Analisis Dampak Digital Financial Inclusion, Efisiensi Operasional, dan Struktur Dana Murah Terhadap Stabilitas Perbankan KBMI 4 di Indonesia (2020–2025)

Abstract

This study analyses the impact of Digital Financial Inclusion (DFI), operational efficiency (BOPO), and the CASA ratio on banking stability (Z-Score) among KBMI 4 banks in Indonesia for the period Q1 2020–Q4 2025. The research method utilises a Fixed Effects Model (FEM) panel data regression on 96 quarterly observations of a saturated sample. The results indicate that, simultaneously, DFI, BOPO, and the CASA ratio have a significant impact on banking stability, with an Adjusted R-squared of 32.79%. Partially, Digital Financial Inclusion (DFI) has a significant negative impact on banking stability, confirming the ‘inclusion-risk hypothesis’ whereby digital expansion in the initial phase introduces investment burdens and new operational risks. Meanwhile, the BOPO and CASA ratios do not have a significant impact on banking stability, indicating that for systemic banks, fluctuations in operational costs and the volatility of digital low-cost funds do not immediately constitute primary shocks to bank solvency. The implication is that bank management must strengthen cyber risk mitigation and liquidity governance in navigating the dynamics of digital transformation.