With an entire industry focused on financial inclusion, small finance companies, payment banks and microfinance institutions across India have a new option to improve time to market while focusing on building and serving their customers. FIS, a banking and payments technology player, introduced Banking on Demand, an innovative, hosted solution that enables small banks, payment banks and microfinance institutions to deliver banking capabilities to their customers without the expense and time associated with building out traditional banking infrastructure.
Banking on Demand is a preconfigured core banking solution that uses shared technology infrastructure to minimize initial capital expenditures and deliver click rate pricing that matches costs to business growth, thereby empowering new market entrants to quickly address needs of the underserved.
Eight of the 10 small finance banks announced recently in India are microfinance companies. When their current base of micro-credit customers become banking customers, these institutions will need to adopt more stringent practices for regulatory compliance. This, in addition to challenges of complex data migration and door-step banking, is easily enabled by Banking on Demand, saving time, money and infrastructure for these institutions.
“Technology will be the biggest enabler for new bank entrants to deliver on the mandate they have been given to bring financial access to everyone in India,” said Ramas Venkatachalam, managing director, FIS India and South Asia. “Banking on Demand is another example of FIS’ ongoing commitment to promoting financial inclusion, and we’re excited to offer this innovative solution to help institutions better serve their customers and expand banking access.”
FIS systems are recognised worldwide by bank start-ups and other financial institutions looking to disrupt the traditional financial services mould. From app-only banks and micro ATMs to “e-lobbies,” mobile access and more, FIS innovation is reinventing the way consumers interact with their banks and bringing financial access to more people.
In August, FIS announced India’s first financial inclusion lab in Bengaluru. FIS’ seventh lab focused on innovation worldwide, it’s designed to provide a working, collaborative environment for FIS to cooperate with business leaders, government organizations and NGOs to create and test solutions that will help increase the reach of banking services for the majority of India’s unbanked population. The lab’s interactive data tools also will help identify roadblocks to greater financial inclusion. For example, one of the lab’s first projects is the development of kiosk-based applications that can be deployed throughout the country to help promote financial literacy with students.
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