As a key player in the financial inclusion space both as a technology solutions provider and business correspondent (BC) service operator to over 20 private and public sector banks, the company has made the following solutions available for banks:
Kiosk Banking for rural market: An innovative concept for micro banking segment providing a PC-based solution for biometric enabled customer registration and transaction platform
AEPS Micro ATM for Direct Benefit Transfer: Handheld device based solution for carrying out UID based banking transactions with biometric authentication
Financial Inclusion Gateway for effective BC management: Enables centralized biometric authentication as well as UID based transactions with multiple BCs and channels integrating seamlessly with partner bank’s Core Banking System
The solutions are expected to play a significant role in banks’ financial inclusion efforts. Incidentally, about 40% of the Indian population is excluded from formal banking channels, most of them residing in remote rural areas.
Banks face a huge challenge in reaching out and providing access to financial services to the huge rural masses in a cost effective, safe and transparent manner.
Mujahid Ahsan, Vice-President, FINO PayTech said: “FINO’s foundation has been the belief in technology as a critical player in enabling financial inclusion. We believe that a lot of technologies such as UID, mobile and broadband connectivity when used in an integrated manner have the potential to bring banking closer to millions of unbanked and un-served people. Our solutions are designed to integrate these technologies where required, seamlessly with the banks’ existing systems to improve efficiency, reduce costs and accelerate the process of financial inclusion.”