Fino Payments Bank expects one crore customer base within two years

Fino Payments Bank (FPB) expects its customer base to more than double to reach the one crore mark within the next 24 months and also double the network to over 20 lakh banking points in the next 36 months, according to Rishi Gupta, Managing Director and Chief Executive Officer.

The bank is on a customer acquisition spree, consistently adding more than two lakh new accounts every month, he said in the bank’s first annual report.

“At this rate, your bank’s customer base is expected to more than double...That would be a sizeable CASA (current account, savings account) base that could lead to a much higher annuity income in the years to come,” Gupta said.

With partnership strategy in place, another area of focus for the next few years will be to increase cross-sell income by offering third party products to CASA customers, he added.

“Towards this, FY23 will witness launch of new offerings. Your bank has already received approval from the regulator for commencing International Remittance business, Fixed and Recurring Deposits, and Mutual Fund distribution, all through partners.

“Products such as consumer loans and digital gold are already under various stages of pilots,” Gupta said.

As it embarks on Fino 2.0 journey, the bank’s endeavour is to increase digital payments in its overall business throughput, per the report.

“For that, your bank will continue to invest in technology and is open to strategic alliance or minority stake acquisition in fintechs.

“Your bank is taking small steps in looking at in-organic growth with its first acquisition of minority stake in PaySprint, a fintech offering next generation APIs in the BFSI space,” the FPB Chief said.