According to Rishi Gupta, Managing Director and CEO.
The bank is on a customer acquisition spree, steadily 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 should more than double… That would be a significant CASA (checking account, savings account) base that could lead to much higher annuity income in years to come,” Gupta said. .
With the partnership strategy in place, another area of focus for the next few years will be to increase cross-selling revenue by offering third-party products to CASA customers, he added.
“Towards this, FY23 will see the launch of new offerings. Your bank has already received regulatory approval to begin international money transfer business, fixed and recurring deposits, and mutual fund distribution, all through partners.
“Products such as consumer loans and digital gold are already in various stages of pilot projects,” Gupta said.
As it embarks on the Fino 2.0 journey, the bank is working to increase digital payments in its overall business throughput, according to the report.
“For this, your bank will continue to invest in technology and is open to a strategic alliance or a minority stake in fintechs.
“Your bank is taking small steps in the pursuit of inorganic growth with its first acquisition of a minority stake in PaySprint, a fintech offering next-generation APIs in the BFSI space,” the FPB chief said.
September 13, 2022