Jio Financial Services Launches New App with Loans, Insurance, and Savings Products

On October 11, 2024, Jio Financial Services Ltd (JFSL) launched the updated and improved JioFinance App, which is now available on the Google Play Store, Apple App Store, and MyJio. The app provides a wide array of financial products and services designed to meet the diverse needs of customers across India. These offerings include loans on mutual funds, home loans (including balance transfers), and loans against property, all available at competitive rates aimed at delivering substantial savings to customers.

The launch of the JioFinance App follows the successful beta version, which was rolled out on May 30, 2024. Over six million users have already experienced the beta version of the app, and the feedback received helped shape the improvements seen in the official release. According to JFSL, the enhanced app boasts significant upgrades in user experience, accessibility, and functionality.

Comprehensive Financial Products

Since the beta launch, JFSL has introduced several new financial products. Among these are loan options for mutual funds and home loans, including balance transfers, offering substantial benefits and competitive terms. Additionally, customers can access loans against property, making JioFinance a comprehensive solution for those looking to manage their finances effectively.

The app also supports savings products through Jio Payments Bank Ltd (JPBL). Customers can now open a digital savings account in under five minutes, complete with biometric authentication and a physical debit card. Over 1.5 million customers already use JPBL accounts for managing their everyday expenses, mobile recharges, and credit card bill payments. The seamless integration of UPI payments further enhances the convenience of transacting digitally via the app.

Insurance and Investment Solutions

In addition to its lending and savings services, the JioFinance app offers 24 different insurance plans, covering life, health, two-wheeler, and motor insurance. This comprehensive range of insurance products is available digitally, ensuring that customers have quick and easy access to essential protection for themselves and their families.

For those looking to grow their investments, the app provides mutual fund management tools, allowing users to track and manage their portfolios efficiently. With its expanding suite of financial services, JioFinance aims to become a trusted partner for customers' financial aspirations.

Vision for Financial Inclusion

JFSL’s Managing Director and CEO, Hitesh Sethia, emphasized the company's commitment to democratizing access to financial services across India. "At JFSL, our mission is to democratize access to seamless and convenient financial services by leveraging technology," Sethia said. He added that the app, which is "truly Made in India," will continue to evolve with new features, cementing JFSL's role as a reliable financial companion for millions of Indians.

The company’s broader vision includes increasing financial inclusion by simplifying access to loans, insurance, and savings products through cutting-edge technology. JFSL plans to keep expanding its offerings, making the JioFinance app a one-stop solution for financial needs in India.

Market Outlook and Future Plans

At the close of the market on October 11, JFSL shares were trading slightly lower at ₹341.5 on the NSE. However, the company continues to make strategic moves to strengthen its financial services portfolio. Earlier this month, Jio Financial received in-principle approval from SEBI to partner with BlackRock for launching a mutual fund business. The final approval is expected soon, following certain regulatory requirements.

ALSO READ| Groww Records Over 47 Lakh New SIPs in July-September Quarter

JFSL's joint venture with BlackRock is poised to reshape the mutual fund and wealth management landscape in India. The collaboration aims to offer advanced asset management solutions, bringing global expertise to Indian markets.