Muthoot digital platform plans insurance, loans in six months

Muthoot Fincorp Ltd (MFL), flagship company of Muthoot Pappachan Group, on Wednesday said its new digital financial pla-tform Muthoot Fincorp One will introduce insurance, personal loans, two-wheeler, and housing loans in six months.

Muthoot Fincorp One has reported over 20,000 daily transactions, and over 200,000 app downloads. In six months, it plans to introduce these new products to reach 80,000 daily transactions, and a million app downloads.

It offers financial services products like small business loans and gold loans from home or at Muthoot Fincorp branches. It also has investment products like digital gold and non-convertible debentures (NCDs).

“We aim to cater to more than 1 million customers by the end of this financial year,” said Chandan Khaitan, CEO Muthoot Fincorp One.

Khaitan said Muthoot Fincorp One optimizes on a phygital model which combines this app with more than 3,600 physical branches of Muthoot Fincorp. “The platform is based on robust data analytics and leverages data science, using advanced models for artificial intelligence and machine learning, always ensuring cyber resilience,” said Khaitan.

The launch complements MFL’s existing physical presence, via a phygital ecosystem, Thomas John Muthoot, chairman and managing director, Muthoot Fincorp, said.