Mumbai, Jan 10: Private sector lender RBL Bank on Monday announced a strategic collaboration with Google to fuel its customer experience strategy and expand its value proposition to serve its rapidly growing customer base through its digital platform, Abacus 2.0.
This collaboration will enable better customer data management, and analytics, enabling effective cross-selling within the bank’s large customer base and subsequently reducing the cost of customer acquisition, significantly, the company said in a regulatory filing.
Through Abacus 2.0, the bank aims to provide a superior and holistic one stop solution to its existing and new customers, to seamlessly deliver its different product offerings across channels, the release said.
“This is an important strategic milestone in our digital journey. Advancing our innovation agenda and building an optimized and agile data platform to serve our existing and prospective customers is one of our critical business priorities. Working with Google, we will augment our customer targeting with solutions such as Google Ads, and explore co-innovation opportunities with platforms like Google Pay to drive user engagement and build new digital offerings,” RBL Bank Head Branch and Business Banking Surinder Chawla said.
RBL Bank currently has over 4 million urban retail asset and liability customers with a business goal to grow this base to 12-14 million over the next three years. To achieve this, RBL Bank will leverage Google Cloud’s secure and scalable infrastructure for seamless customer on-boarding. It will also be the technology foundation for a powerful product-agnostic customer acquisition engine that delivers more inclusive access to multiple products such as payments, deposits, insurance, credit card, investments, secured loans and more, the bank said.
Working together, RBL Bank will also enhance its customer acquisition and product promotion using various digital solutions that Google offers across digital channels. Further, leveraging Google Cloud’s local infrastructure shall help RBL Bank to scale its platform and services and meet local regulatory and compliance requirements.
Commenting on the development, Bikram Bedi, Country Head of Google Cloud in India said, “Cloud technologies enable banks to offer their customers a fast, secure and intuitive experience. We are thrilled to help RBL Bank advance their digital roadmap and harness the power of the vast solutions Google has to offer to create and deliver valuable new services to their rapidly growing customer base.”
