Continuous research into the Indonesian consumer market has enabled Bank Victoria to offer attractive savings and deposit products to its customers. By providing a diverse range of checking, savings and deposit accounts, Bank Victoria can cater to the specific needs of individuals and corporations. The bank’s VIP savings and VIP demand deposit accounts offer competitive interest rates as well as free personal accident insurance coverage. This is part of the bank’s overall strategy to increase low-cost funding and capitalise upon Indonesia’s increasingly affluent middle-class as well as improve its overall CASA ratio. As a bank that is continuously innovating, Bank Victoria going forward will introduce CASA products and deposits for foreign currencies so as to achieve its CASA ratio target of 25%.
To further cater to rising disposable incomes, Bank Victoria offers a variety of long-term savings and deposit account plans that serves the varied demands of the country’s middle-class. These include the V-Plan savings account which assists clients in cash management for needs such as financing for education and home renovations — in taking this plan, clients are also eligible for free life insurance protection. Furthermore, Bank Victoria offers the V-Business Plan; this special savings account mainly caters to business clients and offers competitive interest rates and no monthly administration fees; an attractive incentive for Indonesian businesses.
In order to provide clients with better access to their savings and deposit accounts, Bank Victoria has established strategic partnerships with PRIMA and Bank BCA. Through this collaboration, Bank Victoria's customers are able to utilise the extensive network of 56,000 PRIMA and 200,000 BCA accounts across Indonesia and demonstrates the bank’s ability to cooperate with some of Indonesia’s most renowned financial institutions. As such, third party fund accounts at the bank were dominated by savings and deposit accounts which increased by 26.95% to 72,008 units from 56,721 units in 2014 respectively. This showcases the diverse portfolio of products and services available to customers who are constantly seeking ever more comprehensive financial solutions.
Bank Victoria’s continued growth of its savings and deposit products and services also serves as testament to its corporate governance practices. The bank recognises the importance of good corporate governance in establishing customer trust and supporting the bank’s vision and mission. In creating a corporate culture that fosters the value of its customers, Bank Victoria has fostered a growing customer base; evident through the rise in the number of new savings and deposit accounts.