Strategi Optimalisasi Price to Book Value Bank Umum melalui Transformasi Layanan Perbankan Digital di Indonesia

Abstract

Kemajuan teknologi yang bergerak semakin cepat berdampak pada model bisnis perusahaan. Strategi yang ditempuh perbankan di Indonesia dalam menghadapi perkembangan teknologi digital adalah dengan melakukan transformasi digital melalui pengembangan layanan digital berupa mobile banking atau mengubah model operasional bank secara keseluruhan menjadi full digital. Variabel transformasi digital yang paling sering digunakan dalam penelitian akademis adalah dengan pendekatan holistik. Framework digital maturity assessment for bank (DMAB) juga bersifat holistik yang mencakup data & customer, teknologi, manajemen risiko, kolaborasi, dan tatanan institusi yang mana pada penelitian ini disebut sebagai faktor spesifik digital. Transformasi digital pada perbankan di Indonesia tersebut kemudian direspon oleh para investor dengan peningkatan valuasi harga saham dan price to book value (PBV). Dengan memperhatikan fenomena transformasi digital perbankan dan valuasi bank-bank digital tersebut, penelitian ini bertujuan untuk menganalisis perbedaan price to book value bank umum publik berdasarkan kelompok tingkat keragaman transformasi layanan perbankan digital dan implementasi regulasi Kelompok Bank Modal Inti (KBMI), serta menganalisis faktor spesifik digital sebagai determinan yang mempengaruhi price to book value bank umum publik dengan layanan perbankan digital. Data sekunder yang digunakan untuk penelitian adalah data tahunan untuk posisi tahun 2019-2022 dari 24 bank umum yang sudah memiliki layanan mobile banking dan terdaftar pada Bursa Efek Indonesia. Adapun untuk data primernya adalah hasil pengisian kuesioner dan wawancara dengan beberapa ahli yang mewakili stakeholders industri perbankan. Pengolahan data dalam penelitian ini menggunakan systematic literature review, Uji beda, analisis regresi data panel, dan analytical hierarchy process. Hasil penelitian menunjukkan bahwa determinan faktor spesifik digital yang memengaruhi price to book value bank secara signifikan adalah adopsi teknologi, dan terdapat perbedaan price to book value yang signifikan untuk bank adopsi teknologi kelompok maju. Namun demikian, tidak terdapat perbedaan price to book value yang signifikan sebelum dan setelah implementasi regulasi KBMI. Selain itu, adopsi teknologi juga akan memperkuat pengaruh permodalan, pengendalian non-performing loan, dan peningkatan return on equity terhadap price to book value. Untuk mengoptimalkan value bank (dalam pengertian yang lebih luas) melalui transformasi digital, maka aktor utama yang perlu mendapat perhatian adalah nasabah dan manajemen/pegawai. Sedangkan tujuan utama adalah meningkatkan penciptaan nilai (value creation) termasuk price to book value. Strategi utama dalam transformasi digital untuk seluruh kelompok bank di Indonesia pada level korporasi adalah dengan model hybrid, yaitu menjaga layanan kantor cabang sekaligus meningkatkan layanan digital.

The rapid advancement of technology is impacting company business models. In Indonesia, banks are responding to digital technology developments by undertaking digital transformation through the development of digital services, primarily mobile banking, or by converting their entire operational model to fully digital. An alternative strategy is the hybrid model, which combines digital services with automated branch office services. The Financial Services Authority (OJK), as the regulator, has also shifted its regulatory approach from rule-based to principle-based, such as with the Core Capital Bank Group (KBMI) regulations. These regulations provide opportunities for smaller banks to transform into neobanks with a hybrid strategy, focusing on the advantages of technology use and digital business models, clearly communicated with strong positioning as digital banks. This digital transformation in Indonesian banking was subsequently met by investors with increased stock valuations and very high price-to-book values (PBV), although these eventually normalized. By observing the phenomena of digital transformation in banking and the valuations of digital banks, this study aims to analyze the differences in price-to-book values of public banks based on the level of diversity in digital banking service transformation and the implementation of KBMI regulations, as well as to analyze specific digital factors as determinants affecting the price-to-book value of public banks with digital banking services. The digital transformation variables most commonly used in academic research involve a holistic approach. The Digital Maturity Assessment Framework for Banks (DMAB) is also holistic, covering data and customer, technology, risk management, collaboration, and institutional structure, referred to in this research as specific digital factors. For advanced groups in this study, technology adoption includes features in mobile banking such as digital onboarding, biometric authentication, and digital analytics. The secondary data used for the research consists of annual data for 2019-2022 from 24 public banks that offer mobile banking services and are listed on the Indonesia Stock Exchange. Primary data was gathered through questionnaires and interviews with several experts representing banking industry stakeholders. Data processing in this study utilized systematic literature review, difference testing, panel data regression analysis, and analytical hierarchy process. The study results indicate that the specific digital factors significantly influencing the price-to-book value of banks are technology adoption, and there is a significant difference in the price-to-book value for banks in the advanced technology adoption group. Although no significant difference in price-to-book value was found before and after implementing KBMI regulations, these regulations successfully encouraged some KBMI-1 banks to tra nsform into neobanks. Technology adoption also strengthens the impact of capital, non-performing loan control, and return on equity on the price-to-book value. To optimize bank value (in a broader sense) through digital transformation, the leading financial factor is profitability, and the main specific digital factor is cyber security, a proxy for risk management. Cyber security in risk management is part of the pillar of digital resilience. The main actors that need attention are bank customers as parties who take advantage of the results of digital transformation and bank management/employees who plan and implement digital transformation. Understanding customers in the digital transformation of commercial banks in Indonesia requires local wisdom because the level of banking literacy and digital literacy levels are not evenly distributed. Based on the focus on optimizing commercial bank value through digital transformation, the main objective is to increase created value, including price-to-book value. Meanwhile, the primary strategy in digital transformation for all bank groups in Indonesia at the corporate level is a hybrid model, namely improving digital services combined with branch office services. The synthesis of the results of this research produces the MFR model, which represents the digital transformation concept of commercial banks in Indonesia, with the central pillars being Digital Maturity, Financial Profitability, and Digital Resilience. With this MFR model, digital transformation aims to increase created values, including price-to-book value, which must be based on core values (ethics), protected values (regulations), and local wisdom.