Aditya Birla Capital is targeting to add 30 million new customers in the next three years through a digital platform launched on April 16, Tuesday, a top official said.

Speaking at the launch of the Aditya Birla Capital Digital here, Aditya Birla Group chairman Kumar Mangalam Birla said the purpose of the platform is to acquire new customers seamlessly.

At present, Aditya Birla Capital serves over 35 million customers across its businesses, including lending, insurance, and asset management.

Speaking about the catchment which can be tapped into, Birla said the wider group has a 250,000-strong small business ecosystem and currently serves over 250 million customers through products and services like telecom, fashion, and retail.

Offering close to two dozen financial services products ranging from payments, investments, and lending to insurance, the platform provides an opportunity for cross-selling and upselling, while also targeting a new customer base of 'First Income to First Kid.'

A person can choose from 22 products and services across all the offerings of Aditya Birla Capital.

He said the ambition of Aditya Birla Capital is to break into the top three in each of the core businesses.

Birla said he sees the insurance, credit, and investment businesses of ABC growing at a compounded annual growth rate of 19-21% over the next 3-5 years.

He said the broader financial services sector is expected to grow at two times the annual GDP growth.

Vishakha Mulye, CEO, of Aditya Birla Capital, said, “We formed ABCD to build the omnichannel layer that will help us acquire customers digitally at scale and meet all their financial needs through a unified digital-first platform. Our consistent commitment to digital reinvention and reimagining customer experiences is reflected in our omnichannel architecture which gives customers the complete flexibility to interact with us through their channels of choice.”

The platform, which is the culmination of 114,000 plus development hours, involves 36,000 designers and integrates over 1,000 APIs and 5,000 screens, was announced by Kumar Mangalam Birla, Chairman of Aditya Birla Group.

Under the Aditya Birla Group umbrella, the platform benefits from a triple-A-rated NBFC, the fourth largest in the industry, a fast-growing HFC, the largest non-bank AMC, and life and health insurance offerings.

While not adopting a marketplace model currently, the platform leverages strategic partnerships to offer additional services like digital gold and deposits.

The foundation of the new platform rests on four key pillars: people, technology (on cloud), analytics (structured and unstructured data), and marketing (targeting 'First Income to First Kid').

In addition to its stack of products, including Portfolio Consolidator, Spend Analyzer, and Digital Health Assessment, the platform offers payment solutions to address diverse customer needs through a single platform.

The app is available on Android and iOS platforms. This platform is housed under Aditya Birla Capital Digital Ltd., a wholly-owned subsidiary of Aditya Birla Capital.

As of December 31, 2023, Aditya Birla Capital manages over INR 4.10 trillion in aggregate assets under management (AUM) across different businesses like loans, insurance, and other investment services. Out of this, INR 1.5 trillion comes from its lending business, according to information posted on its website.

On March 11, 2024, Aditya Birla Capital announced the merger of its subsidiary Aditya Birla Finance with itself to comply with the Reserve Bank of India’s (RBI’s) upper-layer NBFC norms. The merger, subject to regulatory approvals, is likely to be completed in the next 12 months.

Aditya Birla Capital stock declined by 1.51% to trade at INR 202.45 on the NSE as of 12.48 PM.

Article Sources – PTI, Aditya Birla Captial, Business Today