Mumbai, Maharastra India (PressExposure) September 07, 2011 -- Financial Inclusion Network & Operations (FINO) bagged the SKOCH AWARD 2011 under the category of Technology in Financial Inclusion. The award recognizes the efforts of FINO in driving a smart card based collection and a payment disbursal system for Tendu leaves collectors in collaboration with Uttar Pradesh Forest Corporation (UPFC). UPFC in partnership with ICICI bank and UBI had chosen FINO as Business Correspondent (BC) partner to execute the Electronic Benefit Transfer (EBT) projects in 5 districts of U.P (Lalitpur, Allahabad, Chiratkoot, Mirzapur and Chandauli)
FINO's smart card based biometric technology has helped UPFC to overcome the challenges in the conventional model such that the systems that have been adopted today provide for effective quality and monitoring control, good governance and social empowerment. The impact of this simple and smart technology solution for the people who live in the remotest part of the country's hinterland with the least intrusion to their habitat is already being seen and has started generating enquiries from other States about their experience with the system. The adoption of FINO's technologies has not only made it possible for UPFC to conveniently distribute bonus to the collectors but also improved the process of collection and payment.
Speaking on the occasion, Mr. Manish Khera, CEO - FINO, said, "Technology is playing and will continue to play a vital role where taking banking products and services to the customers at the base of the pyramid is concerned. We have developed the entire technology in-house which is having a meaningful impact on the lives of people. This award is recognition of our team's effort to design and develop simple, secure, robust, scalable and sustainable technologies for the BFSI sector, NBFCs and Government entities. I would like to express gratitude to our technology team for this award-winning effort."
FINO's technology platform's simplicity and robustness comes from an amalgamation of its 3 integrated pillars viz., Core System (channels interface, products engine and data repository), Distribution System (enrollment stations, smart cards and hand-held, field transaction devices) and Information System (MIS and credit bureau).
FINO products are based on an in-house developed framework that combines world class proven biometric technologies with Standard Banking Architectures. A parameter-led product approach ensures quick time to market and enables quick delivery of services to wherever they are needed. The products are highly secure, robust and user friendly with in built Risk Management mechanisms.
FINO is a business and banking technology platform combined with extensive services delivery channel. FINO is the market leader in delivering products and services to first and last mile. With over 38 million customer base and a force of 20000 transaction points in 386 districts across 26 states, FINO, enables sourcing and servicing of micro transaction customers at their doorstep. FINO model is built to offer bouquet of products to clients and their customers at affordable prices across channels as compared to traditional infrastructure based delivery models.
The advantage of using FINO solutions are end to end technology and services bundled offering, enabling delivery at scale through secure transaction mechanisms to reinforce trust and enhance user experience. FINO caters to the industry needs across market segments by undertaking complete electronic payment platform projects.
FINO solutions are anchored around using biometric smart cart, hand-held devices to perform field operations and biometric authentication. FINO's products and solutions enable opportunity for businesses to roll out multiple product strategy for consumption by micro-customers. Also FINO as a branchless banking consultant facilitates designing of financial products and delivery channels to bring more people under the ambit of financial inclusion to various international entities across nations.
FINO founded in year 2006, headquartered in Mumbai, India, has emerged as a leading inventor, innovator and implementer of integrated technology solutions for institutions like Banks, Microfinance Institutions, Government entities, Insurance companies to enable financial inclusion environment for the micro customers. FINO is owned by International and Indian private and public sector investors and is an institutional investor driven company.
Poised to bigger growth FINO's work has been awarded and acknowledged on many national and international platforms like World Economic Forum, Financial Times award, Asia Insurance Review award and many others.
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