Aditya Birla Capital (ABCL) has become the first BFSI company to go live with three core financial services – lending, insurance, and mutual fund investments – on the Open Network for Digital Commerce (ONDC) platform. This development reinforces ABCL’s commitment to leveraging India’s Digital Public Infrastructure (DPI) to democratize open network access to financial products, especially in underserved markets, and enhance financial inclusion across the country.
Through the ONDC Network, various live Buyer Apps will be able to offer ABCL’s personal loans, health insurance, and mutual funds to their customers, simplifying their financial journeys and ensuring a seamless user experience. This eliminates the need for customers to download or access multiple apps on their devices. ONDC has been building the infrastructure for three broad segments of products: credit, insurance, and investments, and Aditya Birla Finance was one of the early adopter lenders in the pilot phase of its credit integration.
Vishakha Mulye, CEO of Aditya Birla Capital, stated that the integration with the ONDC Network will help the company reach out to previously underserved consumers and provide them with access to formal credit, insurance, and investment opportunities. This milestone is a significant step in ABCL’s commitment to simplifying finance and making its offerings accessible to every Indian across the country.
Koshy, MD & CEO of ONDC, added that ABCL’s integration across all three channels shows their commitment and faith in the democratization of financial products. This integration marks a significant leap in making financial services more accessible and inclusive through the ONDC Network, and is in line with the overall vision and mandate of digital inclusion.
The ONDC Network aims to provide a platform for buyers and sellers to connect and transact seamlessly, without the need for intermediaries. By integrating with the ONDC Network, ABCL is able to expand its reach and provide its financial services to a wider audience, promoting financial inclusion and democratization of financial products. This development is expected to have a significant impact on the Indian financial services sector, and is a major step towards achieving the goal of digital inclusion.