Fino 2.0 Initiative: Enhancing Digital Assets and Customer Experience on Lifestyle Spends

Introduction:

India's Fino Payments Bank, in collaboration with fintech firm Hubble, has launched the Fino 2.0 initiative, which aims to strengthen digital assets and enhance the customer experience. As part of this initiative, Fino Payments Bank introduces India's first spending account, offering a unique solution for Gen Z and millennial customers to meet their growing aspirations and lifestyle changes.

The Innovative Spending Account:

Hubble's spending account, integrated with Fino Payments Bank's digital savings account, provides customers with better value on their lifestyle spends. Users can park their funds, spend, and save up to 10% on purchases made from the account. Additionally, the account allows users to track expenses across more than 50 partner brands, potentially saving up to Rs. 20,000 annually.

Seamless User Experience:

Fino Payments Bank, with its focus on unmatched user experience (UX) and digital adoption, aims to create a digital ecosystem comprising its own offerings and strategic partnerships. By joining forces with Hubble, Fino Payments Bank not only offers an innovative spending account but also improves customer engagement levels. The partnership leverages Fino Payments Bank's robust digital platform and Hubble's innovative solution to provide users with a seamless, easy, and convenient digital spending experience.

Catering to Changing Spending Habits:

Today's youth allocate a significant portion of their monthly income, around 25-30%, to categories such as food ordering, shopping, travel, and entertainment. The Fino 2.0 initiative acknowledges these changing spending habits and addresses the need for an effective account to manage expenses. By partnering with leading brands like Amazon, Swiggy, Croma, and MakeMyTrip, Hubble ensures that users have a rewarding spending experience across various categories.

Enhancing Customer Engagement:

With over 32% of Fino Payments Bank's 7.5 million CASA base actively using digital platforms, the introduction of the spending account aligns well with the bank's objective of improving customer engagement. In FY23, the bank's digital throughput contributed 19% to the overall throughput of Rs. 2.55 lakh crore, primarily driven by UPI transactions. This app-based spending account provides a convenient solution for customers to manage their spends effectively and budget accordingly.

Conclusion:

The Fino 2.0 initiative by Fino Payments Bank and Hubble demonstrates their commitment to enhancing digital assets and customer experience. The introduction of India's first spending account, designed for Gen Z and millennial customers, offers better value, seamless integration with Fino Payments Bank's digital savings account, and rewards across multiple partner brands. This strategic partnership showcases the potential for innovative solutions to meet the evolving needs of customers while strengthening the digital presence of Fino Payments Bank and expanding its CASA base.