Fincare Small Finance Bank gets ISO Certified, aims to enhance digital banking

By Leandra Monteiro

Fincare Small Finance Bank, a digital-first small finance bank, has received ISO:27001:2013 certification for its improved information security management systems. The ISO 27001:2013 certification is structured under 14 domains, 35 control objectives and 114 controls, which help the Bank maintain integrity and availability of its data assets on a continual basis.

The requirements set out in ISO 27001:2013 are generic and are intended to be applicable to all organisations, regardless of type, size or nature. It also includes requirements for the assessment and treatment of information security risks tailored to the needs of the organisation. The certification validates Fincare SFB’s efforts in complying with the industry standards for quality and safety of products, processes, and systems. This signifies that the Bank has a fully secure information management system in order to protect consumer’s data from cyber fraud and crime.

Commenting on the certification, Rajeev Yadav, MD & CEO, Fincare Small Finance Bank said, “At Fincare, we embrace technology as an essential tool to run our processes in a uniform and consistent manner. Our aim is to deliver a safe, secure and seamless banking experience. In order to create an enduring and trustworthy brand, we are committed to building technology infrastructure that is robust and meets global standards. The ISO certification is a step forward in that direction. It brings sharper focus on our aspiration to incorporate the global best practices in all aspects of modern-day banking.”

Under its Digital Banking Initiative, the Bank recently introduced a multilingual conversational BOT on its WhatsApp Banking application, an industry first, with the objective of promoting seamless banking services. According to the bank, between October 2019 and September 2020, the number of unique users on the platform has increased from 1,500 to 40,000.