 "Muthoot Fincorp")
Muthoot Fincorp Ltd launched a digital platform on Wednesday, offering various financial services to its customers through a single application. Named 'Muthoot FinCorp ONE', the All-In-One financial platform provides an extensive range of services.
These services include MSME and gold loans, along with investments in products such as Digital Gold and NCDs. The platform also facilitates utility and loan payments for various purposes. Its Forex services encompass multi-currency cards, cash transactions, and 24x7 international transfers. Furthermore, the company has announced plans to launch insurance products on its platform very soon.
Muthoot FinCorp ONE introduced its gold loans in the first week of May and aims to add insurance, personal loans, two-wheeler loans, housing loans, and money transfer services within the next six months.
Chandan Khaitan, CEO of Muthoot FinCorp ONE, elaborated on the timeline: “Insurance services will be launched in the next few weeks, while two-wheeler loans and money transfer will be available from the next quarter of FY24. Meanwhile, the housing loan business will commence in the third or fourth quarter of the same financial year.”
The company, having already facilitated over 20,000 transactions, aims to expand this to over 80,000 daily transactions. It intends to cater to over 1 million customers by the end of the financial year (FY24).
Regarding financial goals, the management expects the application to contribute 1.5-2 per cent to the company's Non-Banking Financial Company (NBFC) business in the next six to twelve months. Looking ahead, revenue from the company is projected to account for 10 per cent of the overall business within three years.
Further speaking at the event, Khaitan added, “Muthoot FinCorp ONE optimises a 'phygital' model, seamlessly combining this app with more than 3,600 physical branches of Muthoot FinCorp. Our customer-first platform connects effortlessly with all stakeholders, both customers and partners. The platform is grounded in robust data analytics and leverages data science, employing advanced models for Artificial Intelligence and Machine Learning, always ensuring cyber resilience.”
