Financial Information Network and Operations (FINO) a technology solutions company promoted by ICICI Bank is among the first in India to provide the solution to enable financial providers reach millions of underserved people.

One of the solutions offered by FINO is a biometric enabled multi-function card for end users which can be part of a portable system. It will offer the advantages of a smart card, point of sales terminal advantages for the front end services, banking, software performance and reporting MIS for back-end as well as information services to all MFIs. In the first phase it will enable MFIs to offer products ranging from savings, loans, insurance, recurring deposits and remittances.

FINO is expected to play a significant role in the future growth of microfinance as an industry. It will offer a shared and standardised infrastructure that will link clients and financial service providers across the country and reduce costs of capital for all participants. One of its most significant contributions may prove to be its potential for capturing and analysing both financial and non-financial data relating to individual microcredit clients. This will eventually lead to the formation of a Credit Bureau, which can provide vital leads for the enhancement of financial services to the ranks of the underserved, mainly in rural India.