KUALA LUMPUR: Those wanting to compare financial products and services by different banks and also check their eligibility for credit cards, personal and car loans will be able to do so via online with BBazaar by the middle of this year.
BBazaar is an online marketing services company which launched its site recently.
It offers comparison of financial products but by mid this year, it will enable users to check on eligibility and take them through the process of applications for credit cards, personal and car loans.
Companies like BBazaar have mushroomed with the fintech evolution whereby they work with financial institutions offering another channel to reach out to consumers. They don’t charge consumers but work with banks for their commissions.
There are several others, but BBazaar claims that it can take the consumer through the application process. However, just like any other product, the ultimatum in approval for any product lies in the hands of the financial institutions, however, the move frees up the time spent by banks on checking the data on the consumer because BBazaar has the online tools to do that.
“We have arrangements with three banks now and hope to have five by mid this year,’’ said Vipin Kalra, chief executive officer BankBazaar International. He is based in Singapore.
He said for now they will focus on credit cards, personal and car loans, but will expand to home loans from multiple banks later.
BankBaazar was set up in India nine years ago. It has presence in Singapore, the Philippines, the UAE and Mexico. Its Singapore unit owns BBazaar Online Marketing Services, which owns and operates the platform in Malaysia.
BankBazaar has done four rounds of financing and is supported by global investors including Walden International, Sequoia Capital, Fidelity Growth Partners, Mousse Partners, Amazon and Experian.
The platform will allow consumers to search, compare and apply for financial products. BankBazaar has a technology platform in place that enables end-to-end paperless journey and it works with the support of regulatory authorities and integration with bank partners.
Vipin said that through the platform, banks can also gain access to customers who are shopping around and enable a seamless end-to-end customer journey from search to approval.
“Our aim is to provide instant access to financial services and the process is easier and for banks as we can be seen as an additional channel for the banks to reach out to customers,’’ he said.
BBazaar is not alone to take advantage of the fintech revolution, there are others in the market place that provide comparisons of products online, but Vipin claims “we take them through to the approval process. When they want to apply for a particular product they can chose from our site, and we assist banks to cross check data on the consumer for them as our platform is build to do that.’’
BankBazaar provides customers the option of personal, car, home loans, credit cards, mutual funds, fixed deposits and saving accounts. It has arrangements with both the foreign and local banks there. Its service in India is available via web and mobile platforms.
In India it has 300 million consumers of which 1.5 million actually got approvals for their funding requirements via BBazaar.
It started in Singapore a year ago and Vipin said the response has been “fairly good’’ and they will offer more products this year in the republic.
He is hopeful of the response in Malaysia as he felt “we will only offer what is suitable for the consumer. The consumer does not pay us, we deal with the banks, we just simplify the process of selection to approval process for them,’’ Vipin added.