So What Happened at F1Soft Bankers’ Meetup 2023?

Every year, F1Soft International invites the top delegates from the banking industry for an evening of updates and networking. The event, called F1Soft Bankers’ Meetup, informs the audience about F1Soft’s achievements, current work, and vision for the future. 

The most recent iteration of the Bankers’ Meetup 2023 was held at Hotel Yak & Yeti. After a three year break due to COVID, the meetup was attended by over 300 industry leaders, executives, and other notable personalities from the banking sector. The event included three keynotes that highlighted F1Soft International’s efforts in different areas of omnichannel banking.

The Past, Present, and Future of Mobile Banking

The first keynote, delivered by Mr. Abhisekh Maskey, Marketing and Communication Manager at F1Soft International, discussed the past, present, and future of mobile banking activities by F1Soft. The keynote included a brief introduction of how we started, the current situation, and the different plans and initiatives in marketing mobile banking to the public, including the establishment of UseMobileBanking.com, an initiative to reach the wider public regarding the benefits and how-tos of mobile banking. 

Highlights

• How F1Soft started via syntax-based SMS banking, and how in the present day we have amassed 59 BFI partners through various digital banking solutions.
• F1Soft currently has over 17 million mobile banking users and facilitates over 1 million transactions every day.
• The establishment of UseMobileBanking.com as a B2C Communication Platform for F1Soft International.
• The launch of “Mobile Banking Chadai Cha Ni”, the first 360-campaign under UseMobileBanking.com.
• Our efforts in combating the ever-rising threat of digital banking fraud through a mass-awareness campaign.
• The MoBo Chatbot, an intelligent chatbot that will make learning mobile banking more interactive.

What, Indeed, Does Rs. 21,000 Mean?

This is how Mr. Sagar Sharma, Head of Sales and Marketing at F1Soft International, started his keynote. Mr. Sharma’s keynote focused on Foneloan, its growth, and its future plans. Foneloan is F1Soft International’s digital lending solution that can disburse instant loans to eligible customers of different banks. It is a widely accepted feature that is growing rapidly in use even though it is currently available in only 8 banks. Foneloan Biz, a digital credit infrastructure for SMEs was also unveiled during this keynote. Mr. Sharma ended his keynote by thanking the 8 Foneloan partner banks for their efforts and contributions in making Foneloan the success it is currently.

Highlights

• Rs. 21,000 is the average loan size for Foneloan (From 80,000+ loans).
• Foneloan expanding to multi-loans based on limits, better UI/UX, and expanding beyond payroll accounts.
• The launch of Foneloan Biz, a digital credit solution for Fonepay QR Merchants.
• The disbursement of over Rs. 1.6 Billion in loans to date.

QR and PCR: Two Things Made Common by COVID

The third keynote, delivered by the CEO of F1Soft International, Mr. Subash Sharma, gave attendees a glimpse into the future of omnichannel banking. The keynote covered the various features under development, including fraud control mechanisms, fixed deposits for remittances, and account linking with third-party vendors.

Highlights

• A streamlined digital customer onboarding process that will not require bank visits.
• Account links with various third-party vendors for easier, tokenized payments.
• Card services that will be available directly from the mobile banking application.
• Cardless Withdrawals gaining more popularity, with one commercial bank contributing to 4000+ cardless withdrawals every day.
• Multi-language option in mobile banking applications.
• Fraud prevention via SMS verification while registration or activation.
• Real-time Fixed Deposit, Loan Against Fixed Deposit, and Loan Against Remittance services under development.
• BankXPCorp, a corporate banking solution for corporate clients under development.

A Night to Remember

We would like to extend our gratitude to all the attendees of the event. We hope you had an enjoyable and informative night. Organizing the event, hosting the guests, and showcasing our work was a pleasure for the F1Soft Group. It was a night to remember for all of us, and can only hope the attendees feel the same.

F1Soft Bankers’ Meetup will return next year. We will be uploading the keynote videos soon. Please subscribe to our YouTube Channel and turn on notifications to be notified when we do.