Aditya Birla Capital, a prominent financial services company, is transforming the digital finance sector through its subsidiary, Aditya Birla Capital Digital Ltd (ABCDL), which is revolutionizing the delivery of financial services to customers.
In March of last year, ABCDL was established with a clear vision: to develop a seamless, direct-to-customer (D2C) platform. This platform isn’t just another digital tool; it’s a gateway to a comprehensive suite of services encompassing protection, investing, financing, and advisory – collectively termed PIFA. The aim is straightforward yet ambitious – to cater to the existing clientele while simultaneously drawing in new customers.
Recently, ABCDL’s mission received a substantial boost with an infusion of INR 50 Cr from its parent company. This investment is fueling the development of an innovative app designed to directly engage customers, a move that aligns with the subsidiary’s goal of expanding its digital footprint. Pankaj Gadgil, the Group Head of Digital Platforms at Aditya Birla Capital, elaborates on this strategy. He emphasizes the vast opportunity to create an omnichannel platform that not only facilitates digital customer acquisition at scale but also enables efficient cross-selling across various business lines.
In a remarkable expansion of its service offerings, ABCDL has ventured into the payments domain. The subsidiary is set to launch its own third-party payments application provider (TPAP) payments handle, a move that aligns with the popular Unified Payments Interface (UPI) system. Additionally, this service will be integrated into the Bharat Bill Payment System, offering customers the convenience of using the Aditya Birla Pay handle for their transactions.
Details about the banking partners for this ambitious TPAP business remain under wraps. However, Gadgil reveals that the collaboration involves a significant private sector bank and a medium-sized counterpart. Intriguingly, the payments app is not a standalone entity but an integral part of the overarching app, ensuring a cohesive and user-friendly experience.
Apart from these developments, Aditya Birla Capital continues to offer a broad spectrum of services, including insurance, investment, and financing solutions. This diverse portfolio underscores the company’s commitment to meeting a wide range of customer needs.
Another notable initiative is the launch of the Payment Lounge in September last year. This platform, developed in collaboration with PhiCommerce, represents a significant leap in digital payment solutions. It is powered by PhiCommerce’s PayPhi, an omnichannel payment platform that provides a unified, secure, and faster transaction experience. This platform is a testament to ABCDL’s dedication to innovation, aiming to simplify digital payments for both online and offline channels.
