Commonwealth Bank Launches WISE Financial Literacy Program For Indonesian Women

Jakarta, 11 November 2014 – Commonwealth Bank Indonesia, a subsidiary of Commonwealth Bank Australia (CBA) Group, officially announces WISE, a movement that aims to improve women’s financial literacy in Indonesia through educational programs utilising various communication channels.

Inherent in its name, WISE is a financial literacy movement from women for women that will serve as a community for women to exchange knowledge and information on individual or family money matters. Women today hold important roles in many family and business financial decisions, for instance,  data shows 51 percent family financial planning are carried out  by women, 33 percent of small businesses  in Indonesia are owned by women and financial product & service utilisation reaches  57 percent.

However, the data, signifying a primary role of women in financial affairs,   does not correspond with women financial literacy levels measured.  The Indonesian Financial Services Authority (OJK) survey data shows that Indonesian women financial literacy is relatively low at 19 percent in comparison to their male counterpart which is 25 percent. For that reason, WISE educational programs will be designed specifically for women and will have measurable targets which will be monitored continuously. The program will target women in various occupational areas from housewives, business owners, professionals and others.

In addition to educational programs, WISE is supported by an Advisory Board that comprises of professional and succesful Indonesian women who will actively participate in WISE program development. The Advisory Board Members are Kusumaningtuti S. Soetiono (Board of Commissioner for Consumer Education and Protection of OJK), Friderica Widyasari Dewi (Director, Jakarta Stock Exchange), Suwartini (Independent Commissioner of Commonwealth Bank Indonesia), Rian E. Kaslan (Executive Vice President, Head of Wealth Management & Business Strategy Commonwealth Bank Indonesia), and Hazrina R. Dewi (Head of Equity, First State Investment Indonesia).

Tony Costa, Commonwealth Bank Indonesia President Director said, “WISE is our commitment in supporting OJK national financial literacy program to improve Indonesian women financial literacy and financial wellbeing. We are delighted that WISE is also receiving support from Commonwealth Life Indonesia and First State Investment, part of CBA group in Indonesia.”

Simon Bennet, Commonwealth Life President Director added, “as part of CBA group, we are pleased to support this financial literacy program in belief that WISE will support Indonesian women in managing their personal, business and family financial plans.

About Commonwealth Bank Indonesia

Commonwealth Bank (PT Bank Commonwealth) is a subsidiary company of Commonwealth Bank of Australia (CBA) in Indonesia, the biggest public financial institution in Australia, which has been established in Indonesia since 1997. With more than 2,000 professionals in banking, Commonwealth Bank Indonesia today is serving customers through 91 branches and offices in 32 cities in Indonesia, including Sumatera, Java, Kalimantan, Bali, and Sulawesi.

Commonwealth Bank Indonesia offers a captivate varieties of banking products, such as saving, deposit, various investment products and bancassurance, working capital credit for Small and Medium Enterprises (SME) and corporate, Safe Deposit Box (SDB), 24-hours Call Centre, as well as Internet Banking for corporation and individual with special features that offers flexibilities for customers to set transaction date, standing order feature, and mutual funds purchase with special discount.

Commonwealth bank Indonesia ATM Card has been equipped with bill payment and purchasing features also access to the BCA/Prima and Bersama network providing customers with greater flexibility, access and convenience. Commonwealth Bank Indonesia’s customers can now enjoy the comfort of shopping in more than 250,000 merchants through BCA Debit/Prima and Maestro network and transact freely through more than 70,000 ATM’s network including Commonwealth Bank ATM, ATM Bersama and ATM Prima/BCA in Indonesia.

Commonwealth Bank Indonesia has launched mobile banking application with breakthrough technological, investment and security features which provides anytime, anywhere control over financial transactions. The mobile banking application has several features such as fund transfer, the ability to buy and sell foreign currency at real-time rates and allows customers to subscribe and monitor their mutual fund portfolio via smartphone. Commonwealth Bank Indonesia mobile banking application has been awarded by The Indonesian Record Museum (MURI) as the first mobile banking application with an investment features.

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