Aditya Birla Capital to integrate FDs, insurance in SIMPLiNVEST on ABCD app in 90 days

Pankaj Gadgil, MD & CEO, Adtiya Birla Housing Finance Limited and Head – Digital Platforms and Payment Strategy, Aditya Birla Capital Limited

Aditya Birla Capital Ltd will integrate fixed deposits and insurance SIMPLiNVEST product on the ABCD mobile application in 90 days, Pankaj Gadgil, head–digital platforms and payments strategy, in an interview to Moneycontrol on August 29.

Banks, which are already offering fixed deposits on ABCD application, would be integrated in the SIMPLiNVEST, he added.

Currently, the company offers fixed deposits of Utkarsh Small Finance Bank, Shivalik Small Finance Bank, Suryoday Small Finance Bank, and Shriram Finance, on the ABCD application.

“We are going to include fixed deposits and insurance in the SIMPLiNVEST product for the customers. We will launch both the services in the next 90 days,” Gadgil said. “We are already offering these products on our application, but now it will be integrated to the newly launched product in next 90 days.”

SIMPLiNVEST is an industry-first solution which enables users to undertake systematic investments across various asset classes like mutual funds, stocks and digital gold through a single, intuitive journey. It automates, diversifies, and personalizes user’s investment journey, providing a balanced approach to wealth accumulation.

Gadgil said SIMPLiNVEST product is in beta and being tested within a closed user group.

On August 28, Aditya Birla Capital Digital Limited launched three products — DigiGold Gifting, Family Health Scan and SIMPLiNVEST on ABCD, omnichannel D2C platform at the Global Fintech Festival.

Gadgil told Moneycontrol the company is going to launch a B2D application in November. This is for the distributors across Aditya Birla Capital.

He said this application would have all the distributors the group have from segments such as mutual fund, housing finance, insurance, non-banking finance company.

“The aim is to get all the distributors on boarded. While, on boarding, they will also get an option to become a distributor for other segments. Once they do that, then we can show them how they perform at both the companies,” Gadgil said.