Embracing multiplicity

The financial services sector has traditionally been about face-to-face interactions and service-oriented relationships. Consumers, however, have evolved from the state of 'life planning' to 'lifestyle planning'. They are exploring financial solutions for everything, from asset purchases to even funding vacations.

Aditya Birla Capital believes in treating finance as an experience category, focusing on a need-first approach while offering services to its customers. This digital transformation is helping Aditya Birla Capital stay dynamic.

To get where it is, the company worked with over 50 fintech solution providers offering AI/ML (Artificial Intelligence/Machine Learning), voice technologies, conversational UI (user interface), digital KYC, biometrics, and hyper-personalisation. To ensure future-readiness, it has developed a global network of over 1,400 fintechs to identify new technology solutions.

It generates valuable insights from analytics as advanced deep-learning algorithms analyse customer calls and behaviours. Utilising its data analytics prowess, it reaches out to customers across their journeys through multiple digital channels like the company website, WhatsApp, chatbots, and voice bots to offer various financial products such as life insurance, asset management, wealth management, retail finance, and corporate finance. Many of these are unique assets in the Indian banking and financial services sector.

The company has also automated several repetitive tasks. Over 350 robots handle the company’s operations, customer service, finance, and human resources. There is even a unique portal for advisors.

Digitalisation also enables the company to start the right conversation with the right customer at the right time, leading to higher upselling and retention rates. Meanwhile, customers benefit immensely from a quicker turnaround time and experience improved convenience with reduced need for manual interventions and 24x7 service across devices.

Consequently, in the last few years, the company has on-boarded 90% of its customers and 95% of its distributors on digital platforms. 98% EMIs are collected through digital platforms.

Aditya Birla Capital's remarkable digital transformation serves as a roadmap for other companies. By showing agility and readiness in embracing new forms, it is staying relevant, customer-centric, and highly competitive.