Expansion of Fino Payments Bank: Net Banking and Digital Savings Account Space
Five new products launched by Fino Payments Bank in the digital Space; Plans to Raise Capital by 300 Crores
By Suyash Desai
In order to upgrade its customer experience through digital platform, Fino Payments Bank on May 9 launched a suite of digital products that can be accessed online and through mobile phones.
Rishi Gupta, MD and CEO, Fino Payments Bank on the launch of the package said, “Digital is an integral part our Phygital strategy and the way forward for banking.”
The latest initiatives include Unified Payments Interface (UPI), BHIM app - using which customers can access UPI and make P2P payments, net banking, digi savings account which can be opened with only Aadhaar number and PAN card, and FasTag for making digital payments at toll plazas on national highways. Previously in 2017, Fino had launched its mobile banking app BPay.
According to Gupta, Fino Payments Bank 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 customers are digitally active, 40% of the CASA throughput is through these digital assets”, he said.
“Going forward we expect digital adoption among our customers to increase substantially helping us in our growth path”, he added.
Fino has tie-ups with ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance and Exide Life Insurance for cross-selling of loans and insurance products. It is looking for similar tie-ups for selling mutual funds.
The payments bank is also looking to raise about Rs 300 crore by September and is in the final stage of appointing investment bankers.
The money that would be raised will be used for expansion of its digital initiatives said Gupta.
Currently, Fino has a deposit base of more than Rs 100 crore and does about 15 million transactions on a daily basis.