Jio Financial Services (JFS) plans to democratise financial services for 1.42 billion Indians, giving them access to simple, affordable, innovative, and intuitive products and services.
“JFS will massively increase financial services penetration by transforming and modernising them with a digital-first approach that simplifies financial products, reduces cost of service, and expands reach to every citizen through easily accessible digital channels. For tens of thousands of SMEs, merchants, and self-employed entrepreneurs, ease of doing business must mean ease in borrowing, investments, and payment solutions,” said Mukesh Ambani, CMD, RIL at its 46th Annual General Meeting while introducing its newest group company to the shareholders.
“JFS will enter the insurance segment to offer simple, yet smart, life, general, and health insurance products through a seamless digital interface, potentially partnering with global players. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way,” said Ambani.
In payments, JFS will consolidate its payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India. Ambani indicated: “JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times.”
Ambani has 3 reasons to be absolutely confident about JFS achieving tremendous success over the next few years. He pointed out: “The digital-first architecture of JFS will give it an unmatched headstart to reach millions of Indians. Reliance has capitalised JFS with a net worth of Rs1,20,000 crore to create one of the world’s highest capitalised financial service platforms at inception. JFS is blessed with a very strong board, led by K.V. Kamath, a veteran and most respected banker.”
