equity (ROE), Operating Costs and Operating Income (BOPO), Capital Adequacy
Ratio (CAR) and Loan Deposit Ratio (LDR). The research variables used in this
study can be seen in Table 1 below:
Table 1. Variable Indicators
|
Variable |
Indicator |
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Financial
Technology |
The use of fintech
services that have been implemented by banks by comparing before and after
the existence of financial technology. |
|
Return on Assets (ROA) |
|
|
Return on Equity (ROE) |
|
|
Operating Costs
and Operating Income (BOPO) |
|
|
Capital Adequacy
Ratio (CAR) |
|
|
Loan to Deposit
Ratio (LDR) |
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RESULTS
Descriptive Statistics Test
Descriptive
statistical analysis is used to analyze data by describing the data that has
been collected without intending to make general conclusions or generalizations
(Sugiyono, 2015).
Table 2. Results of Descriptive Statistical
Analysis
|
|
N |
Minimum |
Maximum |
Means |
std.
Deviation |
|
ROA_Before |
37 |
-3.64 |
4.11 |
1.0066 |
1.71448 |
|
ROA_After |
37 |
-7.46 |
3.68 |
.4068 |
2.22148 |
|
BOPO_Before |
37 |
61.15 |
133.59 |
91.8911 |
16.41200 |
|
BOPO_After |
37 |
58.75 |
186.18 |
97.0864 |
25.26047 |
|
CAR_Before |
37 |
11.87 |
112.69 |
23.0781 |
16.55307 |
|
CAR_After |
37 |
13.99 |
107.05 |
27.9984 |
16.47923 |
|
LDR_Before |
37 |
40.06 |
263.91 |
91.2649 |
36.62044 |
|
LDR_After |
37 |
41.05 |
147.32 |
86.3544 |
18.81861 |
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Valid
N (listwise) |
37 |
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|
|
|
Source: Data processed
using SPSS 25, 2022
The description of the table
above shows that of the 37 bank samples studied, the average ROA before the
regulations regarding financial technology was 1.0066 with a standard deviation
value of 1.71448. Then for the average yield of ROA after the regulation on
financial technology was 0.4068 with a standard deviation value of 2.22148.This shows that the value of banking profitability in
Indonesia has decreased after the existence regulations about financial technology.
The description of the table
above shows that of the 37 bank samples studied, the average ROE before the
regulation on financial technology was 5.232 with a standard deviation value of
12.4170. Then for the average ROE result after the regulation on financial
technology was 1.0035 with a standard deviation value of 12.42126.This shows that the level of banking ability in Indonesia
to control capital has decreased after this regulations about financial technology.
The description of the table
above shows that of the 37 bank samples studied, the average BOPO before the
existence of regulations on financial technology was91.8911
with a standard deviation value as big16,412.
Meanwhile, the average yield after the regulation on financial technology was
97.0864with a standard deviation value of 25.26047. This shows that the efficiency level of banking
in Indonesia has increased after the existence regulations about financial
technology.
The description of the table
above shows that of the 37 bank samples studied, the average CAR before the
introduction of regulations on financial technology was 23.0781 with a standard
deviation value of 16.55307. Meanwhile, the average result after the regulation
on financial technology was 27.9984 with a standard deviation value of
16.47923. This shows that the level of public trust in banks in Indonesia has
increased after the introduction of regulations on financial technology.
The description of the table
above shows that of the 37 bank samples studied, the average LDR before the
existence of regulations on financial technology was91.2649
with a standard deviation value as big36.62044.
Meanwhile, the average yield after the regulation on financial technology was
86.3544with a standard deviation value as
big18.81861. This shows that level banking liquidity in Indonesia to cover obligations to
customers has increased after this regulations about financial
technology.
Normality test
Normality test
needs to be done for parametric statistical tests using the Kolmogorov-Smirnov
test to find out whether the data is normally distributed or not (Hardani et al., 2020).
Table 3. Normality Test Results
|
Variable |
Kolmogorov-Smirnov |
||
|
Sig. |
Assumption Normality |
Information |
|
|
ROA_Before |
0.024 |
0.05 |
Not
Normal Distribution |
|
ROA_After |
0.003 |
0.05 |
Not
Normal Distribution |
|
ROE_Before |
0.005 |
0.05 |
Not
Normal Distribution |
|
ROE_After |
0.001 |
0.05 |
Not
Normal Distribution |
|
BOPO_Before |
0.038 |
0.05 |
Not
Normal Distribution |
|
BOPO_After |
0.01 |
0.05 |
Not
Normal Distribution |
|
CAR_Before |
0.000 |
0.05 |
Not
Normal Distribution |
|
CAR_After |
0.000 |
0.05 |
Not
Normal Distribution |
|
LDR_Before |
0.000 |
0.05 |
Not
Normal Distribution |
|
LDR_After |
0.033 |
0.05 |
Not
Normal Distribution |
Source: Data
processed using SPSS 25, 2022
The
description of Table 4 shows that all the variables used in this study are not
normally distributed. This is indicated by a significance level (Sig.) less
than 0.05, so the Wilcoxon Signed Ranks Test will be carried out on all
variables.
Difference Test
Return on Assets (ROA)
The
results of the Wilcoxon Signed Ranks ROA hypothesis test before and after the
regulations regarding financial technology in banking in Indonesia are shown in
the following table:
Table 4. Wilcoxon Signed Ranks ROA Test Results
|
|
ROA_After
- ROA_Before |
|
Z |
-2,203 |
|
asymp. Sig.
(2-tailed) |
.028 |
Source: Data processed using SPSS 25, 2022
The
results of the Wilcoxon Signed Ranks Test on the Return on Assets variable show
an acquisition value of 0.028 <0.05 that H1 is accepted. The first
hypothesis which reads "Return on Assets (ROA) after the regulation on
fintech has a significantly greater value than before the regulation on
fintech" is supported or accepted. It is concluded that there is a
difference in ROA where the profitability value as indicated by the ROA ratio
is greater than before the regulations regarding financial technology in banking
in Indonesia.
Return on Equity (ROE)
The
results of the Wilcoxon Signed Ranks ROE hypothesis test before and after the
regulations regarding financial technology in banking in Indonesia are shown in
the following table:
Table
5. Wilcoxon Signed Ranks ROE Test Results
|
|
ROE_After - ROE_Before |
|
Z |
-2,648 |
|
asymp.
Sig. (2-tailed) |
008 |
Source: Data processed using
SPSS 25, 2022
The
results of the Wilcoxon Signed Ranks Test on the Return on Equity variable show
an acquisition value of 0.008 <0.05 that H2 is accepted. The second
hypothesis which reads "Return on Equity (ROE) after the regulation on
fintech is significantly greater than before the regulation on fintech" is
supported or accepted. It was concluded that after the regulation on fintech,
the company's profitability as indicated by the ROE ratio was greater than
before the regulation on fintech or there was a difference in ROE between
before and after the regulation on financial technology.
Operating
Expenses and Operating Income (BOPO)
The results
of the Wilcoxon Signed Ranks Test BOPO before and after regulations regarding
financial technology in banking in Indonesia are shown in the following table:
Table
6. Results of the Wilcoxon Signed Ranks BOPO Test
|
|
BOPO_After
- BOPO_Before |
|
Z |
-1,033 |
|
asymp.
Sig. (2-tailed) |
.301 |
Source:
Data processed using SPSS 25, 2022
The
results of the Wilcoxon Signed Ranks Test on the variable Operating Costs and
Operating Income show an acquisition value of 0.301 > 0.05 that H3 is
accepted. The third hypothesis which reads "Operating Costs and Operating
Income after the regulation on fintech is significantly smaller than before the
regulation on fintech" is supported or accepted. It was concluded that the
profitability value indicated by the BOPO ratio after the regulation on fintech
was smaller than before the regulation on fintech.
Capital Adequacy Ratio (CAR)
The
results of the Wilcoxon Signed Ranks Test Capital Adequacy Ratio before and
after the regulations regarding financial technology in banking in Indonesia
are shown in the following table:
Table
7. Wilcoxon Signed Ranks CAR Test Results
|
|
CAR_After – CAR_Before |
|
Z |
-3.674b |
|
asymp.
Sig. (2-tailed) |
.000 |
Source: Data processed using
SPSS 25, 2022
The
results of the Wilcoxon Signed Ranks Test on the Capital Adequacy Ratio
variable show an acquisition value of 0.000 <0.05 that H4 is accepted. It
was concluded that the solvency value indicated by the CAR ratio was greater
after the regulations regarding fintech where there were differences in the CAR
between before and after the regulations regarding financial technology in
banking.
Loan to Deposit Ratio (LDR)
The
results of the Wilcoxon Signed Ranks Test Loan to Deposit Ratio test before and
after the regulations regarding financial technology in banking in Indonesia
are shown in the following table:
Table
8. Wilcoxon Signed Ranks LDR Test Results
|
|
LDR_After
- LDR_Before |
|
Z |
-.822 |
|
asymp. Sig.
(2-tailed) |
.411 |
Source:
Data processed using SPSS 25, 2022
The
results of the Wilcoxon Signed Ranks Test on the Loan to Deposit Ratio variable
show an acquisition value of 0.411 > 0.05 that H5 is rejected. The fifth
hypothesis which reads "Loan to Deposit Ratio after the regulation on
fintech is significantly greater than before the regulation on fintech" is
not supported or rejected. It was concluded that the value of liquidity as
indicated by the LDR ratio was not greater after the regulations regarding
fintech where there was no difference in the LDR between before and after the
regulations regarding financial technology in banking.
DISCUSSION
The ROA of banking in
Indonesia after the regulation on fintech is greater than before the regulation
on fintech
Banking
is considered effective in using assets owned by looking at the ROA value generated.
The use of fintech services in financial activities can make it easier for
users to complete their transactions. The results of this study indicate that
the profitability value as indicated by the ROA ratio is greater after fintech
exists or there is a significant difference to the Return on Assets (ROA)
between before and after the existence of financial technology in banks in
Indonesia. This happens because fintech services are one of the digital
innovations that are used as a company asset. Banks are expanding the scope of
fintech services such as mobile banking in order to attract more customers or
customers to use their services. Transactions made using fintech services can
make it easier for customers to complete their financial activities such as
transferring funds, checking balances, paying bills, transferring accounts and
others. Transactions carried out by customers when using m-banking, in addition
to providing convenience and speed, also provide fee income for banks
originating from administration fees. The possible profit that can be obtained
by a bank can be very large due to the use of m-banking which reaches thousands
or millions every day. After the existence of fintech, many banks have launched
loans based on fintech applications or peer to peer (P2P) lending. These loans
provide convenience such as easier and more practical terms and conditions, the
process of applying for funds is faster without the need to come directly to
the bank and the process of disbursing funds is faster. Customers who make
loans to fintech-based banks in addition to the perceived convenience also
provide benefits for the bank, where the profit the bank gets comes from the
credit extended and the bank gets interest that must be paid by the customer.
This can increase the company's profitability from the benefits or costs
obtained from using m-banking and can increase ROA. This is in line with
research where the profit obtained by the bank comes from the credit extended
and the bank gets the interest that must be paid by the customer. This can
increase the company's profitability from the benefits or costs obtained from
using m-banking and can increase ROA. This is in line with research where the
profit obtained by the bank comes from the credit extended and the bank gets
the interest that must be paid by the customer. This can increase the company's
profitability from the benefits or costs obtained from using m-banking and can
increase ROA. This is in line with research Margaretha (2015),Qinannar (2018), Alghusain et al. (2017).
The ROE of banking in
Indonesia after the regulation on fintech is greater than before the regulation
on fintech
ROE is used to measure a bank's ability to return the capital they
have in order to generate profits. Fintech services offered by banks provide
convenience and speed to customers. The research results show that
the level of banking ability to control capital after the existence of fintech
has increased and the ROE value is greater after the existence of fintech. The
increase in ROE experienced by banks after the introduction of fintech occurred
because companies earned more profits. Digital technology that is increasingly
developing makes banks to carry out digital innovations and have an impact on
profitability or profitability has increased. Digital innovation, namely
fintech which is used as a company asset, provides increased corporate profits
or profits from transactions carried out by customers such as interbank fund
transfer transactions and online loans based on fintech applications. The
increase in profits after the existence of fintech was due to bank efficiency
due to the use of m-banking where banks did not incur large costs so that the
profits earned by banks were more. The profit obtained comes from transactions
made by customers through fintech services. Peer to Peer (P2P) lending which
was carried out after fintech developed, especially in banks listed on the IDX,
had an effect on the movement of stock trading on the IDX. Increased profits
also affect the bank's ROE value because it affects the value of retained
earnings and the value of ROE has increased.
The
amount of profit earned, the company can provide large dividends where these
dividends can attract investors and dividends go into equity. The high ROE
value of a company illustrates that the better the company's performance in
earning profits, the higher the stock returns obtained by investors, so that
the high ROE value can attract investors to invest because the company's
performance is well managed. After the existence of fintech which is used by
banks as one of the banking services, it can provide opportunities for
companies to expand their corporate networks and product sales capabilities to
customers. This can increase the company's profitability as indicated by the
ROE ratio, which after the use of fintech has increased. The results of this
study are in line with research conducted by the higher the stock return
obtained by investors, so that the high value of ROE can attract investors to
invest because the company's performance is well managed. After the existence
of fintech which is used by banks as one of the banking services, it can
provide opportunities for companies to expand their corporate networks and
product sales capabilities to customers. The results of this study are in line
with research conducted by Ratnawati (2020), Prastika (2019), Tasman et al. (2020).
The BOPO of banking in
Indonesia after the regulations regarding fintech was introduced was smaller
than before the regulations regarding fintech were introduced
BOPO
is used to measure the level of efficiency and ability of a bank in carrying
out its operational activities. Fintech services are services engaged in
technology and digital. The process that is carried out tends to use technology
so that it is easier and faster. The results of this study indicate that the
BOPO value is smaller after fintech exists than before fintech exists. The use
of fintech such as m-banking, internet banking, SMS banking and phone banking
can minimize company costs such as labor salary costs because banks reduce tellers
or employees. They incur less operational costs after fintech exists because
companies tend to use technology where companies can reduce paper costs,
printing costs, stationery costs and other costs. Fintech services offered by
banks make more use of technology than labor. The results of this study are in
line with research conducted by Sholica (2020), Thio & Yusniar (2021), Sisca (2022).
The CAR of banking in
Indonesia after the regulation on fintech is greater than before the regulation
on fintech
Capital
Adequacy Ratio (CAR) is a ratio that shows the level of capital adequacy that
shows the ability of a bank to provide their funds that are useful for
overcoming the risk of loss, where total capital is needed to cover the risk of
loss caused by investing in risky assets. The results of this study indicate
that the CAR value of banking in Indonesia is greater after the existence of
fintech than before the existence of fintech or there is a significant
difference in the Capital Adequacy Ratio (CAR) between before and after the
existence of financial technology in banks in Indonesia. This happens where the
bank has the capital reserves needed to bear all risks and overcome all risks.
After the emergence of financial technology, banks that carry out digital
innovation, one of which is fintech where transactions made through fintech by
customers have anticipated the risks that will occur. The use of fintech is
vulnerable to fraud or unintentional errors by customers. The risks that occur
have been considered by the company to avoid losses. Fintech services offered
by banks have a security system that has been prepared to guarantee the
security of customer data because it has been supervised by the OJK. Customers
can easily and quickly make transactions or make deposits at the bank via
fintech. The advantage that banks get with fintech is that banks get capital
from deposits made by customers, then the customer's money stored in the bank
is played back in order to get a profit. This capital is put into capital
reserves to anticipate or bear all the risks that are likely to occur. The
results of this study are in line with research Putri et al., (2021), Wijaya, (2020).
The LDR of banking in
Indonesia after the regulation on fintech was not greater than before the
regulation on fintech
The
bank liquidity ratio is the ratio used to describe a company's ability to meet
its short-term obligations. The results of this study indicate that the LDR
value of banking in Indonesia after fintech is not greater than before fintech
or there is no significant difference. It is possible that because banks are
not able to provide socialization in remote areas or areas that are difficult
to accept internet networks and the lack of public knowledge may be one of the
reasons why banks do not provide literacy regarding the use of m-banking.
Another possibility is also caused by the age factor which can affect how to
use m-banking or internet banking such as parents who are not too familiar with
technology or are often called clueless. Besides that, economic conditions may
also affect the lack of demand for credit or loans. Economic conditions have
been disrupted since the pandemic that has been going on for several years has
forced many companies to lay off their employees, so that employees do not have
a steady income. The results of this study are in line with research Mar'atushsholihah & Karyani, (2021), Daryanto et al (2020).
CONCLUSION
The effect
of financial technology on the financial performance of banks in Indonesia by
measuring before and after the regulations regarding financial technology
passed by the OJK. The test results show that the ROA, ROE and CAR of banks
after the regulation on financial technology has increased. Meanwhile, the
bank's BOPO after the introduction of regulations on financial technology has a
smaller value because banks can reduce their operational costs so that they are
more efficient. Furthermore, namely the bank's LDR value is not greater after
the existence of regulations on financial technology where there are several
influencing factors such as the possibility of a lack of socialization related
to the use of m-banking in remote areas.
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