Fino Payments Bank became the fourth payment bank to start operations this year. The bank went live with 410 branches and over 25,000 touch-points on day one itself in the month of July, a number it aims to ramp up to a lakh in the next three to five years. Headed by Rishi Gupta, Managing Director and CEO, the bank will face stiff competition from other payment banks namely Airtel Payment Bank, Paytm Payments Bank and India Post Payments Bank.
Rishi has ambitious plans for the Fino Payments Bank. Besides increasing the number of touch-points to a lakh, he also envisages that the bank’s branch network will also grow from the current 410 to 1,000. On the anvil are plans to soon start rolling out ATMs, offer investments products such as mutual funds in the next quarter, mobilise deposits worth $1.56 Bn (INR10,000 Cr) over the next three years, and hopefully turn profitable by 2020.
Inc42 caught up with Shailesh Pandey, EVP and CMO Fino Payments Bank to know more about how does the bank aim to attain its lofty ambitions given the challenges of connectivity, awareness about banking, and most important strong competition.
Inc42: How easy or difficult is the process to open an account in Fino Payments bank?
Shailesh Pandey: It is a simple process with minimum documentation required. There is no need to even fill a form. By doing eKYC through Aadhaar and PAN and because of a paperless process, an account can be opened in four minutes. Also, we are currently offering over the counter physical debit cards and soon we will also provide virtual debit cards. We won’t be offering third-party credit cards right now. More so, customer can generate his debit card pin in a few hours and doesn’t have to wait for a week to arrive in courier. The debit card will have annual maintenance fee like any other debit card. The bank has kept its interest rate at 4%.