Fin-X Digital Banking Solutions for Financial Inclusion in India:
The ‘Digital Banking’ campaign and the ‘Demonetization’ campaign in 2016 paved the way for the digitization of the Indian economy. With the advent of digitization, the Indian banking sector has resisted previous changes (e.g. automation), accepted the change, and opted for digitization. With every sector of the Indian economy embracing digitization, digital banking has become the new norm.
By digital banking, I mean composite services delivered over the internet with the aim of providing customers with an easier, faster, and better banking experience than traditional banking services.
Digital banking has been slowly introduced to Indian banking customers through ATMs, initially online banking and mobile banking. However, the trend of digital banking has shifted more towards e-wallets, P2P lending, and cloud technology over the past five years. As the Indian banking industry moves from stone to mortar and digitalization, these are the benefits it will gain from using digital banking services.
As digital banking has become an integral part of our economy, it is equally important to contribute to the digitization of financial inclusion.
We at Teknospire realize this and contribute to it
caused by our flagship product “FinX”. Fix helps financial institutions deliver FinTech-based banking solutions right down to the last mile.
FinX is a complete digital banking package that allows you to do just that.
the financial institution that offers basic and transaction banking digitally with models based on B2C and B2B2C.
How FinX solutions help with financial inclusion
• FinX Suite helps financial institutions launch solutions on the web and mobile devices, enabling customers to instantly apply KYC data.
• With minimal KYC details, customers can immediately open a “No Frills” account and deposit funds into this account using the various payment gateway options.
In addition, deposits can be made at branches or an agent-managed retail distribution network.
• After registration, customers are financially withdrawn from the following services:-
1. Check your account balance
2. Put the money in the account
3. Apply for Loans/Credit Cards
4. Generate virtual cards
5. Charge your phone
6. Pay your bills
7. Pay insurance premiums
8. Buy tickets
9. View the Pass Book and Transaction History
10. Switch to a regular bank account
11. Transfers via IMPS, P2P and P2A
12. Payments to the merchant by scanning and paying
• By using the FinX package, financial institutions can successfully attract customers
initially for basic services and then for conventional banking services.
• A simple merger of service providers allows them to create a digital payments ecosystem, enabling sequences of transactions such as allow
donations, agricultural payments, micropayments, and loans in the FinX package.
• FinX solutions can be easily integrated with CBS (central banking system) to simplify accounting and general ledger.
• The standard interface specification is used in our solutions.
• IMPS and AADHAAR / KYC payments on this platform can be activated using our existing integration with NPCI.