RBL Bank and Google have announced a strategic partnership to fuel the bank’s customer experience strategies and increase its value proposition in order to support its continuously growing customer base via its digital platform, Abacus 2.0.
This partnership will enable better customer data management and analytics, allowing for effective cross-selling across the Bank’s massive customer base and, as a result, significantly lowering the cost of customer acquisition. The Bank’s objective with Abacus 2.0 is to give a comprehensive and holistic one-stop solution to its existing as well as new customers, allowing it to seamlessly provide its countless product offerings across channels.
RBL Bank now has more than 4 million urban retail assets as well as liability customers, with a strategic goal of increasing this base to 12-14 million over the next three years. RBL Bank will integrate Google Cloud’s scalable and secure infrastructure to facilitate seamless customer onboarding.
It will also serve as the technological foundation for a robust product-agnostic customer acquisition engine that facilitates more comprehensive access to a variety of services such as payments, investments, insurance, credit cards, deposits, investments, secured loans, among many others.
RBL Bank and Google will work collaboratively to strengthen customer acquisition and product promotion through the use of various digital solutions available across Google’s digital channels while meeting local regulatory and compliance norms.
Surinder Chawla, Head Branch, and Business Banking at RBL Bank in a statement said, “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.”
Cloud technologies, according to Bikram Bedi, Country Head of Google Cloud in India, allow banks to provide their customers with a faster, safe, 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,” he added
Meanwhile, RBL Bank remained on the exchange’s F&O suspension after the announcement. It has been barred in the January series since Thursday. According to the NSE, the derivative contracts in the aforementioned securities have surpassed 95 percent of the market-wide position threshold and are thus currently on the prohibition list. The bank’s net profit plunged 78.63 percent to Rs 30.80 crore in Q2 FY22, despite a 2.10 percent increase in total income to Rs 2,567.65 crore.
RBL Bank, founded in 1943, is a Mumbai-based Indian private sector bank. It provides customized services across five business segments: commercial banking, corporate & institutional banking, retail assets, branch & business banking, and treasury & financial markets operations. It currently serves over 9.97 million customers spanning 28 Indian states and union territories via a network of 445 branches, 1,435 business correspondent branches (of which 271 are banking outlets), and 386+ ATMs.
