SBI, India’s largest retail bank to strengthen their digital footprints using BankBazaar technology- com to offer end-to-end solutions forSBI home loan applicants
- Plan is to pre-integrate BankBazaar.com with e-KYC, enabling faster verification and loan approvals
July 17, 2015:Earlier this week, BankBazaar.com introduced SBI to its home loan product portfolio. This tripartite dealwill strengthen the online presence of SBI and improve the response time for its customers. BankBazaar.com is India’s first neutral online marketplace that gives instant customized rate quotes on loans and insurance products. It serves the needs of India’s growing tech-savvy customer population by giving more customized home loan options and end-to-end service.As such, this partnership with SBI—India’s largest retail bank—is a testimony to BankBazaar’scommitment.Till date, more than 30 leading financial institutions and insurance firms of India, including ICICI Bank, HDFC bank and Axis Bank, have already chosen to integrate themselves with the BankBazaar platform.
Fora rapidly evolving online consumer segment, the online platform provided by BankBazaar.com will enable SBI to optimize digital channels to leverage the home loan portfolio, enabling faster outreach with prospective customers. BankBazaar.com will offerthem a repertoire of benefits like loan customization and online application. The plan is to further pre-integrate with e-KYC that will further simplify the online applications approval process as customerswill upload the documents online on government portals, which can then be verified quickly.
The platform can enable a loan approval in as early as seven minutes, along with correctly addressing paperwork complexities. Additionally, the BankBazaar.com technology allows its customers to have single authentication online accounts with specific username and password. This technology will help them save their data and track their applications.
Although, the e-commerce sector has paved the way for exponential growth in online sales across sectors, the financial services segment is yet to pick up the pace and remains a “low involvement” category. This is essentially due to the absence of compliance-friendly online infrastructure leading to high levels of customers’ dissatisfaction. The BankBazaar.com platformis uniquely integrated with smart technology capabilities providing a wide variety of information in a simplified manner, making the customer’s journey to secure a profitable deal smoother than ever. In addition, considering the growing presence of ‘mobile app’ ecosystems, the platform is also compliant with Bankbazaar.com mobile app, offering consumers an easy access to multiple range of offers to choose from and apply on the go.
Commenting on the launch of the platform, Adhil Shetty, CEO, BankBazaar.com said, “We at BankBazaar.com are committed to giving the widest choices to our consumers in all financial products. This partnership with SBI will help us augment choices for a large swathe of potential consumers.”
Established in 2008, BankBazaar has been a pioneer and a one-stop hassle-free solution for all personal finance products including insurance policies, bank loans and credit card offers.
About BankBazaar
BankBazaar.com is India’s first neutral online marketplace that provides instant customized rate quotes on loans, credit cards and 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 finance products on BankBazaar.com as well as the BankBazaar app for Android & iOS. It is designed with smart technology capabilities and over 30 of India’s leading financial institutions and insurance firms have chosen to integrate themselves with the platform. For the online consumer today, banking is as easy as shopping for anything online. It is enjoyable, empowering and transparent. Just like shopping. What’s more, BankBazaar.com’s services are completely free!
BankBazaar 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. It helps consumers compare best offers across various banks and NBFCs. Apart from the above, it gives the consumer the latest news, trends and insights into managing personal finances better. Consumers can track their application and trouble-shoot issues in the process through a host of channels like the BankBazaar app, WhatsApp, Email, Voice-support etc.