The World Economic Forum has announced the selection of FINO as a Technology Pioneer placing it in a select group of 25 most innovative start-ups from around the world.
A new class of Technology Pioneers, these companies represent the latest generation of innovation and are poised to have a critical impact on how business and society work.
The Technology Pioneers 2012 will be recognized for their work at the Annual Meeting of the New Champions (ANMC) in Dalian, People’s Republic of China, from 14 to 16 September 2011.
FINO is a business and banking technology platform combined with extensive services delivery channel. FINO represents bank-led model of financial inclusion for banks & financial institutions, government entities & insurance companies. FINO, in a short span of 5 years, has revolutionized the way banking is carried out in Indi. FINO has a customer base of over 38 million and it reaches out to additional 1.5 million customers per month. FINO does over 6 million transactions each month aggregating over Rs. 300 crore. FINO solutions are used by banks and governments for social security payments, remittance, micro-insurance, loans, etc. FINO has achieved these astounding results by addressing the requirements of the market in a comprehensive manner by anchoring around 4 key pillars Technology, Field Operations, Product Knowledge and Financial Literacy
Manish Khera, CEO – FINO, while speaking about the recognition 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. We have developed the entire technology in-house which is having a meaningful impact on the lives of people. Out of India’s estimated 60 million BPL our technology solutions already reach out to over 30 million households. We are proud to be selected as Technology Pioneers. It is a true recognition of the efforts of our team and I would like to express gratitude to our technology team for this award-winning effort.”
FINO has developed a low cost technology in-house which is deployed for sourcing and servicing the customers and for monitoring the large distribution operations to ensure the integrity of the system and low risk for client Banks, insurance companies and governments. FINO’s business and technology model dove-tails with that of Banks to enable offering a complete bouquet of financial products and services to the unbanked and under-banked population. An extensive field operations network of over 20,000 Business Correspondents, with requisite knowledge of financial products, has been set-up to help clients reach a large number of micro transactional customers. Besides the more successful agent based model in India, FINO technology also supports branches, self-serve devices like ATMs and mobile banking. FINO
Technology offers opportunity to banks to reach out to a new segment unbanked and under-banked customers across range of products and channels at low cost and risk. FINO technology offers the advantages of single view of the customer and scale.
The contenders to ‘Technology Pioneers 2012' are drawn from the fields of information technology and new media, energy and environment, and life sciences and health where they have illustrated the impact on the world. The contenders are nominated by Members, Constituents and Collaborators of the World Economic Forum, as well as by the larger public. A committee of over 50 global technology experts comprising of leading academics, journalists, technologists and venture capitalists evaluate all contenders and makes a recommendation to the World Economic Forum, which then takes the final decision
Olivier Schwab, Director, Head of Technology Pioneers, World Economic Forum, said, “One particular aspect to highlight this year is the large number of companies that are focusing on having a social impact, such as providing health or financial services to underserved populations, while revolutionizing the business paradigms in their industries. This year’s companies showcase the diversity in which innovative technology can be deployed to benefit business and society”
For more information please contact:
Marketing and Communications
Financial Inclusion Network & Operations Limited
Voice: +91-22-41613401 | Board: +91-22-41613466
communication@fino.co.in
