Finvasia's new banking AI app to onboard 1 mn users this year: Cofounder Virk

Finvasia, a Chandigarh-based company that operates the online stock trading platform ‘Shoonya’, launched an artificial intelligence (AI)-powered super app for the banking industry called Jumpp on Monday. This app utilises AI technology to provide a seamless, personalised, and transparent banking experience.

Sarvjeet Singh Virk, Co-founder and Managing Director of the company told TechCircle that the app incorporates various AI features—conversational, cognitive, explainable, and predictive—to create a user-centric platform aimed at meeting the financial needs of users in Tier 2 and Tier 3 cities.

On what makes Jumpp different from similar other super apps in the industry, Virk said that it addresses unsolved issues faced by users, unlike many platforms that focus on a single problem.

“While most apps keep silo data, Jumpp analyses users’ personal information to provide hyper-personalised, unbiased insights aligned with their risk appetite, aiding them in achieving long-term wealth goals in their preferred language,” he said.

The app utilises cognitive AI to interpret users’ financial behaviours, offering insights like spending analytics. Predictive AI generates tailored budget recommendations, while conversational AI enables natural interactions. Explainable AI ensures users receive clear, actionable financial guidance for better decision-making.

Jumpp also includes a YES Bank-powered savings account for easy onboarding, facilitating transactions such as NEFT, RTGS, IMPS, and Fixed Deposits. It streamlines bill payments and provides tools for investing in Indian stocks and mutual funds, enhancing accessibility and convenience.

By employing the account aggregator framework, Jumpp consolidates all user-linked accounts into a single view. Virk explained that its advanced AI capabilities go beyond basic interactions, identifying spending patterns and delivering personalised financial advice for informed decision-making. Whether for wealth management, expense tracking, or unbiased insights, the app acts as a comprehensive financial assistant.

He further noted Jumpp's commitment to financial inclusion, offering tailored solutions for underserved segments, particularly in Tier 2 and Tier 3 cities. Currently in testing, the digital lending feature will include personal loans, pre-approved loans, and loans against shares, enhancing financial accessibility and flexibility for users.

Founded in 2009, Finvasia operates in 12 countries. Following the launch of Shoonya, its zero-brokerage trading platform in 2022, the company has aimed to reach users in Tier 2 and Tier 3 cities. Regarding the company's future plans, Virk said, “We aim to onboard 1 million users by the end of 2025.” Additionally, he said the company plans to introduce insurance products and integrate with third-party application providers in the next 2-3 months to expand its services and roll out digital lending options.