Bajaj Finance Aims to Transform into a Leading FinTech Firm in Its Next Phase of Growth

Indian financial services company Bajaj Finance has outlined ambitious growth goals under its BFL 3.0 initiative, which involves the adoption of emerging technologies like artificial intelligence (AI) to drive growth and reduce costs. The company currently has over 300 projects focused on Generative AI (GenAI) across its companies. GenAI is being used to enhance customer interaction, reduce costs, and improve productivity. Bajaj Allianz General Insurance Company, a subsidiary of Bajaj Finance, has already achieved significant success with its GenAI-powered voice bot, which has served over 1 lakh active users. The company also aims to leverage GenAI to drive digital transformation, improve employee efficiency, and provide instant and easy-to-understand answers to customers’ queries. Under BFL 3.0, Bajaj Finance aims to become a FinAI company, integrating AI across all its processes to improve customer engagement, grow revenue, reduce operational costs, and strengthen internal controls. The company plans to leverage AI across various domains, including sales, underwriting, engagement, and loan origination, to achieve sustained growth and reduce costs.