Banking At The Doorstep The Business Correspondent (bc) Model

Business Correspondent Model is very interesting .Let me start from the basics of BC

. Business Correspondent (BC) is an intermediary between the customer and the bank and is a full-service outlet that does not provide as expansive a financial offering as mainstream banks do, but sell all their products (saving accounts, deposits, loans, remittances and insurance products).

FINO has proudly led the approach of making BC services available in India. When FINO began its journey in 2006, its envisaged role was to provide financial inclusion technology to regional entities like MFIs/LFIs. We had thought that these entities would provide a new dimension to the Indian banking system by acting as BCs for regulated financial entities. Surprisingly this did not happen due to myriad reasons, consequent of which FINO transformed its role from a technology provider to a BC - a type of branchless banking wherein the agents appointed by the BCs themselves reach out to the customers. We provide Banking at the Doorstep. When we talk about innovation, the BC model seems to be an innovation in itself.

Today FINO is the largest BC in India with over 5,000 physical points (Bandhus) all across the country. We have a presence at a lot of places

FINO realizes that Bandhus are a very critical part of the delivery chain and customer experience. Hence FINO invests aggressively in their training, insurance benefits and having a code of conduct for them to ensure lower risk and better customer experience.

An innovative technology highway has been laid out by FINO in this very short span of time which has improved the efficacy, coverage and reach of the BC model and financial inclusion in general, in the remotest nook and corners of India.

by: Rahul Kumar

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