Jio Financial Services Ltd on Friday launched an online marketplace for financial products through its new app JioFinance and opened an early access program for users.
The marketplace brings together products from Jio Financial Services group companies and other financial firms on a single platform. Users can access home loans, loans against securities, personal loans, credit cards, insurance, UPI services, fixed deposits, digital gold, tax filing and planning services, and savings accounts.
Mutual funds and investment advisory services offered through its joint venture with BlackRock under the Jio BlackRock platform are also available.
The app is managed by Jio Finance Platform and Services, a wholly owned subsidiary of Jio Financial Serviceswhich is registered as a core investment company with the Reserve Bank of India, and operates across lending, payments, insurance, and investment services through its subsidiaries.
“As a hyper-personal and intelligent marketplace for financial services, the new JioFinance app aims to remove the noise and friction that many of us experience while navigating a complex financial landscape,” said Hitesh Sethia, managing director and chief executive of Jio Financial Services.
Early access program
The company also introduced ‘Finsider’, an early access programme. Users who sign up can use the app and share feedback. They will earn JioPoints on transactions carried out through the platform, which can be redeemed for rewards.
The company said the app uses artificial intelligence to study a user’s profile, eligibility and financial needs before showing recommendations. Instead of displaying the same set of products to everyone, the app changes its home screen based on the user’s financial details.
It also has a chat feature that lets users type their requirements to find relevant products, instead of browsing multiple sections.
Jio Financial said the aim is to make it easier for users to find and use financial products in one place. The company has also announced features that will be introduced later. These include a financial fitness score, which assesses a user’s financial position by looking at spending, loans, insurance, investments, and tax compliance.
Another planned feature, ‘Personal CFO for Bharat’, will offer guidance through a chat-based interface and help users act on that advice. The app will also allow users to automate certain transactions, such as recurring payments and investments.
This launch comes as the company on Thursday announced that it infused ₹2,000 crore into its subsidiary, Jio Credit Ltd, to fund its business growth.
The company has subscribed to and has been allotted 33.5 million shares of ₹10 each of Jio Credit, a wholly-owned non-banking arm for cash at a premium of ₹585.70 per share, aggregating ₹Rs 1,999.88 crore.
Jio Credit will use the amount to fund its business operations, it said. In January, Jio Financial Services reported a 9% fall in its consolidated net profit at ₹269 ​​crore for the December quarter.
