To scale up its digital transformation journey, Aditya Birla Capital launched its omnichannel D2C platform ABCD making “Everything Finance as Simple as ABCD”
The ABCD D2C platform is a positive stride towards accelerated growth and taking leadership position in the financial services space: Kumar Mangalam Birla
The platform offers a comprehensive portfolio of 22 products and services
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Aditya Birla Capital, the holding company of the financial services business of the Aditya Birla Group, aims to onboard 30 Mn new customers with its new digital platform in the next three years.
In an effort to scale up its digital transformation journey, Aditya Birla Capital on Tuesday (April 16) unveiled its omnichannel D2C platform ABCD making “Everything Finance as Simple as ABCD”.
The launch marks a pivotal moment in its ambitious journey to drive growth and leadership and become a full-stack financial services provider, the company said.
“In the arc of Aditya Birla Capital’s strong and steady progress, the ABCD D2C platform is a positive stride towards accelerated growth and taking leadership position in the financial services space,” said Kumar Mangalam Birla, chairman of Aditya Birla Group.
“I am confident, that this platform will serve as a growth catalyst across the ABC and ABG ecosystem, and the interplay between financial services stack and the group’s diverse businesses will foster a win-win synergy for superior product innovation and unique value creation for all stakeholders,” he added.
The platform offers experience across all touch points, including mobile app, website, branches and virtual engagement channel. It also provides a comprehensive portfolio of 22 products and services, including facilities of a payment platform – such as UPI, bill payment, and online recharges, with financial services like loans, insurance, and investments along with comprehensive personal finance tracking such as ‘My Track’ among others.
The platform also features ABCD’s own stack of products such as portfolio consolidator, spend analyser and digital health assessment among others, as well as payment solutions to address the diverse needs of customers through a single 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. In line with this vision, 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,” said Vishakha Mulye, CEO of Aditya Birla Capital Limited.
The launch comes at a time when assets under management (AUM) for the non-banking financial company (NBFC) of the company, have surged by nearly double, surpassing INR 1 Lakh Cr, positioning it as the fourth largest diversified NBFC in India.
Additionally, the housing finance loan portfolio has experienced rapid growth, increasing by 27% year-on-year as of December 31, 2023, the company said.
According to Inc42 data, insurtech is expected to emerge as the second biggest sub-sector in the fintech space and is likely to account for 26% or $339 Bn in total addressable market value by 2025.
The growth has largely been attributed to the surge in both life and non-life insurance categories since the pandemic. According to a report by Swiss Re Institute, India’s insurance sector is projected to record the fastest growth among the G20 countries with the total premium expected to rise at an average rate of 7.1% in real terms during 2024-28.
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