RBL Bank and Google today announced a strategic collaboration to fuel the Bank's 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. 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.
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.
Working together, RBL Bank will also enhance its customer acquisition and product promotion using various digital solutions that Google offers across digital channels.
"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," said Surinder Chawla, Head Branch and Business Banking, RBL Bank.
Leveraging Google Cloud's local infrastructure shall help RBL Bank to scale its platform and services and meet local regulatory and compliance requirements.
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."
Shares of RBL Bank Limited was last trading in BSE at Rs. 135.25 as compared to the previous close of Rs. 136.20. The total number of shares traded during the day was 1578650 in over 13764 trades.
The stock hit an intraday high of Rs. 137.50 and intraday low of 133.50. The net turnover during the day was Rs. 213295165.00.