There are 193 multi-finance companies in Indonesia as of December 2017, The asset totally US$ 35 Billion. FIFGROUP (PT.Federal International Finance) is one among them, it established on May 1st 1989. In 2017, it financed more than US$ 2.5 Billion, profit more US$ 157 Million or 16.7% of Industry’s profit, Non performing financing (NPF) stands for 0.7%; while the Industry made 2.96%. FIFGROUP consumer financing includes FIFASTRA (motorcycle), DANASTRA (microfinancing), SPEKTRA (consumer electronic), AMITRA; the new sharia business unit (micro, travel, and gold financing). FIFGROUP has more than 1.800 networks spread across Indonesia, more than 17.500 employees, more than 7.000 business partners, and more than 4.5 Million active customers. FIFGROUP is a member of Astra Financial Services, along with Toyota-Astra Financial Services, Astra Credit Company, Asuransi Astra, Astra-Aviva Life, Komatsu Astra Finance, Surya Artha Nusantara Finance, Astra Venture, and Permata bank.
I was fortunate that I ever worked at FIFGROUP, which provides me tremendous opportunities to learn operations, marketing, and business management. Hence, I wanted to share my experience on why FIFGROUP is great a place to learn, work, and have fun. For the last five years, there are new opportunities arising from technology companies which has potential to become “any kind of company”, but if you interested on Financial Service, continuous leadership development, and indefinite opportunities; FIFGROUP is a prolific place to grow. Hereby the why.
Leadership Development & Talent Management
Lucrative market, Solid infrastructure, and strong corporate values (TEAM – Teamwork, Excellence, Achieving, and Moving Forward) has been making FIFGROUP a place where best financing company talent is made. SWA magazine awarded FIFGROUP as Indonesian Best Companies in Creating Leaders from Within at the end of 2017. FIFGROUP budgeted $ 2 Million per year for people development. The Company has been allocating individual budget for self-development, such as Seven habits, Project management, and Business Innovation. Additional trainings and workshops are collectively organized by Training & Learning Development to make sure that knowledge, skills, and attitude is developed in congruence with organization priority. If required, overseas training also encouraged to ascertain company at the front edge of technological and business innovation; especially nowadays, where financial services especially consumer lending is facing some big challenges, such as the advancement of Big Data and Machine learning which have been altering the landscape of competition, which not only from adjacent sectors, such as banking, but also from technology sectors such as e-commerce, transportation, and financial technology.
Talent management program also prepared as a special treatment to those who performed beyond satisfactory; such as coaching with luminary executives, special benefit packages, fast-track career, and exchange program internally within FIFGROUP divisions and externally within Astra Financial Services companies. Despite Individual skill is encouraged, FIFGROUP always encourage more to Teamwork, the company’s credo is “There is no Super-man, but A Super-team”.
An Adventurous and Innovative Company
I called it adventurous and innovative, since I was fortunate that I had rotated in many departments and different divisions, from branch operations, marketing and strategy in headquarter, even my last role was in Business Development which gave me opportunity to work across department where I learned project management, business process, and enacted business partnership. FIFGROUP’s management has a courage and gut to assign employees in various role to expand perspective of how the business is operated, accelerates learning, and connects employees from different functions. Adventurous means the company has an ample initiative for experiments, it might be derived from one of its corporate value “moving forward”, a value which triggered a new innovation should be created to continuously serve customer better. Innovative (and competitive) means it has an annual Internal competition such as Suggestion System, Quality Control Process, Quality Control Circle, and Innovation Idea as a pooled of initiatives that can be scaled up within organization and screen employees who has improvement and innovation project for annual innovation award.
Innovator team consisted of selected nine individuals across divisions, and divided into three team to create and implement value creation initiatives which sponsored by executive and board directors. The prominent result of the project such as FIFGROUP Mobile customer, an app to help customer access their personal information and valuable offering, FIF Safari, a fancy truck to help FIFGROUP get in touch directly with customer and help increase financial literacy across Indonesia. The Innovations reward, not only able to be competed internally in FIFGROUP, but also has an opportunity to be competed in Astra International’s competition, such as Innovastra, Jardines Pride in Performance awards, or new initiative from the group, the Innovates Jardines.
Merit Based Performance & Inclusive
In financial service, especially branch operations and marketing, most of individual performance can be tracked in a real time. Hence, most of them have some Key Performance Indicators to measure progress and achievement to perform their duty. Every end of year, each employee will be evaluated based on their performance and evaluated by executive committee. There are some success stories in FIFGROUP, from an office boy, counter sales, debt collectors and surveyors, who started join the company from the lowest level of organization have been become middle managers and executive in the company quickly. Some common traits that I obtained during conversations with the successful executives was their Integrity, Determination and Strive Excellence to perform the duty is the key to succeed in the company. There are fast tracked programs for young and bright graduates from universities who has opportunity to join program such as Management Development Program and Junior Officer Development program to cater with proliferation needs of leader to be assigned across Indonesia.
As I mentioned earlier, FIFGROUP is a place to learn, work, and have fun. I have shared about the learn part. The have fun part could be a subjective matter, for me frequent business trips is the fun part of work at FIFGROUP, since for me business trip is not only for work, but also enrich my knowledge and understanding about Indonesia’s diversity, from foods, customs, behavior. Getting to know local leaders who responsible for profit and losses and learn about their success stories is also a refreshing and inspiring moment.
For the last two years, there has been more challenges faced by financial services sector, not only financing, but also insurance, and banking due to the advance of technology. Last weekend I had a diner with my friend who assigned to create an Insurance-tech Incubator backed up by Singapore government, some Asian Venture Capital funds also interested to penetrate into consumer lending company, given their experience for creating lending platform in China.
Every company should encourage Innovations, collaborations, and inclusions to cater fast paced changes, not only from within, but also outside-in by quickly embrace and adopt external innovations that could affect the business sustainability. As an example, in certain company, a new project, required 6 months, but in SPRINT methods, its only need 5 working days by encourage agile innovation and start-up way.
Companies also need to embrace the importance of growth strategy not solely on common business decision indicators, such as Internal Rate of Return and Net Present Value. When earthquake struck Jakarta last week, I was coincidentally had an enticing conversation with Prof.Djoko Wintoro, Director of Prasetiya Mulya Business school whom shared to me a bit of growth strategy, He said that current business practice which solely focus on short term performance indicator should be careful about the risk of upstart company which focus on growth and quickly deteriorate market share or has created a new market. We should ensure that our knowledge and skill is relevant for the changing landscape of financial service sector.
Coffeewar, 280118 22:05 PM
Soundtrack: We – Mamas Gun
*The writing is based on personal experience and do not represent FIFGROUP.