FINO (COMPANY BACKGROUND)
Financial Inclusion Network and Operations LTD. was founded on 13
July, 2006. The major objective behind the foundation of FINO was building technologies to enable financial
institutions (FI’s) serve the
unbanked sector and also to service the technology requirements of entities servicing bottom of the pyramid customers. FINO is a multibank promoted, professional and financially strong with a Board
comprising of customer banks and MFI’s.
FINO currently enjoys the largest acceptance amongst the FI’
s and has received various awards andrecognition from reputed organizations. FINO is currently working on National Priority Projects such asMNREGA, RSBY, SSP, thus helping its clients to reach a critical mass to provide economies of scale tothe entire bottom of the pyramid customers.
BUSINESS MODEL of FINO
FINO has a business model which is built on the concept of “Fortune
at the Bottom of the
focuses on providing end to end technology and operation solutions to achieve a breakthrough in scaleand relevance of its operations which is considered to be of prime importance to deliver the maximumvalue to all the stakeholders in a sustainable way.
FINO’s vision statement states its social commitment and motto towards its customers and that is“Enabling
. The core value of FINO consists of: Entrepreneurship, Commitment,Integrity, Value Creation, Innovation and One Big Network.
CHALLENGES FOR FINO
Two core issues which FINO today faces are HR Issues and Information Gap.1.
Recruitment and retention is one of the major challenges faced by FINO as it strives toreach more number of clients and expand its geographical scope. Attracting a right talent provesdifficult because candidate must have, a prerequisite, a right mindset which fits with theorganizations vision and mission. Because of the continuous growth in competition, poaching of staff has become a major concern for FINO.
85% of the FINO’s
client is women but the number of women staff-member is considerably less especially in the senior management as well as lower management.
Lack of adequate knowledge about the company’s product and policy, leads toa consumer’s dilemma. The perception of clients in the rural area of the required service is at
times different from the service being provided by FINO. Sometimes information gap is createddue to lack of convincing ability of the FINO Agent to the customers. This leads to a variation between the intended service provided and expected services received.
Besides these two core issues, there are several small issues which lead to servicefailure. Some of these issues are, financial risks, operational risks, funding issues, governancerisk, external business environment risk etc.