Adopsi Teknologi Finansial dan Efisiensi Operasional Bank Umum Syariah di Indonesia: Pendekatan Modified FinTech Adoption Index

Abstract

Digital transformation has become an important strategy for the development of Islamic banking in Indonesia. This study examines the effect of financial technology adoption on the operational efficiency of Islamic Commercial Banks in Indonesia. Unlike previous studies that mainly measure digitalization through a single digital channel or activity, this study employs a Modified FinTech Adoption Index (MFAI), adapted from Meero (2025) and adjusted to the Indonesian banking context. The index consists of seven indicators: mobile banking, internet banking, QRIS, BI-FAST, electronic Know Your Customer (e-KYC), AI chatbot or virtual assistant, and collaboration with fintech companies. Each indicator is assigned a binary score of 0 or 1, and the total score is converted into a proportion ranging from 0 to 1. Operational efficiency is measured using the Operating Expenses to Operating Income (BOPO) ratio, where a lower ratio indicates higher operational efficiency. Using a quantitative approach, this study analyzes quarterly panel data from 11 Islamic Commercial Banks in Indonesia during 2022-2025, resulting in 176 observations. The data were obtained from quarterly and annual reports, sustainability reports, corporate governance reports, official bank publications, and regulatory sources. Panel data regression is used in the analysis, while bank size, Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), and Non-Performing Financing (NPF) are included as control variables. The model selection tests indicate that the Fixed Effect Model is the most appropriate specification, while White (diagonal) robust standard errors are applied to address heteroskedasticity. The results show that MFAI has a positive and statistically significant effect on BOPO, indicating that broader financial technology adoption is associated with lower operational efficiency during the study period. This finding suggests that the efficiency benefits of digitalization may not emerge immediately, as banks may still incur costs related to technology investment, system integration, maintenance, security, and human resource development. This study contributes to the literature by providing a multidimensional and context-specific measure of financial technology adoption and by showing that broader technology adoption does not automatically translate into higher operational efficiency in Indonesian Islamic banking.