Quoting from the money.kompas.com page regarding the most expensive shares on the IDX this year. In 2019 and several previous years, this position was held by UNVR (Unilever) at a price of IDR 45,000 per share.

Then after doing a stock split, the position of the most expensive shares was shifted by GGRM (Gudang Garam) and this year based on monitoring on January 11, 2021, the 10 most expensive shares on the stock exchange are as follows:

• PT Gudang Garam Tbk (GGRM): IDR 41,275
• PT Bank Central Asia (BBCA): IDR 36,675
• PT Merck Sharp Dohme Pharma Tbk (SCPI): IDR 29,000
• PT Metropolitan Kentjana Tbk (MKPI): IDR 28,500
• PT United Tractor (UNTR): IDR 26,975
• PT Bayan Resources Tbk (BYAN): IDR 16,000
• PT Indocement Tunggal Prakasa Tbk (INTP) Rp 14,700
• PT Indo Tambangraya Megah Tbk (ITMG): IDR 14,025
• PT Paper Factory Tjiwi Kimia Tbk (TKIM): Rp 12,800
• PT Indah Kiat Pulp & Paper Tbk (INKP) Rp 12,500

BBCA is the only company from the banking sector that is in the top 10 category, perhaps in the last few years as well. It can be concluded that BCA is the most expensive stock company in financial services.

Why is BCA Stock Price 'Expensive'?

For a novice investor like me, the price of Rp 36,675 (maybe today's price is different, it can go up/down) per share is not a cheap price. Imagine that to buy just one stock slot, I need to provide IDR 3,667,500! Wow! If it is allocated to a second-tier company, it can get more than 30 lots.

Under normal conditions, the only reason BBCA's stock price is high is due to strong/good company fundamentals. How to see company fundamentals? The easiest way is to look at business operational performance records in financial reports or annual reports.

Is it difficult to see financial reports and annual reports? So, the following is my simple analysis of BBCA's operations which caused its performance to be joss top markotop, thus placing BCA as the only financial company in the top 10 most expensive stocks in the stock market.

According to Cornerstone's What's Going On in Banking 2021 study in forbes.com, there are 5 top technologies that must be implemented by the banking industry and I think it is very possible that some of them have been carried out by BCA even in the previous few years, namely:

Digital Account Opening

Digital account opening for customers is the most popular technology in the last four years, in which I think BCA is at the forefront.

If you are a BCA customer of course you can feel it firsthand, how the service to customers is the best in my opinion compared to other banks. It is because of this digital account opening (via online) that BCA won an award from Infobank magazine "Banking Service Excellent Awards 2020" in the category "The Best Digital Banking, Digital Branch, Opening Account via App/Mobile Browser."

Application Programming Interface (API)

Application Programming Interface is an interface that can connect one application with another application. Thus, the API acts as an intermediary between different applications, either within the same platform or across platforms.

Technology enables the acceleration of data transfer to create effectiveness and efficiency in serving customers. Of course, the projected development of digital services for customers requires fast integration. API should not be a strange thing anymore in accelerating a system especially banking.

Video Collaboration

When opening a savings account through the application, I conduct an 'interview' with customer service regarding validation and confirmation of data for opening a customer savings account. This is a unique, different, and wow experience in my eyes as a customer.

For service requests for information and assistance, I have not experienced service via video, but this is not impossible for a bank as big as BCA. The call center does not only serve via telephone voice but also video conferencing.

Cloud Computing

Cloud Computing is a process of processing computing power through the internet network which has the function of being able to run programs through computers that have been connected to each other at the same time.

Cloud Computing is a technology that makes the internet a central server for managing data and user applications. Cloud Computing makes it easy for users to run programs without having to install applications first and makes it easier for users to access data and information via the internet.

It is these technologies that drive the fundamental improvement of the best performing BBCA. In addition, high prices are influenced by stock market activity on the stock exchange. Quoting from market.bisnis.com, BCA's capitalization in the stock market in 2020 rose 1.34% from the previous year to 826 trillion in the number one position! and cemented BBCA as a blue chip stock.

What about Artificial Intelligence (AI)?

For all the hype around AI-based technologies such as chatbots, machine learning, voicebots, to robotic process automation, few financial institutions are doing this, perhaps because market leaders haven't used it. Though efficiency is very promising by using this technology.

Even so, the interest in using AI and machine learning is increasing, in this case where I work, BFI Finance, has used AI in the telesurvey process where consumers will be called by robots to confirm and validate financing application data.