KUALA LUMPUR: Online financial services marketplace, BankBazaar International, has launched BBazaar.my, its online operations in Malaysia, and plans to expand into 10 markets in the next five years.
BankBazaar International is the world's leading neutral online marketplace which offers financial products such as loans, insurance, credit cards, fixed deposits, saving accounts, mutual funds and many more.
Its Chief Executive Officer, Vipin Kalra, said the financial services marketplace has a clear roadmap and the company has been evaluating the markets to further strengthen its presence.
"Stage one would involve going into Australia, Hong Kong, Canada, United Arab Emirates, Dubai and the United Kingdom, which are predominantly English-speaking countries, while stage two involves non-English speaking countries, such as Indonesia, Thailand and other fast developing markets, as they do require some local language support," he told Bernama in an interview recently.
On its Malaysian operations, Vipin said, the country was a fertile ground for expansion due to its positive business environment and progressive regulator, which complemented BankBazaar's vision to enable, simplify and improve the online delivery of financial services for the benefit of its consumers.
He said BankBazaar was committed to taking the banking sector to the digital age and assist and serve the modern consumer in personal finance, as the Internet empowered the people to allow them to become more informed in their decision making. Vipin said the consumers were spending more time than ever in front of their screens to find the best value in making their financial decisions.
He said technological advancements had made it easier for consumers to seek for financial products, starting from research, comparison, selection, application and approval -- a smooth end-to-end journey. BankBazaar, founded in India in 2008, focuses on harnessing technology to deliver end-to-end paperless transactions and thus meke it convenient for customers.
Vipin said last year, its Indian website recorded 300 million visitors and managed to sell financial products to 1.5 million customers.
"We see our growth tripling every year and by applying that formula, we estimate about a billion customers to our website by 2020," he said.
He said the company's websites saw a large number of repeat customers following their pleasant experience, as BankBazaar offered customisable products to meet the customer's needs.
Vipin said BankBazaar's unique selling proposition was its technological capability, allowing it to offer a range of paperless financial solutions on one platform through digital processes.
He said BBazaar.my was in the midst of roping in banks to become its partners, adding that the online platform was in the midst of final discussions with three banks and was engaging with another six.
"In three months, we want to have at least three partners on board, and over a dozen partners within a year," said Vipin.
He said it was pivotal to build trust among customers by abiding by the Personal Data Protection (PDP) Act, and recognising the importance of sharing personal information.
"Brands are made based on trust as Bank Bazaar is done over a highly secure, user-friendly, and intuitive platform," said Vipin.
He said Bank Bazaar complied with PDP requirements in Malaysia, and its systems and servers were totally secure and were ISO-certified, adding that the platform utilised a renowned secured cloud service.
He said all of its websites were mobile friendly, and could be navigated easily.
Vipin said Bank Bazaar would be launching a mobile app in a year which would allow consumers to check their credit score, thus adding value to its mobile app. - Bernama