As the regulator of the financial services sector in Indonesia, Otoritas Jasa Keuangan (OJK/Indonesia Financial Services Authority) aims to promote inclusive financial innovation and enhance financial well-being through the development of innovative financial products and services. Following the successful organization of the 1^st OJK International Research Forum in 2023, we are pleased to announce the 2^nd OJK International Research Forum 2024. This year’s forum will focus on the theme: “Driving Financial Innovations to Enhance a Better Financial Life.” 

In today's rapidly evolving world, financial innovations are playing pivotal roles in shaping the financial sector. From fintech startups to established financial institutions, the focus is to create financial solutions that are more accessible, efficient, and tailored to individual needs to promote a stable, contributive, inclusive, and sustainable digital financial sector in Indonesia. This is in-line with the Master Plan in the Financial Services Sector in Indonesia 2021-2025 which aims to implement the national economy and increase the resilience and competitiveness of the financial services sector through innovation and digitalization, as well as prepare the national financial services sector in the face of regional and global competition. However, there are concerns regarding efforts to promote financial innovations for individuals, particularly those without bank accounts, and initiatives to enhance their financial lives.

Financial innovations improving the accessibility, efficiency, customization, and cost-effectiveness of financial systems. With financial innovations, financial life can be managed more flexibly, reaching a broader audience, including people in underserved or remote areas. Moreover, financial innovations can reduce the time and effort required for financial transactions. Automation and AI-driven algorithms streamline processes such as loan approvals or investment management, reducing the time needed for decision-making. Furthermore, financial innovations enable tailored solutions to accommodate each individual’s unique preferences. Finally, many fintech companies offer competitive rates and better accessibility compared to traditional financial institutions. This affordability encourages people to engage with financial services and improves financial inclusion.

There are several benefits of innovative product development that should be considered. Firstly, many innovative products can drive market share growth and customer loyalty, which in turn contribute to revenue growth and overall business expansion. Secondly, innovative products enhance the brand image, fostering strong relationships with customers, partners, and stakeholders. Lastly, innovative product development ensures long-term sustainability by adapting to market changes, staying ahead of competitors, and building a resilient business model.

The primary objective of this research conference is to facilitate a comprehensive understanding of how financial innovations can be driven to enhance a better financial life. By examining emerging trends, innovative strategies, and regulatory frameworks, we aspire to build a robust knowledge base and actionable insights that can shape progressive policies and transformative practices. The conference contributes to a financial sector that is innovative, inclusive, and resilient in the face of regional and global competition. In addition, the OJK International Research Forum serves as a platform for knowledge exchange, collaboration, and growth for various stakeholders in the financial sector, contributing to the advancement of the industry.