FINO Completes Two Million Enrolments Of Unbanked Customers

Financial Information Network and Operations (FINO), a Mumbai-based biometric-enabled smartcard solutions provider, has completed two million enrolments of unbanked customers in India. Since its inception, FINO has been trying to reach the non-banked sectors of the country by offering services from Axis Bank, Bank of Baroda, Corporation Bank, DGB, ICICI Bank, ING Vysya, OBC, PNB, UBI and other financial and government institutions.

Manish Khera, CEO, FINO, said, “We have issued more than 18 lakh cards so far. One of the biggest challenges hampering growth in the micro banking industry is the huge amount of paperwork and human effort traditionally involved in supporting micro transactions and credit-scoring potential customers. FINO’s biometric card resolves these barriers to growth as one card provides all solutions. It not only provides end-users with an easy-to-use and secure mode of financial transactions, but also assists us to supervise transactions electronically. The introduction of new services such as FINO-Saral has also contributed to the overall growth of the company.”

Founded in July 2006, FINO has a network of nearly 1,500 agents, serving customers on the FINO architecture. Rishi Gupta, CFO and president (Sales and Marketing), FINO, says, “FINO is all about offering customers innovative products and services. We are pleased with the progress we have made over the last two years. We are planning to issue more than four million cards by the end of March 2009.”

Technology upgradation is a priority to attract business opportunities; hence FINO has strived to successfully achieve the ISO 9001 – 2000 certification by BSI (British Standards Institute). Certified for the scope – ‘Design, Development and Supply of Smart Cards and Systems’ by an authority like BSI will help attract investments nationally and internationally removing barriers for trade and establishing FINO to be a company committed to continual improvement.