Fino sparkles with technology & brand upshift

Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.

In FY24, the bank facilitated 2.11 bn transactions valued at `3.58 trillion, registering a healthy growth in transaction volume and value over the previous year. The bank has a customer base of over 12 million and an extensive distribution network comprising over 1.8 mn merchants across the country. Such an ecosystem requires robust backend support to facilitate the completion of various tasks with quicker TAT, accuracy and efficiency without compromising on quality and compliance.

BACK OFFICE UPSHIFTS

Says Rishi Gupta, MD & CEO: “During the last 2 years, Fino Payments Bank embarked on a project to automate all key back-office processes to streamline operations aimed at improving quality of services, response time, systemic controls, adherence to the regulatory guidelines.”

End to end account opening: The bank deployed Window Service (WS) to automate some of the most routine and repetitive computer-based tasks and processes pertaining to verification of account opening documents. With 90% of the checking done by WS, the time taken to approve or reject each case reduced drastically thereby improving the TAT, productivity and efficiency of each team member.

Transaction reconciliation: The bank automated 3-way reconciliation for various banking products (IMPS, UPI, AEPS, NFS, MATM, and RuPay). Automation of the reconciliation process led to handling 10X volume, reducing manual efforts and increasing efficiency.

Merchant / agent onboarding (BC Banking): Automating agent onboarding process reduced manual intervention and improved onboarding TAT and controls.

Merchant unblocking via Aadhaar finger print: Automating merchant unblocking process using Aadhaar fingerprint authentication, ensured secure and efficient unblocking.