Bajaj Finance Limited has said it aims to raise its market share in total credit to 3.2-3.5 percent and retail credit to 3.8-4.2 percent by end of FY25 through BFL 3.0 - a FINAI company.
According to the investor presentation, the company also aims to expand its customer base from 97.1 million to between 190-210 million by FY29, and to increase its cross-sell franchise from 61.6 million to 115-125 million.
BFL 3.0 aims to meet the financial needs of its 200 million customers by integrating AI technology across all operations, the management said.
They further said the company seeks to become the lowest cost operator in the financial services sector through digital transformation.
As a FINAI company or a finance company driven by AI - though FINAI has not been explicitly defined by Bajaj Finance - BFL plans to use AI to enhance customer engagement, increase revenue, decrease operational costs, lower credit costs, improve productivity, and strengthen oversight, fostering sustainable growth through operational leverage.
Digitally, BFL projects-app installations are anticipated to grow from 66.6 million to 150-170 million, with website visitors expected to surge from 454 million to 3,500-4,500 million.
They also said they target a consistent return on equity of 20-22 percent.
BFL aims to acquire the next 100 million customers through strategic partnerships, organic growth, and Bajaj Prime, with a focus on MSME as a significant growth area, the management added.
They plan to lead in personal loans, gold loans, MFI, and two-wheeler financing, optimise auto loans and sustain a payments business, introduce green financing for solar and EV, and Corporate Leasing, while improving risk management by returning to basics and enhancing operational risk management.
In terms of AI integration, BFL will use conversational AI to triple conversion rates for both sell and cross-sell, enhance productivity in the field and headquarters, reduce reliance on contact centres, and integrate AI into design, engagement, and business processes.
AI will also transform data for risk management, enhance B2B risk intelligence, assist in credit operations with an AI co-pilot, boost productivity through AI systems for loan origination, engagement, training, sales, DMS, and dealer management, and support controllership with AI co-pilots for operations, service QA, compliance, and auditing, the management added.
Earlier today, Bajaj Finance reported its Q3 FY25 results, revealing a 18 percent year-on-year increase in net profit to Rs 4,308 crore, exceeding analyst expectations.
The net interest income saw a 23 percent rise to Rs 9,382 crore, while assets under management grew by 28 percent to Rs 3.98 lakh crore.
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