Bhubaneswar : Jio Financial Services Limited (JFSL), a new-age, digital-first financial services group, has crossed 1 million downloads for its JioFinance app. The initial feedback to the app from customers has been very encouraging. Services such as Loans on Mutual Funds, digital savings account, UPI, bill payments, digital insurance, and recharges are already live on the JioFinance app, and more services will be launched soon in the days to come.
Also, Jio Payments Bank has crossed 1 million CASA customers, and customers can now open a savings bank account in under five minutes, completely online.
“Over the last financial year, we have put in place the building blocks of a formidable financial services group, which will help create long-term sustainable value for our customers, investors, employees and partners,” said Hitesh Sethia, Managing Director and CEO of JFSL, at the company’s first annual general meeting (AGM) post its listing.
The company said that it will soon be launching new products such as home loans (currently launched in beta mode), loan against property and loan against securities.
Sethia also said that JFSL’s joint venture with BlackRock, the world’s largest asset manager, will allow us to bring world-class investment products to the people of India. The key leadership for the JV has been identified, and the technology infrastructure and market strategy are in advanced stages of being finalised.
Speaking at the AGM, K.V. Kamath, chairman of JFSL said that new-age financial services that cater to the aspirations of a new India will be critical in powering India’s ambition of becoming a $10 trillion economy within the next decade.
“The opportunity before us is immense, and technology will prove to be a great enabler of the revolution in financial services. Affordable data and devices, advanced analytics and technology are redefining the future of finance,” Kamath said.
JFSL was listed on the stock exchanges on August 21, 2023. Its mission is to redefine financial services by leveraging technology to cater to the diverse financial needs of Indians, and offering digital-first and cost effective solutions.
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Some of the key business highlights spoken about at the AGM are as follows:
- JioFinance app which was launched in beta mode on May 30, 2024 has crossed over 1 million downloads
- Some of the services already live on the platform include Loans on Mutual Funds, savings account, UPI, bill payment, digital insurance, recharges.
- Jio Finance Limited (JFL), the NFBC has already launched secured lending products in the market such as Supply Chain Financing, Loans on Mutual Funds, and Enterprise Solution for Device Financing.
- JFL is also in advanced stages of launching Home Loans, which have been rolled out in Beta mode, and other products such as Loan Against Property and Loan on Securities are in the pipeline.
- Jio Payments Bank has crossed 1 million CASA customers and is providing digital banking solutions to retail customers and small businesses.
- The tech stack for the payments bank has been completely revamped and now a customer can open a savings bank account in under 5 minutes, completely digitally.
- JV with BlackRock for AMC: key leadership has been identified and development of the tech infra and go-to-market strategy are in advanced stages.
- Jio Insurance Broking Limited (JIBL), our insurance broking business, has already tied up with 31 leading private and public sector insurance companies, and offering customers a comprehensive portfolio of life, health, motor, two-wheeler, fire and property insurance.
- Through the JioFinance app, JIBL is also offering embedded insurance for white goods at point of sale, extended warranty for consumer durables and mobiles.
