Jio Financial to launch AI-powered ‘personal CFO’, membership programme

Mumbai: Jio Financial Services (JFS) is preparing to launch an artificial intelligence-powered “personal CFO” and a membership programme on the JioFinance app, as the company scales its lending, asset management and payments businesses while seeking to leverage its digital distribution network to acquire customers at lower costs, managing director and chief executive Hitesh Sethia said at the company's annual general meeting on Wednesday.

The personal CFO will provide financial advice and actionable recommendations based on a proprietary financial fitness score, while the membership programme will offer structured value-back rewards for transactions conducted through the JioFinance marketplace, Sethia said.

“Second, is a personal CFO for every Indian, which will offer truly unbiased advisory and actionable recommendations to users, based on a proprietary financial fitness score,” Sethia said.


JFS' digital properties have crossed 25 million unique users, with monthly active users averaging around 9 million in the June quarter. The company's recommendation engines currently drive 56% of app conversions through “Next Best Offer” targeting, while it has deployed around 130 AI agents across its businesses.

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JFS is simultaneously scaling its financial-services businesses. Jio Credit's gross AUM crossed Rs 30,000 crore in the June quarter, up 163% year-on-year. Bank of America has agreed to invest up to Rs 18,268 crore for as much as a 49.9% stake in the lender.

Sethia said JFS' existing brand, capital base and distribution network allow it to expand without relying heavily on spending to acquire customers.

“Even in an early growth phase we do not need to resort to aggressive cash burn for brand-building and customer acquisition,” Sethia said, adding that JFS remains profitable while investing in growth and retaining its core capital base.

JioBlackRock Asset Management's AUM crossed Rs 21,000 crore in July. The digital-first AMC is now expanding through traditional distribution, having onboarded more than 11,000 mutual fund distributors and over 800 distributors for its specialised investment funds. Its securities broking platform is scheduled for a beta launch in the September quarter.

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Jio Payments Bank and Jio Payment Solutions also achieved operational turnarounds in the June quarter. Jio Payments Bank's deposits rose 72% year-on-year to Rs 617 crore, while Jio Payment Solutions' total payment value increased 2.5 times to Rs 19,208 crore.