Jio Financial Services (JFS), owned by Reliance Group, is developing a startup business strategy with artificial intelligence (AI) and a digital focus under the direction of seasoned banker KV Kamath in an effort to effectively compete on prices despite entering the market later than its competitors.

Jio plans to leverage technology and data, using current Reliance and Jio World centers as touch points, to reach a large portion of middle-class and lower-middle-class consumers in urban areas and the hinterlands.

The financial entity is banking on Kamath's huge past experience in setting up ICICI and will work on a blueprint similar to that of Jio's telecom business. "Kamath has been given an empty canvas to make his own plan backed by talent, technology and capital. And the only difference between setting up a financial services business years back and doing that today is that we have a wealth of data with us backed by technology to make informed decisions".

Jio previously revealed a partnership with BlackRock, one of the largest financial firms, to establish an asset management business, a market that Bajaj is still relatively new to. There will be distinct business sectors at Jio Financial Services, each led by a CEO. The concept was reportedly discussed by BlackRock CEO Larry Fink with Kamath and Mukesh Ambani during his most recent trip to India a few weeks ago. With 22 years of expertise in corporate banking, both domestically and internationally, Hitesh Sethia, the CEO of Jio Financial Services, was previously a talented employee of ICICI Bank.