Choice embarks on integrating its seven apps into one super app to bring investors under one roof

In a bid to bring all its investors and customers under one roof, Choice International Ltd (BSE: 531358) has embarked on integrating its seven apps into one super-app - Jiffy.

The Mumbai-based financial conglomerate with pan-India presence expects to roll out the first phase of its super app Jiffy by April 2022 and has set a target to have 1 million users by June.

So far, there are over 6 lakh users across its seven apps that includes Investica for mutual funds, Jiffy and Jiffy Global for domestic and international stock market investors, ISMOS for insurance, Alphabee for long term investors, Spark loans, and e-filex for filing income tax returns.

Commenting on the initiative, Mr. Kamal Poddar, Managing Director, Choice International Ltd, said,"The objective to integrate all apps into one is to simplify the user journey by ensuring hassle free service offerings across financial products with just one login credential as opposed to existing multi-platform logins and verification processes."

"For us, it will also facilitate cross selling of financial products and effectively reduce the cost of acquiring new customers with wider penetration and adoption in tier III-VI cities," Mr Poddar said.

The super app is being redesigned from scratch using native technology to guarantee the best performance across variety of devices in Indian eco system. This also enables to store data locally and use local ML (machine learning) models to improve personalization without sharing data across network. The system is deployed across a hybrid cloud to enable auto scaling, better fault tolerance and real time monitoring to provide unhindered service to all investors even during volatile markets.

The Jiffy super app can be easily installed across all categories of smart phones and will also enable customers to borrow finances for their emergency and general needs and will expedite financial inclusion.

Shares of CHOICE INTERNATIONAL LTD. was last trading in BSE at Rs. 179.45 as compared to the previous close of Rs. 172.45. The total number of shares traded during the day was 31462 in over 395 trades.

The stock hit an intraday high of Rs. 181.00 and intraday low of 165.15. The net turnover during the day was Rs. 5435644.00.

Source : Equity Bulls

Keywords

CHOICEINTERNATIONAL INE102B01014 Jiffy SuperApp