To enable its solutions to reach the Bottom of the pyramid citizens, FINO has formed FINO Fintech Foundation (F^3). This is a Section 25 company under the Indian Companies Act of 1956 has been incorporated in June 26th 2007.

F^3 has been established to carry on the activity of promoting sustainable livelihoods for the rural poor and underserved classes by helping them become economically self-reliant, through the provision of Financial and Insurance services and technical assistance in an integrated and sustainable manner. The activity of this Company is not for profit and is working with FINO’s partners to establish an end to end distribution platform thereby ensuring reach to Banks in those geographies and amongst that section of the population which has been considered as out of reach.

F^3 is achieving the above objective by partnering with organizations like Corporate, NGO’s, standalone retail establishments, Government affiliated organizations like KVIC etc., Customer Service Centers established under the NeGP program of the Department of IT. This list is only indicative and shall be enhanced under the guidance of FINO and its partners.

Role of FINO Fintech Foundation:

• Creation of a distribution channel by leveraging partners’ or own network across the country to deliver financial services on behalf of the banks to India’s under-banked population in urban as well as rural areas
• Provide a combined technology-and-distribution channel to the banks to enable a rapid reach-out to the under-banked populations of India for identifying and enrolling new customers in geography of bank’s choice, as well as supporting subsequent transactions for these customers
• Identify and understand the changing needs of customers by remaining in constant touch with them, and listening to the Voice of the Customer
• Assist banks in designing new products and services for the under-banked populations by working closely with them, and acting as the key resource who truly understands end-customer’s financial needs
• Enable offerings of new and value-added products on an ongoing basis to the bank’s customers, such as various types of loans and insurance products
• Managing a training and audit calendar with the banks to ensure that the entire distribution network works in alignment with the overall mandates given by the banks

Method of Operation:

F^3 works closely with a bank throughout the lifecycle of an engagement to meet the expectations of the bank as agreed. Most important, we ensure that the end-customers are served in such a way that the bank’s business and reputation is enhanced. To ensure these objectives are met, we take a step-by-step approach wherein we undertake a pilot first, work out the operational details and iron out any glitches, and then roll out to larger end-customer populations. This approach ensures that the technology and operational platforms are well-defined and understood by the bank as well as F^3 before the major roll-out.

• Identification of the locations where banks would wish to commence the BC/BF activity
• Identification of the various components of the activity which encompasses the role of a BC, such as customer solicitation and enrollment including ensuring KYC based on RBI norms
• Identification of joint and individual responsibilities between F^3, Banks
• Identification of locations to commence the initial dry runs
• Mapping of the locations of the desired BC locations to the Bank locations
• Training, audit, and reporting as per bank’s requirements
• Establishment of processes between banks and F^3 for operational and escalation requirements
• Initiation of the dry run and benchmarking the performance

Why F^3??

• A pan-India reach through its closely monitored and nurtured distribution network
• A choice of locations and distribution options to choose from
• A single point access to the entire distribution network, thereby ensuring that the banks are able to ramp up quickly and focus on its core business
• A delivery point whose processes and technologies are open to audit
• Availability of complete branding as per bank’s requirements
• All necessary technology infrastructure, and the logistics support is made available to the BC points to facilitate transactions
• Our BC locations are suitably equipped through a process of training on a continuous basis to manage first level of technology, customer education and service issues