UPI Switch bridges Flexibility and Scalability

Shailesh Pandey, Chief Operating Officer, Fino Payments Bank:

Shailesh Pandey reducing the burden on Fino Bank’s CBS by hollowing the core to accelerate development cycles, enhance scalability and improve cost-effectiveness

Ravi Lalwani: The BFSI sector is rapidly shifting toward more personalized and digital-first financial services. What specific advancements or strategic hanges does your organization plan to implement by 2025 to meet evolving market expectations? Are there particular markets where you aim to expand your presence or market share?

Shailesh Pandey: In line with our growth plans along with efforts to enhance customer engagement experience, Fino Bank is focused on strengthening its 3-pronged D-D-D approach, i.e. Data, Digital and Distribution.

Data is the new oil. As a transactions led entity, Fino has enormous customer transaction data. In FY24 we facilitated 2.11 billon transactions worth over `3.5 trillion! We deployed data analytics to analyze this data that helps gauge customer behavior and improve offerings, which further leads to increased engagement and long-term association. In addition, data also helps understand merchant behavior, which is critical in improving his / her productivity.

Technology is the backbone of Fino’s business model wherein its digitalization efforts bring banking closer to our customers through mobile first approach. We are strengthening our direct-to-customer (D2C) digital ecosystem by building digital assets and offering simple and easy to use products on FinoPay mobile app. For a rural-focused bank, it is remarkable that nearly 40% of our 12.6 million customer base is digitally active. We aim to expand the digitally active base further by engaging with newer segments of customers, ie those who are digitally savvy and belong to a higher-income population.