FINO PayTech, a Mumbai-based payments technology company, has unveiled innovative technology solutions for banks that are working in the financial inclusion space in West Bengal.
West Bengal, a state with over 70% rural population, presents a huge scope for increasing bank penetration in remote areas. Technology solutions along with bank led business correspondents play a vital role in increasing the reach of banking. In the state, FINO PayTech provides both, technology solutions as well as business correspondent (BC) services to various private and public sector banks.
In addition to these, FINO channel also offers insurance, remittance and other services to the rural customers. Going forward FINO plans to introduce more products such as FD, RD and lending services to further financial inclusion in the state.
As a pioneer in the financial inclusion space both as a technology solutions provider and BC network operator, FINO PayTech unveiled:
Kiosk Banking: An innovative concept for micro banking segment providing a PC based solution for biometric enabled customer registration and transaction platform AEPS Micro ATM: Handheld device based solution for carrying out UID based banking transactions with biometric authentication
Financial Inclusion Gateway: Enables centralized biometric authentication as well as UID based transactions with multiple BCs and channels integrating seamlessly with partner bank's Core Banking System
These innovative and cost effective solutions have the potential to change the banking penetration as well as transaction scenario in the state, especially taking banking services to rural areas. They are also aimed at increasing the efficiency of banks in a cost effective manner and in the process provide convenience to the end customer.
Explaining the significance of these solutions, Mujahid Ahsan, VP, FINO PayTech said, "Innovative solutions such as kiosk banking allows delivery channels like common service centres (CSCs), bank branches and merchant centres among others to convert into a business correspondent and help increase the reach of banking services in the state in a cost effective manner."
"Financial Inclusion Gateway is a huge step that allows all key stakeholders of a bank work in a collaborative environment towards greater financial inclusion, while AEPS (Aadhar enabled payment systems) micro ATMs ensure right money to the right person using UID authentication. This is especially significant for the poor rural masses that get welfare payments," added Mr. Ahsan.
These solutions have been made live with a leading bank for its financial inclusion initiatives and the company is keen to partner with other banks in the state.