FINO: Leveraging Technology for Financial Inclusion|Finance|Case Study|Case Studies

FINO: Leveraging Technology for Financial Inclusion

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Case Details:


Case Code : FINC082 For delivery in electronic format: Rs. 500;
For delivery through courier (within India): Rs. 500 + Rs. 25 for Shipping & Handling Charges

Themes: Financial Inclusion / Social Entrepreneurship

Case Length : 17 Pages
Period : 2007-2013
Pub. Date : 2013
Teaching Note : Not Available
Organization : Financial Information Network and Operations Private Limited (FINO)
Industry : Business Correspondent
Countries : India


This case is about how Financial Information Network and Operations Private Limited (FINO) created a thriving business out of helping banks and other financial institutions reach out to the unbanked, both in rural and urban areas, overcoming obstacles such as lack of physical infrastructure and inadequate documentation on the part of individuals. FINO employed biometric technology to identify individuals based on their fingerprints and provided doorstep banking to individuals who were deprived of banking services because of illiteracy, distance from the bank's branch, or inability to visit a bank during working hours. FINO also tapped the lucrative business of transfer of money to beneficiaries under the different government schemes.

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The case also describes how FINO launched the full array of financial services such as micro loans, insurance, etc. to retain and also grow with the customers. The proof of this persistence could be gauged from the fact that for the Financial Year 2011, FINO had consolidated revenues of Rs.1,862.5 million. In June 2012, FINO also acquired the prepaid mobile payment services business of Nokia, a business where FINO expected the transaction volumes to touch US$350 billion by 2015. The case also describes the challenging environment under which business correspondents such as FINO operated, given the fact that they were subject to evolving regulations of the powers that be. In 2012, the Finance Ministry divided the entire country into 20 clusters and allocated the business correspondent business to one player in each cluster based on a reverse auction process. Players such as FINO got hold of some of the clusters at commission rates, which, experts opined were ridiculously low and could not be sustained. This case is meant for MBA students as a part of the Finance and Banking/Social Entrepreneurship curriculum.


  • Understand the means, especially related to information technology, by which the ‘bottom of the pyramid' segment can be tapped to create a viable business.
  • Appreciate the need to provide the entire array of financial services to create a captive and ever-enlarging customer base.
  • Appreciate the huge business opportunities that are waiting to be exploited in providing e-governance services in emerging economies.
  • Analyze the strategies that market leaders such as FINO have to follow in a heavily regulated business such as theirs where their margins are constantly under pressure due to periodic legislations.
  • Analyze how FINO moved up the value chain from simply opening bank accounts to entering the lucrative business of prepaid mobile payment business services.
  • Discuss and debate how the government can help business correspondents such as FINO avail of economies of scale, given that their margins have been under pressure because of the reverse auctioning process implemented in 2012.
  • Contents:

      Page No.
    Introduction 1
    Background Note 2
    FINO - at the Right Place, at the Right Time 2
    FINO's Modus Operandi 3
    Not Ignoring the Urban Segment 4
    The Bigger Game - Partnering the Government 5
    Micro ATMs 6
    The Business Money Transfers 7
    Some of the other FINO Products/Services 8
    Some of the Key Elements of FINO's Strategy 9
    Impressive Growth 9
    Challenges 10
    Exhibits 11


    Financial inclusion; Financial services; Banking; Business Correspondents; Social entrepreneurship; e-governance; Money transfers; Prepaid mobile payment; Bottom-of-the Pyramid; FINO; Information technology; Banking technology; Rural banking; Microfinance

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