by Prashant Kapadia/NHN
Mumbai: Having made its presence felt with a strong tech enabled physical network, Fino Payments Bank announced the launch of digital services suite. This allows Fino to expand its footprint in the exciting space of digital banking and payments. As per a recent report by Credit Suisse, payments integration into popular apps in India will drive digital payments market to USD 1 trillion by 2023 from the current USD 200 billion. Fino Payments Bank’s digital stack takes forward the ethos of providing simple and convenient banking. In September 2017 Fino launched its mobile banking app BPay, which will be the key driver for digital transition of customers from assisted to self-service mode. The app will make smartphones the new banking points, allowing customers to make bill payments, recharges, fund transfers, buy insurance, put up gold loan requests and many more savings and investment related services that would be added over period of time.
In addition to BPay, Fino Payment’s Bank introduces a suite of digital products that include:
Unified Payments Interface (UPI), BHIM app, game changer in P2P and merchant payments. Customers can access UPI, create virtual identity and make P2P payments through the bank’s BPay mobile banking app.
Net Banking: For those not so mobile savvy but comfortable to do banking on web or online.
Digi Savings Account: online account opening with only Aadhaar number and PAN card
FasTag: make digital payments at national highway toll plazas
As Digital India initiative and smart phone usage transform urban landscape, Fino Payments Bank will focus on bringing digital banking closer to those who need it, the people of Bharat.
‘Digital is an integral part our Phygital strategy and the way forward for banking’, said Mr. Rishi Gupta, MD & CEO, Fino Payments Bank announcing the launch of digital service suite. “The changing landscape is opening up digital banking opportunities outside of metros, including from Tier III to Tier VI places. In this context, we are excited to work with NPCI to offer the convenience of UPI to customers on our BPay mobile banking app. Along with UPI, our other digital initiatives – FasTag, Net Banking and Online account opening services – are customer centric as they simplify banking and payments, enable transition to self-service mode and help create wealth.”
Fino Payments Bank’s digital initiatives will help reach out to a larger segment of customers, including those willing to adopt digital banking for the first time. They complement the network of physical touch points and give customers the choice to engage with the bank anywhere, anytime and on any platform.
“We will facilitate customers’ transition from availing assisted services to engaging in self-service mode. We have already seen significant adoption of two key digital assets, Rupay debit cards and BPay mobile banking app. While 70% of our active customers are digitally active, 40% of the CASA throughput is through these digital assets. Going forward we expect digital adoption among our customers to increase substantially helping us in our growth path,” added Mr. Gupta
Other digital payment initiatives:
It may be noted that Fino Payments Bank already offers AePS, Micro ATM and Debit card modes of digital payment methods through assisted service facilitating around 200 million transactions annually valued at over USD 5 billion! Fino also has plans to deploy over 10,000 Android-based mPOS devices to facilitate digital banking and enhanced customer experience.
Business performance:
Since launch in July 2017, Fino Payments Bank
Acquired a customer base of close to a million. It also serves customers of other banks though its interoperable banking platform.
Facilitated growth of domestic remittance business by over 3 times in volume and value. For the year 2017-18,
Fino Payments Bank is among top 10 players with highest amount of IMPS transactions.
Sourced gold loan to partner banks that grew over 100%- from Rs. 40Cr to Rs. 90 Cr/
Ensured cross sell of Health insurance and loans (through BC lending).
Partnerships with ICICI Bank, ICICI Lombard, ICICI Prudential, Exide Life and Bharat Petroleum have led to innovations in product development and distribution.
About Fino Payments Bank: Launch its operations in July 2017 with over 400 branches and 25000 banking points spread across 14 states to cater to the banking needs of the mass market segment. Fino Payments Bank’s ‘phygital’ approach is backed by strong Distribution, Technology and Partnership strategy that makes banking simple, convenient and paperless largely through assisted services. Taking the level of customer engagement a notch higher, Fino forayed into digital banking by launching mobile banking appBPay, Online account opening, Net banking and UPI. Fino will handhold its target customer segment in its digital adoption journey from assisted to self-service mode, thus making anywhere, anytime banking possible for anyone on any platform.Inaddition to regular savings and withdrawal transactions through AePS and Micro ATMs, customers can do domestic remittances, buy life & health insurance, source gold loans, pay utility bills, do mobile and DTH recharges, make merchant payments and with FasTag can pay national highway tolls digitally.
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