Analysis Of Public Perceptions Of Islamic Financial Technology Financing And Islamic Bank Financing In Indonesia

The intention of this research is to analyze public perceptions of Fintech Peer to Peer (P2P) Islamic Lending and Commercial Bank financing in Indonesia. As for some aspects that were analyzed related to public perceptions of financing conducted at Fintech P2P Islamic Lending and Commercial Bank financing in Indonesia include: development, contract and financing products, financing mechanisms, and totaly financing and assets owned. This study uses a qualitative approach using primary data with an insendental sampling technique through the interview method. The results indicate that the majority of people who finance both P2P Islamic Lending and Commercial Banks generally understand that financing related to Fintech P2P Islamic Lending is different from financing done by Islamic Commercial Banks. In percentage the increase in the development of Fintech P2P Lending Islamic shows significant development, but cumulatively the Islamic Commercial Bank provides more varied contracts, products, financing mechanisms and greater amount of financing.


INTRODUCTION
Financial Technology (Fintech) is growing rapidly in Indonesia and into various kind, among others are payment (digital wallet, P2P Payments), investment ( equity crowdfunding, peer to peer lending), financing (equity crowdfunding, microloans, credit facilities), insurance (risk management), cross process (big data analysis, predictive modeling), infrastructure (security). P2P lending is method of financing for individuals or entities which require fund, otherwise individuals or entities want to borrow for startup capital could use technology of startup had legitimate by OJK. The presence of sharia fintech which is considered new, but can be so inviting interest in its use. Beside that,in a book by Joseph Pangaribuan entitled "Delusi Moneter Paradigma yang berbeda tentang uang", explain that there is a concept in the community regarding peer to peer (p2p) lending Financial Technology (Fintech) which they consider the same thing as a Bank. (Pangaribuan, 2018) Previous research that examined perceptions of financial technology was carried out by Strader and Inapudi, 2004. Further research by Rahma, 2018. Another study was conducted by Setyaningsih et al., 2020. From this previous research, the authors see that no one has conducted research related to the perceptions of Islamic fintech customers and Islamic banks in terms of contracts, products, mechanisms, total financing and assets. . Therefore, the Volume 9 Nomor 1 Ed. Januari -Juni 2021: hal. 106-119 p-ISSN: 2356-4628 e-ISSN : 2579 authors are interested in conducting research related to customer perceptions of fintech and Islamic banks in terms of contracts, products, mechanisms, total financing and assets.

A study from Institute for Development for Economics and Finance
Based on the background of this problem, the researcher is interested in discussing this by seeing how the public's perception of Peer To Peer (P2P) Sharia Lending Financial Technology (P2P) and Islamic Commercial Bank financing n terms of the aspects of the contract, financing products, financing mechanisms and total financing. Perception means awareness, the arrangement of the five senses into experience patterns. Perception is an internal process that allows a person to select, organize, and interpret stimuli from the environment and these processes affect one's behavior. According to Angelica, perception is the process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment. However, what a person receives can fundamentally differ from objective reality, although it should not be necessary for such differences to arise frequently. (Angelica, 2008) According to Bungin, society is a group of people who occupy a certain area, who live for a long time, communicate with each other, have certain symbols and rules that in a legal system that controls the actions of community members, has a system of stratification, is aware that they are members of society, have the democratization system is aware that as a member of society, it can relatively support itself. (Bungin, 2006) Financial Technology This term was first coined by Clayton M. Christensen and Joseph Bower in 1995 in Disruptive Technologies: Catching the Wave, Harvard Business Review (1995). (Bower & Christensen, 1995 activities that function as an office the parent of the sharia sub-branch office and / or sharia unit. (Wibowo & Hendy, 2005) Islamic banks are banks that distribute their funds to parties in need, generally in buying and selling agreements and business cooperation. Rewards obtained in profit margins, profit sharing forms and / or other forms in accordance with Islamic law. (Ismail, 2017) Islamic banks as an intermediary institution between investors who invest their funds in the bank and then the Islamic banks channel their funds to parties who need funds. (Soemitra, 2009).
The concept of financing in Islamic banks is different from the concept of credit in conventional banks, where the difference between credit provided by conventional banks and financing provided by Islamic banks lies in the expected profit. For conventional banks, profits are earned through interest, while Islamic banks are in the form of rewards or profit sharing. (Kasmir, 2008) Islamic finance industry experts state that Islamic financial instruments are a relatively safe investment for investors because of the unique features of Islamic financial instruments, such as low leverage ratios, qualitative and quantitative restrictions and native asset support. (Masih, 2017) Islamic Banks were established to promote and develop Islamic principles, sharia and traditions into financial transactions and banking and other related businesses. The establishment of a Islamic bank is a pure Muslim desire for significantly. The article is expected to provide more understanding to people, both a debtor and creditor about conventional banks and Islamic banks, and is also expected to be able to become a consideration in choosing to deposit funds and borrow from banks. (Chikmah, 2014) The article by Rachmawati is on the determinants of interest in using Islamic bank product. The objective of this article is to empirically investigate the perceptions of bank interest, profit sharing, and bank product determinant of interest in using Islamic bank product. The result tend to suggest that combination of perceptions of bank interest, profit sharing, and bank product seem to exert a significant effect on interest in using Islamic bank product. (Rahmawaty, 2014) The article by Tri Inda Fadilah Rahma contributes to an analysis public perceptions of the use of financial technology (fintech) include attitudes of interest, understanding, motivation, and expectations. Where people's attitudes towards the use of fintech provide support to the advancement of financial technology innovation in Indonesia which is very helpful for the community.
The public already fully understands the benefits and uses of fintech because the use of fintech is more efficient and effective than other financial services so that people are motivated to use fintech. And the hope of the community for fintech organizers is to provide socialization to the community and ease or practicality in using services, so that people who do not understand technology can use it easily. (Rahma, 2018) The article by Strader  of information. users are more willing to use mobile channels for less risky things like accessing information than for more risky things like buying financial products. (Strader & Inapudi, 2004) The article by Setyaningsih et all, provides findings that P2P is not the main solution for MSMEs. They fear future risks: inability to pay high interest rates, risk the security of borrowers' data and save the reputation of the media.
The results of this study imply that the regulator (OJK) must make strict regulations to protect borrowers from this financing risk. (Setyaningsih et al., 2020)

METHODS
This research was studied qualitatively through descriptive approach. The data were collected using an interview, observation and documentation. The selection of research respondents took incedental sampling technique, namely the selection of research respondents who were easily found at the research site.
With the criteria, Respondents are Indonesian people who have or are currently financing one of the P2P Lending Syariah fintechs in Indonesia with this type of productive financing. So on this basis, 10 people were selected as samples / respondents in this study based on a number of regions in Indonesia.
Representing the West, Central and East Indonesia regions and in accordance with the criteria determined by the researchers above. Meanwhile, the technique of analyzing data used was an interactive data. (Miles et al., 2014)

RESULT AND DISCUSSION
In the discussion of this research will explain and describe the data that has been obtained by researchers through in-depth interviews conducted with informants previously determined by the researcher. informant said that he himself was a person whose curiosity was extraordinary, so that the informant asked many senior informants about this before the informant decided to take the financing. Related to the financing mechanism, the informant said that in p2p lending fintech itself there are lenders and borrowers so that p2p fintech companies are only as just the provider of the place. The total financing issued varies depending on various factors so that the more problems they have in financing, the more they have to be careful in making financing decisions.

Muhammad Fadel, 26 years old, entrepreneur, Gorontalo
The informant is doing financing at the Islamic Fintech Fund and has done financing at Bank Mandiri Syariah. The informant said that in this case, according to the age of fintech, which is only 2 years old, but 13 Islamic fintechs have concluded that fintech is developing very rapidly and has the potential to increase from time to time. For contracts and products in Islamic fintech, although only a few and not as many as contracts and products in Islamic commercial banks, they are quite efficient. If we look at

Analysis Of Public Perceptions Of Islamic Financial Technology Financing And Islamic Bank Financing In Indonesia
the needs of the community and the ability of fintech to accommodate requests for submissions, yes, it is only natural that the contract and products provided it's still a little. However, the informants felt that each contract and product was real and in accordance with the target markers aimed at by Islamic fintech itself. The financing mechanism for Islamic fintech is also easier but the total financing that can be received will be much smaller, even so I think this Islamic fintech financing is very helpful.

Achmad Fajar, 25 years old, Entrepreneur, Surabaya
The informant is currently financing Ammana Fintech Syariah and has previously conducted financing at Bank Mandiri Syariah. The informant said that Islamic fintech is very developed. This can be seen from the increasing number of people who take this financing, besides that another thing that can be seen is that the informant's own environment has done quite a lot of this financing. The contracts and products in Islamic fintech specifically, the informants felt that they did not understand, it's just that the infoorman is of the opinion that it is not that different from Islamic commercial banks, it's just that it is simpler. Only two or three contracts were known to informants being used. And according to the informants, it was much more confusing and felt that they did not understand. According to informants, Islamic fintech financing is much simpler. In general, the total Islamic fintech financing, the informant, is of the opinion that it is very developed and in accordance with the capabilities of the borower.
9. Agung Rangkuti, 28 years old, Entrepreneur, Jakarta The first informant has done financing at Peer To Peer Lending Danako Syariah and has done financing at Bank Mandiri Syariah. The informant said that Islamic fintech is now increasingly popular with people, especially when the current conditions and opportunities for fintech are getting better, especially now that everyone demands convenience in everything. for the contracts and products issued, the informants felt that they did not really understand the specifics. The informants only know about the musharaka.
the financing mechanism is quite easy, it is not as easy as when online loans are not sharia, but because this is Islamic and guaranteed halal, so of course Meanwhile, in general, the people who took the financing did not know specifically what and how the contract was. however, they know in general what the contract and the product are when applied to the financing they do.
As for the public's perception in terms of financing mechanisms, according to fintech data, Islamic peer to peer lending divides the mechanism based on the financing products provided. So that there are six financing mechanisms, namely, factoring, financing for procurement of third-party orders (purchase Hawalah. Even so they only know about the financing mechanism in the financing they do.
The public perception when viewed in terms of total financing and assets channeled by peer to peer lending fintech has increased significantly every month, and the same is true for the report issued by the OJK. Even though it started in January 2018, the total financing provided is considered quite large and the increase in assets is considered very significant. Whereas for Islamic Commercial Banks, the total financing provided by Islamic commercial banks is quite stable and the same is true for assets. Although it can still be categorized as positive growth, it tends to slow down a little from previous years.