The first 5 years of the bank's journey since inception in 2017 (Fino1.0) were focused on creating physical infrastructure. Today, it has one of the largest financial services distribution networks in the country. Major Ashish Ahuja, COO, updates: "We have around 1.4 million digitally enabled points covering 94% of the districts, predominantly in rural areas. These points do over 360 million transactions annually, providing paperless, Aadhaar-based eKYC / video KYC and assisted digital services. As customer aspirations grow, our digital initiatives complement Fino's extensive phygital network in providing customers' choice of platform to access banking & transact."
D2C STRATEGY
For Fino Bank, fully digital means engaging with a new set of digitally savvy and aspirational customers, the young millennials. For this, in addition to expanding its phygital network, the bank is also strengthening its direct-to-customer (D2C) channel, mobile banking app FinoPay'. The most significant initiative in Fino2.0 journey is the digital savings account service launched in December 2022, which is getting encouraging response. Fino's D2C strategy aims to acquire tech savvy young customers, provide personalized services and cross-sell to make Fino Bank a part of their everyday banking. FinoPay app offers money transfer, bill payments, partner offerings such as insurance, digital gold, loans and sweep account facility.
This story is from the June 2023 edition of Banking Frontiers.
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This story is from the June 2023 edition of Banking Frontiers.
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