FIS, provider of banking and payments technology solutions, has launched a financial inclusion lab in Bengaluru, India, to develop new ways to drive banking reach.

The new lab, which is the first of its type in India, has been designed to help FIS work on creating and testing solution to improve financial literacy of the unbanked, in cooperation with the country’s business leaders, government organisations and NGOs.
It will incorporate interactive data tools to detect potential roadblocks to greater financial inclusion.

One of the first projects to be conducted by the lab will be the development of kiosk-based applications, which will be deployed across India to promote financial literacy with students.

FIS executive vice president for global financial institutions Raja Gopalakrishnan said: "FIS is proud to foster innovation and entrepreneurship that addresses societal needs through engagement of different stakeholders.

"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."

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By GlobalData