SUMMARY
- JioFinance App update adds mutual fund and bank account consolidation and offers 24 insurance policies.
- Over 6M users have experienced the app, with new features based on user feedback.
- Jio Financial’s Q1 FY25 net profit is ₹313 Cr, down 5.7%, with slight revenue growth.
Jio Financial Services has released an updated version of the JioFinance App and incorporated numerous additional options more than four months after the app’s beta launch. Users of the app can now see a combined view of their mutual fund and bank account assets. Additionally, the company claims that it provides 24 insurance policies, including health, life, auto, and two-wheeler insurance.
The JioFinance App offers users a consolidated view of their bank accounts and mutual fund holdings, along with 24 insurance plans, including life, health, two-wheeler, and motor insurance, the app is available on Google Play Store, Apple App Store, and MyJio. The firm states that all it takes to start a digital savings account using the app with Jio Payments Bank Ltd (JPBL) is less than five minutes.
The JioFinance App has reportedly been “experienced” by over 6 million people, according to the business, and it has improved the software based on user input. The company said in a statement that since the beta mode’s inception, it has expanded its offering to include a wide range of financial products, including loans against property, house loans (including balance transfers), and loans on mutual funds. According to the report, over 1.5 million users of their JPBL account utilize the app to handle their regular, recurrent spending.
Managing Director and CEO of Jio Financial Services, Hitesh Sethia stated, “With the refreshed JioFinance app, which is truly made in India, and with many more new features coming soon, we are well on our way towards becoming a trusted financial companion for the people of India, helping them fulfill their aspirations with our comprehensive suite of financial products.”
Jio Financial Services hopes to upend the nation’s fintech industry in a variety of areas, including digital lending, banking, insurance, broking, and asset management.
Q1 FY25 net profit for Jio Financial Services was ₹313 crore, down 5.7% from ₹FY24’s ₹332 crore. Operating revenue increased marginally from ₹414 crore to ₹418 crore in the same quarter last year.
