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Banking Frontiers
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UPI Switch bridges Flexibility and Scalability
- Fino Payments Bank is focused on strengthening its 3-pronged D-D-D approach, i.e., Data, Digital and Distribution, to enhance customer engagement experience.
- In FY24, Fino facilitated 2.11 billion transactions worth over Rs. 3.5 trillion with data analytics gauging customer behavior and improving offerings while understanding merchant behavior.
- Fino aims to expand its direct-to-customer (D2C) digital ecosystem by engaging with newer segments of digitally-savvy customers belonging to a higher-income population.
- In Q2 FY25, Fino registered its 19th straight profitable quarter and plans to grow consistently at around 20% YoY, with growth guidance of 25%, riding on high-margin products of CASA, CMS and digital payment services.
- Fino plans to continue monetizing its extensive network and digital ecosystem created to cross-sell and offer various services through partnerships.
- Fino developed a scalable and independent integrated product named Hollowing the Core (HTC) initiative, which helps improve cost-effectiveness, will be launched with the new CBS (Finacle) towards the end of FY 2024-25.
- Fino has invested in its UPI switch technology, providing enhanced flexibility and scalability, which reduced costs, improved efficiency, and opened doors for partnerships with merchants.
- Fino plans to provide faster and diverse options for UPI transactions through enhancing customer convenience and efficiency using UPI switching technology that will help the bank provide API partners technology for UPI transactions.
- Fino has established protocols to prevent data leakage, frauds, misappropriation, theft, etc., and invested in analytics and model building to identify fraudulent transactions and take corrective actions.
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