The Contribution of Digital Banking to The Macroeconomy: Opportunities and Challenges for Indonesian Sharia Banks in Malang City
Keywords:
Digital Banking, Customer Satisfaction, Service Quality, Macroeconomics, Bank Syariah Indonesia, Malang City
Abstract
This study aims to analyze the contribution of digital banking to macroeconomic growth, as well as to evaluate the opportunities, challenges, and policy implications of Bank Syariah Indonesia (BSI) in Malang City. The approach used is quantitative with a survey method on BSI customers who use digital banking services. Data were analyzed using SPSS software through validity, reliability, multiple linear regression, and hypothesis testing. The results of the study indicate that the quality of digital banking services has a negative and insignificant effect on customer satisfaction. The dimensions of empathy and responsiveness are the dominant factors in shaping this satisfaction. Furthermore, customer satisfaction has been shown to contribute to local economic growth through increased consumption activities, MSME financing, and the intensity of digital financial transactions. This study also identifies that the digitalization of Islamic banking opens up great opportunities in expanding financial inclusion and service efficiency, although it still faces challenges such as digital literacy, data security, and technology adaptation. These findings provide implications for the development of strategic policies for digital-based Islamic banking in the regions
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Prabowo, H. (2021). Keamanan Siber dalam Digital Banking: Tantangan dan Solusi. Jurnal Teknologi Informasi, 12(4), 78-89.
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Rahi, S., Ghani, M. A., & Alnaser, F. M. (2020). Adoption of internet banking: Extending the role of technology acceptance model with e-customer service and customer satisfaction. World Journal of Science, Technology and Sustainable Development, 17(1), 17–35.
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Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A Skill-Building Approach (7th ed.). Wiley.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Qi Dong, J., Fabian, N., & Haenlein, M. (2019). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122, 889–901.
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World Bank. (2021). Financial Inclusion and Digital Banking: A Global Perspective. World Bank Report.
World Bank. (2022). Digital Financial Services. Global Financial Development Report.
Zalan, T., & Toufaily, E. (2017). The promise of FinTech in emerging markets: Not as disruptive. Contemporary Economics, 11(4), 415-430.
Zeithaml, V. A., Bitner, M. J., & Gremler, D. D. (2020). Services Marketing: Integrating Customer Focus Across the Firm (8th ed.). McGraw-Hill.
Alalwan, A. A. (2020). Mobile food ordering apps: An empirical study of the factors affecting customer e-satisfaction and continued intention to reuse. International Journal of Information Management, 50, 28–44.
Anderson, E. W., & Sullivan, M. W. (1993). The antecedents and consequences of customer satisfaction for firms. Marketing Science, 12(2), 125–143.
Arner, D. W., Barberis, J., & Buckley, R. P. (2016). The Evolution of Fintech: A New Post-Crisis Paradigm? Georgetown Journal of International Law, 47(4), 1271-1319.
Arner, D. W., Barberis, J., & Buckley, R. P. (2020). Fintech and regtech: Impact on regulators and banks. Journal of Banking Regulation, 21(1), 1–14.
Auer, R., Cornelli, G., & Frost, J. (2021). Rise of the central bank digital currencies: drivers, approaches and technologies. BIS Working Papers.
Bank Indonesia. (2023). Laporan Tahunan Bank Indonesia 2023.
Bank Indonesia. (2023). Laporan Tahunan Sistem Pembayaran dan Pengelolaan Uang Rupiah 2023.
Bank Indonesia. (2022). Outlook Sistem Pembayaran Indonesia. Jakarta: BI Press.
Bhattacherjee, A. (2001). Understanding information systems continuance: An expectation-confirmation model. MIS Quarterly, 25(3), 351–370.
BIS. (2020). Cyber Resilience in the Financial Sector. Bank for International Settlements.
BIS. (2020). Digital Innovation in the Financial System. Bank for International Settlements Report.
Chawla, D., & Joshi, H. (2018). The Moderating Effect of Demographic Variables on the Relationship between Digital Banking Services and Customer Satisfaction. Global Business Review, 19(3), 90–105.
Chen, Y., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students. Financial Services Review, 7(2), 107-128.
Deloitte. (2020). Digital Banking Maturity: How Banks Are Responding to Digital (R)Evolution.
Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2020). The Global Findex Database 2020: Financial Inclusion in the Digital Age. World Bank.
Firmansyah, A. (2021). “Transformasi Digital Perbankan Syariah di Era 4.0”, Jurnal Ekonomi Islam, 9(2), 134–145.
Feyen, E., Frost, J., Gambacorta, L., Natarajan, H., & Saal, M. (2021). Fintech and the digital transformation of financial services: Implications for market structure and public policy. BIS.
Fornell, C., Johnson, M. D., Anderson, E. W., Cha, J., & Bryant, B. E. (1996). The American customer satisfaction index: Nature, purpose, and findings. Journal of Marketing, 60(4), 7–18.
Ghosh, S. (2019). Digital Banking: A New Paradigm in Banking. International Journal of Management and Business Research, 9(1), 1-10.
Hasan, I., He, Q., & Lu, H. (2020). Fintech and bank stability: Evidence from China. Pacific-Basin Finance Journal, 62, 101210.
Hasan, M. (2022). Digitalisasi Perbankan Syariah di Indonesia: Tantangan dan Peluang. Jurnal Keuangan Islam, 7(1), 12–25.
Huang, M. H., & Rust, R. T. (2021). Artificial intelligence in service. Journal of Service Research, 24(1), 3–20.
IMF. (2021). Fintech and Financial Stability: Implications for Macroeconomic Policy.
Islam, T., Pitafi, A. H., Arya, V., Wang, Y., Akhtar, N., & Xiaobei, L. (2021). Panic buying in the COVID-19 pandemic: A multi-country examination. Journal of Retailing and Consumer Services, 59, 102357.
Karim, A. A. (2020). Perbankan Syariah: Fiqh dan Keuangan. Jakarta: RajaGrafindo Persada.
Kuncoro, M. (2013). Metode Riset untuk Bisnis & Ekonomi. Jakarta: Erlangga.
Kotler, P., & Keller, K. L. (2019). Marketing Management (15th ed.). Pearson Education.
KPMG. (2020). The Future of Banking: How Digital Transformation is Reshaping the Industry. KPMG Report.
Ladhari, R., Gonthier, J., & Lajante, M. (2020). Generation Y and online fashion shopping: Orientations and profiles. Journal of Retailing and Consumer Services, 55, 102081.
Laukkanen, T. (2007). Internet vs Mobile Banking: Comparing Customer Value Perceptions. Business Process Management Journal, 13(6), 788–797.
Liu, C. R., Lin, W. R., & Wang, Y. C. (2021). Customer satisfaction and repurchase intentions in e-commerce: The role of trust and perceived value. Journal of Business Research, 120, 208–218.
Lovelock, C., & Wirtz, J. (2020). Services Marketing: People, Technology, Strategy (8th ed.). Pearson.
Masyita, A. (2020). Digital Banking: Konsep dan Implementasi di Indonesia. Jurnal Ekonomi dan Bisnis, 15(2), 123-135.
Mckinsey & Company. (2021). Global Banking Annual Review 2021: The Future of Banking. Mckinsey Report.
Nguyen, B., Simkin, L., & Canhoto, A. I. (2020). The dark side of digital personalization: Exploring the unintended consequences of customer data use. Journal of Business Research, 120, 100–112.
Nguyen, H. T., Vo, X. V., & Huynh, T. L. D. (2022). Fintech and monetary policy transmission in emerging markets. Economic Modelling, 108, 105779.
OJK. (2021). Peraturan OJK Nomor 12/POJK.03/2021 tentang Bank Umum. Jakarta: Otoritas Jasa Keuangan.
Oliver, R. L. (2014). Satisfaction: A Behavioral Perspective on the Consumer. McGraw-Hill.
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329-340.
Pahl, C., & Richter, A. (2020). The Impact of Digital Banking on the Financial Services Industry. Journal of Financial Services Marketing, 25(1), 1-12.
Parasuraman, A., Zeithaml, V. A., & Berry, L. L. (1988). Journal of Retailing, 64(1), 12–40.
Prabowo, H. (2021). Keamanan Siber dalam Digital Banking: Tantangan dan Solusi. Jurnal Teknologi Informasi, 12(4), 78-89.
Rachmawati, L. (2022). Masa Depan Digital Banking di Indonesia: Inovasi dan Kolaborasi. Jurnal Inovasi Bisnis, 9(2), 99-110.
Rahi, S., Ghani, M. A., & Alnaser, F. M. (2020). Adoption of internet banking: Extending the role of technology acceptance model with e-customer service and customer satisfaction. World Journal of Science, Technology and Sustainable Development, 17(1), 17–35.
Rakhman, A. (2021). Tren Digital Banking di Indonesia: Peluang dan Tantangan. Jurnal Perbankan, 10(1), 45-60.
Sahay, R., von Allmen, U. E., Lahreche, A., Khera, P., Ogawa, S., Bazarbash, M., & Beaton, K. (2020). The Promise of Fintech: Financial Inclusion in the Post COVID-19 Era. IMF Departmental Paper.
Sari, D. (2021). Regulasi Digital Banking di Indonesia: Tinjauan Kebijakan OJK dan BI. Jurnal Hukum dan Keuangan, 8(3), 201-215.
Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A Skill-Building Approach (7th ed.). Wiley.
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Qi Dong, J., Fabian, N., & Haenlein, M. (2019). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122, 889–901.
Wahyudi, F. (2021). Digitalisasi Perbankan Syariah dan Dampaknya terhadap UMKM di Era Ekonomi Digital. Jurnal Ekonomi Syariah Indonesia, 10(2), 88–96.
World Bank. (2021). Financial Inclusion and Digital Banking: A Global Perspective. World Bank Report.
World Bank. (2021). Financial Inclusion and Digital Banking: A Global Perspective. World Bank Report.
World Bank. (2022). Digital Financial Services. Global Financial Development Report.
Zalan, T., & Toufaily, E. (2017). The promise of FinTech in emerging markets: Not as disruptive. Contemporary Economics, 11(4), 415-430.
Zeithaml, V. A., Bitner, M. J., & Gremler, D. D. (2020). Services Marketing: Integrating Customer Focus Across the Firm (8th ed.). McGraw-Hill.
Published
2025-07-16
How to Cite
Nurvitasari, R. A., Dwi Wulandari, & Thomas Soseco. (2025). The Contribution of Digital Banking to The Macroeconomy: Opportunities and Challenges for Indonesian Sharia Banks in Malang City. International Journal of Economics, Business and Innovation Research, 4(04), 1358-1374. https://doi.org/10.63922/ijebir.v4i04.2082
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