fino case study
FINO- “Countdown 2011” - How to achieve Financial Inclusion Objective through Technology- a Case study on FINO
Challenge was daunting but Manish Khera was optimistic “that with the help of his team they can make financial services available to grass root level and reap benefits out of it.”
Ever since the introduction of BC guidelines by the RBI (Reserve Bank of India). India has seen emergence of various branchless banking channelsi which use multiple front end technologies like biometric smart card POS, Mobile Phones, Pin, text SMS or IVRS based services to bring greater financial access to end customers across the nooks and corners of India. Quite recently cutting edge technology models like Nokia Money and Green Money have mushroomed but the fact remains that still India faces a huge levels of financial exclusion and this poses a challenge as well as an opportunity to multi stakeholders. FINO is the largest branchless banking entity in
India which has partnered with the multi stakeholders right from banking institutions – Public sector and Private sector, Insurance companies, Micro finance institution , Government entities and maintains relationships with other knowledge based research organizations across the world.
What makes it different is range of products and services offered to its end 14.5 million end customers across 22 states in India (See Figure-13)
Manish Khera was contemplating the viability of various Distribution Channel options to achieve financial inclusion objective other than smart card based BC Model available for them to help them in achieving 25 MN customers across 200 entities in Domestic and International
Markets by 2011. He was evaluating pros and cons of each option and how they should proceed further to achieves targets by leaps and bounds.
The current debate is all about whether technology companies can operate as banks or, provide services that are otherwise being supported by banks. And, given that the
Challenge was daunting but Manish Khera was optimistic “that with the help of his team they can make financial services available to grass root level and reap benefits out of it.”
Ever since the introduction of BC guidelines by the RBI (Reserve Bank of India). India has seen emergence of various branchless banking channelsi which use multiple front end technologies like biometric smart card POS, Mobile Phones, Pin, text SMS or IVRS based services to bring greater financial access to end customers across the nooks and corners of India. Quite recently cutting edge technology models like Nokia Money and Green Money have mushroomed but the fact remains that still India faces a huge levels of financial exclusion and this poses a challenge as well as an opportunity to multi stakeholders. FINO is the largest branchless banking entity in
India which has partnered with the multi stakeholders right from banking institutions – Public sector and Private sector, Insurance companies, Micro finance institution , Government entities and maintains relationships with other knowledge based research organizations across the world.
What makes it different is range of products and services offered to its end 14.5 million end customers across 22 states in India (See Figure-13)
Manish Khera was contemplating the viability of various Distribution Channel options to achieve financial inclusion objective other than smart card based BC Model available for them to help them in achieving 25 MN customers across 200 entities in Domestic and International
Markets by 2011. He was evaluating pros and cons of each option and how they should proceed further to achieves targets by leaps and bounds.
The current debate is all about whether technology companies can operate as banks or, provide services that are otherwise being supported by banks. And, given that the
Bibliography: Weekly Vol. 40, No. 12, Money, Banking and Finance (Mar. 19-25, 2005), Stable URL: http://www.jstor.org/stable/4416359 xxxvii Chakrabarthy K.C (2009) Inclusive Growth - The Role of Banks in Emerging Economies Independence Commemoration Lecture, 2008‟ delivered by Deputy Governor, Smt from Duflo (2005) and Ivatury (2005) xlii