The financial and insurance activity sectors were able to withstand COVID-19, as evidenced by the increasing trend over the last three years. This indicates a high public need for financial services during a pandemic. In addition, there is a trend of banking digitization, even collaborating between fintech and e-commerce.

Characteristics

Based on the Bandung City Regional Development Data Base Survey 2020 conducted by Open Data Bandung City, the people of Bandung City tend to be careful in spending their money, with a proportion of 51.14 percent of the population allocating 83 of their money to invest. However, during the pandemic, there was increased public awareness of the importance of health insurance, contributing to the sector's growth in 2020.

Economic growth

Sector and Investment Value The financial and insurance activity sector experienced an increase in the value of GRDP, with the highest point in 2020 amounting to Rp. 10.55 trillion rupiah or contributing 6.4 percent of Bandung's GRDP.

Some of the largest financial service providers in Bandung include Bank BJB, insurance services BNI Life and the Taspen pension fund, as well as the Rukun Mekar cooperative.