[LINE Bank: A Fine Synergy or Not?]

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[LINE Bank: A Fine Synergy or Not?]

Have you guys heard that the largest messaging application, namely LINE, now has surged into the financial industry? A new digital bank that was created from a partnership between a conventional bank and one of the largest mobile platforms, is now born in Indonesia. This newcomer offers a variety of features that are able to meet the digital banking needs of Indonesia’s younger generation.

PT Bank KEB Hana Indonesia in collaboration with LINE Corporation, one of the largest mobile platforms in Asia, and LINE Financial Asia, officially launched LINE Bank by Hana Bank. This launch marks the operation of LINE Bank services in Indonesia as the third country, following success in Thailand and Taiwan. LINE Bank has been accessible through the Play Store and App Store in Indonesia since June 10, 2021. The strategic partnership between LINE and Bank Hana was formed in October 2018, when LINE Financial Asia acquired 20 percent of Bank Hana shares through an Equity Participation Agreement.

“We are very excited to bring something new to Indonesia’s digital banking industry. At LINE Bank, we position ourselves as a caring and reliable friend in providing financial solutions that are able to meet the needs of customers in Indonesia. LINE Bank offers a new, convenient, and safe way for customers to carry out their banking activities, this is what we call “Ngebank #CaraLain”, said Jong Jin Park, President Director of PT Bank KEB Hana Indonesia.

LINE Bank’s presence in Indonesia targets the Gen Z market, which makes up the majority of LINE users and familiar with the LINE ecosystem, fluent in the digital world, and master the use of the latest technology. Moreover, LINE Bank also provides uniques VISA cards covered with LINE characters, which are Brown Visa, Cony Visa, and Sally Visa. These adorable VISA cards could easily attract the young generation who already get used to LINE’s cute characters branding since the application itself was established.

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The idea of delivering the most value for the consumer has evolved over the years. As we know, the best marketing strategy is cetera desunt for adaptive future-leader mindset that uncertainly evolved over decades. Companies began to use various promises in effort to persuade and attract customers. The fiercely increasing conditions of competition added the popularity of the concept of “brand” and “advertisement” by adopting the concept of neo-marketing and elaborate them with psychological terms. Albeit, all emotion influences consumers personal relationships, business choices, and buying decisions. The emotion itself has situational and reactive qualities, as well as satisfaction and expectations formed over lifetimes of experiences and interactions.

When a boy goes to an ice cream parlor or restaurant, he will feel befuddled. Choosing what he is going to get, that’s the thing that he despises. Would chocolate chip or strawberry ice cream please him better? Cheeseburger or fried chicken? He feared that what he selected will not give him as much pleasure as the other option would give. What he doesn’t choose could provide a higher sense of pleasure than the one he chose. One interesting finding utilized by neuromarketing is that people really don’t want to lose out. People are just as worried about what they might lose as to what they might gain.
In the meantime, one of the biggest challenges that marketers deal with is customers’ expectations in the pre-purchase phenomenon where the consumers haven’t fixed their buying decision yet. To tackle the challenge, many companies are competing to build relationships with their customers, with the expectations that they will be able to provide the best customer experience for specific individuals. Therefore, the company must be customer-centric to carry out a successful marketing strategy in order to be noticed by consumers and to forge a brand identity.

According to McKinsey (2019), by making a fundamental change of mindset of focusing on the customers, companies gained significant enhancement on several aspects. Along with operational and IT improvements, companies generate 20 to 30 percent uplift in customer satisfaction, a 10 to 20 percent improvement in employee satisfaction, and economic gains ranging from 20 to 50 percent of the cost base addressed in the various journeys.

To overcome these challenges, companies have to understand consumers’ behavior and expectations. Hence, companies should put a bigger concern towards consumers’ buying-cycle from awareness to its advocacy. By implementing the concept of Neuromarketing, stereotypes of the communication matters of the marketing basis will be integrated with taste of individual market itself. The more personalized the promotion, the higher the probability that the advertisement will work. It could be done by using big data to allow the company for this huge aggregation of all consumers personal information that they’ve ever revealed to build a precise representation of who they are, now, more than ever before. Data and insight are not delivered to consumers as a whole but individually by delivering the most value to the customers with a very specific scope based on how they think.

In order to win in today’s marketplace, companies must be customer-centered, to the point that ideally, each individual customer’s values are taken into an account to derive the value that they are truly seeking. In essence, by generating consumer reactions, and treating them not as reactionary receptacles of marketing strategies, but as each their own person with differing individual values. Therefore, reinforcing belief is a very important matter for marketers that influences consumers experience. They must deliver superior value to their target customers traditionally and digitally with knowledge of neuroscience marketing strategies combined. Neuromarketing will surely strengthen customer’s contentment of a product itself.