FIS, one of the world’s largest providers of banking and payments technology solutions, is establishing a financial inclusion lab in Bengaluru, India. The lab will work towards developing innovative ways to extend banking services to India’s millions of underbanked population.
FIS offers payment processing and banking solutions, including software, services and technology outsourcing that drives financial institutions. The company operates in three segments: payment solutions, financial solutions and international solutions. FIS serves more than 14,000 institutions in over 130 countries, employs more than 42,000 people worldwide, and holds leadership positions in payment processing and banking solutions.
The lab is the first of its kind in India and the seventh FIS lab focused on innovation. It is designed to provide a collaborative environment for FIS, in which it will work with Indian business leaders, government organizations, and NGOs across the country to create and test solutions that will help increase financial literacy for the majority of India's unbanked citizens.
The lab’s interactive data tools also will help identify roadblocks to greater financial inclusion. In this regard, one of the lab’s first projects is that it is developing kiosk-based applications that can be deployed throughout the country to help promote financial literacy with students.
“FIS is proud to foster innovation and entrepreneurship that addresses societal needs through engagement of different stakeholders,” said Raja Gopalakrishnan, FIS executive vice president, Global Financial Institutions in the press release. “FIS’ Financial Inclusion Lab will provide a platform for knowledge sharing and enabling high impact sustainability programs that can be utilized by banks and other financial institutions in the future. We are very proud that we can give back to the communities where some of our employees live and work in such a meaningful way.”