Players to focus on paperless process, quality customers and cost efficient reach to drive deals
National, 13th October, 2016: BankBazaar.com, world’s first multi-brand paperless platform for instant approval on financial products, unveils its annual Diwali campaign –#DiwaliBonusWali – in association with India’s 18 leading financial institutions. The program will offer 40 deals on home loans, personal loans, car loans and credit cards – many of which are exclusive to BankBazaar. With an aim to gain larger momentum and close deals faster, financial institutions are integrating paperless processes and focusing on quality customers. With over 7 million visitors, BankBazaar.com is a proven platform for partners to promote the best of the season’s offers to gain highest online customer visibility and reach. The partner financial institutions who are participating in this program include IndusInd bank, Capital First, Fullerton India and many more. Please find enclosed press release for more information.
According to BankBazaar.com, this encouraging response to the platform by the partners is a result of many unique and world class features coming together, benefiting partners in many ways. The first, of course, is the high quality of customers with the intent to buy. The second is that the efficiency of the presence-less, paperless online process cuts down operating costs by up to 20% and opens up a much larger geography for partnering financial institutions to enable focused and cost efficient targeting. In the third place, the online platform simplifies and speeds up decision-making processes, reducing the customer drop-out rates mid-transaction. With the launch of recent Multi-Brand Paperless Platform, the company has seen 2.5X to 3X higher conversion rates on paperless applications and approx. 70% lower approval time in case of paperless disbursal. All these factors make the #DiwaliBonusWali flash program a compelling platform for partners to showcase their products and reach out to a huge online customer base.
Extending warm wishes for the season, Navin Chandani, Chief Business Development Officer (CBDO), BankBazaar.com said, “BankBazaar.com’s #DiwaliBonusWali program is a very strategically placed campaign based on market trend analysis, which shows that October and March are key months. While the Oct-Dec quarter is front-loaded in terms of number of applications, the Jan-march is rear-loaded with maximum purchase in the month of March. Together, the two programs connect our partners and customers at the right time in the right way. We have 18 partners who have provided 40 offers – many of which are exclusive to BankBazaar.com – during this year’s #DiwaliBonusWali, campaign making it win-win for our Customers and Partners”. Traditionally, the Dussera-Diwali season sees the highest transaction levels in India. This quarter sees an approx. 36% increase in the number of applications compared to previous quarters. There is also enough historical data to show that not just the number of applications but the number of approvals are also correspondingly higher for this quarter.
Apart from the exclusive deals on the platform, this year’s #DiwaliBonusWali flash program also offers Amazon and Goibibo gift vouchers on every successful approval of credit cards and disbursement of loan products, applied for through BankBazaar.com’s website.
BankBazaar.com hosts the widest range of financial products from over 50+ of the biggest public and private sector banks, NBFCs, and mutual funds players in India. It gets an average of 7,000,000 visitors per month. The company raised USD 80M through funding from investors such as Amazon.com, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International. * Available on select products only
About BankBazaar
BankBazaar.com is ranked as the best financial website in India by the Internet and Mobile Association of India (IAMAI). BankBazaar.com has also been recently awarded the Emerging Brand of the Year Award at the prestigious 7th CMO Asia Awards for Excellence in Branding and Marketing, held on 4 th August, 2016 in Singapore. This award is a recognition of BankBazaar.com’s unique approach towards financial market that has helped build up the organization as one of the most recognized and trusted Fintech brands. It is India’s first neutral online marketplace that gives you instant customized rate quotes on loans, credit cards or any other personal finance products. It simplifies the loan application process. Anyone can instantly search for tailor-made offers, compare, customize it as per his or her need or profile and apply for the finance products. It is designed with smart technology capabilities and over 50+ of India’s leading financial institutions have chosen to integrate themselves with the platform. BankBazaar.com’s vision is to simplify and personalize financial products and make it accessible and consumable so that users can access the right financial products as easily as shopping for consumables. What’s more, BankBazaar.com’s services are completely free!BankBazaar.com services are available through the web-portal, made-for-mobile web service, or the BankBazaar app available on the Android play store and iOS app store. Apart from these, it gives the consumer the latest news/trends and insights into managing finances better. The consumers can track their application and troubleshoot issues in the process through a host of channels like the BankBazaar app, WhatsApp, Email, Voice-support etc.