Rishi Gupta, the Managing Director and CEO of Fino Payments Bank shared exclusive insights with CNBC-TV18’s Ritu Singh, highlighting the significant potential for payments banks to dramatically reduce operational costs using technology.
Gupta underscored the broader opportunity for banks, including payments banks, to leverage technology for cost reduction. He emphasized the potential to drive costs nearly down to zero. Responding to inquiries about the future trajectory of payment banks, Gupta emphasized the transformative role that technology can play in reshaping the industry landscape.
Reflecting on Fino Payments Bank’s unique model, which has achieved a remarkable six-fold growth in just six years, Gupta detailed their approach of eschewing the traditional setup of physical branches and ATMs. Instead, the bank opted to forge partnerships with over 14 lakh merchants. These merchant partners enable doorstep banking services for customers, aligning with Fino’s commitment to efficient and customer-centric solutions.
Gupta emphasized the essential principle of tailoring banking products to the specific needs of the end-users. He reiterated that effective ground-level service necessitates the development of products that genuinely address the requirements of the target audience.
Furthermore, Gupta emphasized how the integration of technology within the payments bank framework has successfully accomplished the mandate of financial inclusion. By embracing technology-driven solutions and leveraging a network of merchant partners, Fino Payments Bank has managed to not only scale up its operations but also achieve a pivotal aspect of its mission—bringing a larger portion of the population into the financial ecosystem.
In essence, Rishi Gupta’s discourse shed light on the transformative power of technology for payments banks, as demonstrated by Fino Payments Bank’s innovative approach, exponential growth, and effective financial inclusion efforts.
