AI rise likely to alter how we assess risk, says JFS chairman KV Kamath

Chairman KV Kamath highlights scaling of businesses, new ventures, regulatory approvals and partnerships with BlackRock and Allianz as Jio Financial marks a crucial FY25

The financial year 2024-25 (FY25) was pivotal for Jio Financial Services as it was able to scale the business, enter into new ventures, and secure key regulatory approvals for new businesses, its chairman KV Kamath said.

 

 The Reliance Group firm also implemented a sophisticated data intelligence engine in FY25, which will form the backbone of personalised and intelligent financial services offerings for customers, Kamath said at the annual general meeting.

 

He highlighted that amidst the rise of artificial intelligence and advanced analytics, institutions like JFS play a critical role in meeting the diverse financial needs of individuals and businesses, ensuring deeper penetration of financial services across the length and breadth of the country.

 

 “With the rise of artificial intelligence and advanced analytics, we are on the verge of a fundamental shift in

 

how we assess risk, offer credit, provide insurance, and democratise investment opportunities. In this context, organisations like ours will play a critical role,” Kamath added.

 

Key milestones included the company’s joint venture with BlackRock to deliver world-class asset management services to Indian investors and a strategic partnership with Allianz to develop a comprehensive reinsurance and insurance framework. These alliances are expected to significantly enhance risk protection and investment access for both individuals and businesses across the country. 

 

Creation of a robust digital public infrastructure helped in bridging the rural-urban divide, bringing millions of first time users into the fold of the formal economy, and enabling a new age digital ecosystem that is inclusive and equitable, he said.

 

 “Despite prevailing global uncertainty, India’s growth remains resilient, driven by robust domestic demand, a high rate of savings, and a strong entrepreneurial spirit,” he added.